BKWW Bank OF Wilmington

Bank of Wilmington Announces Common Stock Offering WILMINGTON, N.C., Oct. 29 /PRNewswire-FirstCall/ -- Bank of Wilmington (NASDAQ:BKWW), a North Carolina state-chartered bank headquartered in Wilmington, North Carolina, announced today that it has commenced a public offering of up to 400,000 shares of its common stock. The Bank anticipates that the public offering will be priced on or about November 22, 2004 and close on or about November 29, 2004. McKinnon & Company, Inc., Norfolk, VA, will be the sales agent of the public offering on a best efforts basis. Bank of Wilmington has reserved the right to sell up to an additional 60,000 shares in the public offering. The Bank intends to use the proceeds of the offering to provide capital to support its continued growth and for other general corporate purposes. As of September 30, 2004, the Bank had total assets of approximately $180.1 million, total loans of approximately $140.9 million, total deposits of approximately $157.0 million and total shareholders' equity of approximately $17.5 million. It operates three full service banking offices in Wilmington and Hampstead, North Carolina. To receive a copy of the Bank's preliminary offering circular, contact McKinnon & Company, Inc., 555 Main Street, Suite 1212, Norfolk, Virginia 23510, (757) 623-4636. This Press Release is not an offer to sell or the solicitation of an offer to buy our common stock, nor will there be any sale of our common stock, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any that state or jurisdiction. Our common stock has not and will not be registered under the Securities Act of 1933 in reliance on an applicable exemption from such registration. We may not sell shares of our common stock until we complete and deliver a definitive Offering Circular, and offers of our stock are made only by our definitive Offering Circular. The shares of our common stock are not savings accounts or deposits, or obligations of or guaranteed by us, and they are not insured by the Federal Deposit Insurance Corporation or any other person or government agency. DATASOURCE: Bank of Wilmington CONTACT: Cameron Coburn, President and Chief Executive Officer of Bank of Wilmington, +1-910-509-2000 Web site: http://www.bankofwilmington.com/

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