Parkway Bank Completes Stock Offering; Anticipates Quotation on the OTC Bulletin Board

Parkway Bank Completes Stock Offering; Anticipates Quotation on
the OTC Bulletin Board 


LENOIR, N.C., July 30  /PRNewswire-FirstCall/ -- Parkway Bank, Lenoir, North
Carolina, announced today that it has successfully completed the sale of
489,708 shares of its common stock. The number of shares sold includes 175,000
shares sold to existing shareholders in a rights offering which was
oversubscribed and 314,708 shares sold in a best efforts public offering
managed by McKinnon & Company, Inc.  Estimated net proceeds from the offering
will amount to approximately $5.5 million.

Gary T. Clawson, President and Chief Executive Officer, stated: "We are pleased
with the results of our secondary offering. The support of existing
shareholders as evidenced by their oversubscription in that portion of the
offering and the broad interest in Parkway Bank displayed in the public
offering are encouraging for us.  The additional capital acquired through this
offering should allow Parkway Bank to meet its growth objectives over the next
three years."

Immediately following completion of the stock sale, Parkway Bank expects its
shares to begin quotation on the OTC Bulletin Board on August 2, 2004 under the
trading symbol "PKWY."  Mr. Clawson commented: "With the increased number of
shares outstanding and anticipated heightened activity in our stock, we are
excited to be accepted for quotation on the OTC Bulletin Board."

This press release contains forward-looking statements that are subject to
risks and uncertainties.  These forward-looking statements include information
about possible or assumed future results of our operations.  When we use any of
the words "believes", "expects", "anticipates", "hopeful", "confident",
"should" or similar expressions, we are making forward-looking statements. Many
possible events or factors could affect the future financial results and
performance of the Bank.  This could cause results or performance to differ
materially from those expressed in our forward-looking statements. 

DATASOURCE: Parkway Bank



CONTACT:  Gary T. Clawson, President and CEO of Parkway Bank,

[phone]



Web site:  http://www.parkwaybanknc.com/ 

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