Cardinal State Bank Closes Successful Stock Offering

Share Name	Share Symbol	Market	Type
Cardinal State Bank (MM)	NASDAQ:CSNC	NASDAQ	Common Stock

Cardinal State Bank (MM) (NASDAQ:CSNC)
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Cardinal State Bank Closes Successful Stock Offering Bank raises nearly $9.5 million in net capital in rights and public offering of stock. DURHAM, N.C., May 18 /PRNewswire-FirstCall/ -- Cardinal State Bank has closed its sale of common stock, raising nearly $9.5 million in net capital on the sale of 981,707 shares, announced John W. Mallard, Jr., president and CEO for the Bank. The additional capital predominantly will be utilized to pursue expanded banking operations in Durham and neighboring markets. McKinnon & Company, Inc., a Norfolk, VA-based investment banking firm, managed the offering which began at 700,000 shares at an estimated $7.2 million in value. Strong demand created the opportunity for increasing the size of the offering. "We are all pleased with the overwhelming success of our stock offering," Mallard commented. "With this additional capital, an important link in our strategic plan for sustainable growth and profitability is now in place. Cardinal State Bank is poised to capitalize on current market conditions through a focus on commercial lending and well-defined growth strategies, complemented by a constant focus on extraordinary customer service and competitive products." In conjunction with the secondary stock offering, Cardinal State Bank applied to have its stock listed on the NASDAQ Small Cap Market. The application was approved and the Bank's stock will begin listing on the NASDAQ Small Cap Market on Wednesday, May 19, 2004 under the symbol CSNC. Cardinal State Bank, headquartered in Durham, NC, is a full-service community bank. Founded in 2001, the Bank has three offices in Durham: Independence Park, Westgate Drive and Homestead Market. As of March 31, 2004, the Bank reported $103.5 million in total assets. http://www.cardinalstatebank.com/ This news release may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of Cardinal State Bank's goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", "projects", "outlook" or similar expressions. These statements are based upon the current beliefs and expectations of Cardinal State Bank's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond Cardinal State Bank's control). DATASOURCE: Cardinal State Bank CONTACT: John W. Mallard, Jr., President and CEO of Cardinal State Bank, +1-919-403-2833, or Web site: http://www.cardinalstatebank.com/

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CSNC Cardinal State Bank (MM)