Carolina National Prices Public Offering of Common Stock

Share Name	Share Symbol	Market	Type
Carolina National Corp (MM)	NASDAQ:CNCP	NASDAQ	Common Stock

Share Name

Share Symbol

Market

Type

Carolina National Corp (MM)

NASDAQ:CNCP

NASDAQ

Common Stock

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Carolina National Prices Public Offering of Common Stock

15/12/2005 10:11pm

PR Newswire (US)

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COLUMBIA, S.C., Dec. 15 /PRNewswire-FirstCall/ -- Carolina National Corporation (NASDAQ:CNCP) announced today that its common stock is now trading on the Nasdaq Capital Market under the Nasdaq symbol CNCP and it has priced its public offering of 1 million shares of its common stock at $16.00 per share. Carolina National has granted the underwriter an option to purchase up to an additional 150,000 shares of common stock to cover over- allotments. The offering is subject to customary closing conditions and is expected to close on Tuesday, December 20, 2005. The Company expects to receive net proceeds of approximately $15.0 million from its sale of shares after deducting sales commissions and expenses. The Company intends to use the proceeds of the offering to repay certain indebtedness, to contribute to the bank's capital, to pursue future loan production and asset growth and to open new branches in the next few years. Scott & Stringfellow, Inc. is the sole book running underwriter for the offering. This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. The offering of these securities will be made only by means of a prospectus. When available, copies of the prospectus may be obtained from Scott & Stringfellow, Inc., P. O. Box 1575, Richmond, VA 23218-1575, Attention: James A. Tyler, Jr., 804-780-3267. About Carolina National Carolina National Corporation is the holding company for Carolina National Bank and Trust Company, an independent community banking oriented, full service financial institution conducting a general commercial and consumer banking business from three branches in the greater Columbia, SC marketplace. This press release contains forward-looking statements. The statements regarding expected results of Carolina National are subject to various factors and uncertainties, including the uncertainties associated with the timing of branch openings, changes in interest rates, changes in regional, national and international economic conditions, and changes in the conditions of the industries in which Carolina National's customers provide products and services. DATASOURCE: Carolina National Corporation CONTACT: Rollo F. Ingram, CFO, , or Roger B. Whaley, President, both of Carolina National Bank and Trust Company, +1-803-779-0411 Web site: http://www.carolinanationalbank.com/

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CNCP Carolina National Corp (MM)