WILMINGTON, N.C., Sept. 5, 2006 (PRIMEZONE) -- Bank of Wilmington Corporation (Nasdaq:BKWW) announced today that it will change its name to Cape Fear Bank Corporation, effective October 1, 2006. The company is the parent holding company for Bank of Wilmington, and the name change reflects the expansion of the Bank's business from its original office in Wilmington in 1998, to its present five branches in New Hanover, Brunswick and Pender counties.
In conjunction with the name change, the company's trading symbol on the NASDAQ Capital Market will convert to CAPE and the name of the Bank will change to Cape Fear Bank. There are no management or ownership changes associated with the change in name and corporate image.
"The decision to change the name was initiated internally and approved overwhelmingly by our shareholders at our May 2006 annual meeting," commented Cameron Coburn, Chairman, President and CEO. "As we expanded within the Lower Cape Fear region beyond Wilmington, we felt that our name should more accurately reflect the larger community that we serve. Because Southeastern North Carolina's identity, heritage and traditions are intertwined with the name Cape Fear, we decided Cape Fear Bank was an appropriate choice," added Coburn.
Coburn continued, "We chose a name centered around the community, because we are first and foremost a community bank. We are committed to our customers, the communities in which we live and work, and the delivery of exceptional customer service, all of which define Bank of Wilmington. We plan to open additional branches during the first half of 2007, and look forward to expanding our regional presence and reputation as Cape Fear Bank."
About the Company
Bank of Wilmington (the "Bank") was established in 1998 as a community bank, developed and managed by local residents of the communities it serves, who are committed to improving the quality of life and the quality of the local banking experience. Bank of Wilmington Corporation, the parent company, was formed in June 2005. The Bank's market area includes the counties of New Hanover, Pender, and Brunswick, serving southeastern North Carolina, through five full-service banking offices: 1117 Military Cutoff Road; 3702 South College Road in the Pine Valley neighborhood; 14572 US Highway 17 in Hampstead; 206 North Topsail Drive in Surf City, and 503 Olde Waterford Way in Leland. The Company's stock is listed on the Nasdaq Capital Market under the symbol 'BKWW.'
Forward-Looking Statements
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; changes in demand for products and services; changes in the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, referred to from time to time in filings made by Bank of Wilmington Corporation with the Securities and Exchange Commission. Bank of Wilmington Corporation undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.