Bank Of The Carolinas Authorizes 10% Buyback

Jun 30, 2008 (financialwire.net via COMTEX) -- BCAR | Quote | Chart | News | PowerRating -- June 30, 2008 (FinancialWire) Bank of the Carolinas Corp.'s (NASDAQ: BCAR | Quote | Chart | News | PowerRating) (Current Market Cap: US$30.78 Mil.) board has authorized the company to repurchase up to 398,737 shares, or 10%, of the company's outstanding common stock during the year following the board's action.

In conjunction with the share repurchase authorization, the board also authorized the company to adopt a stock trading plan in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. Rule 10b5-1 allows public companies to adopt written, pre-arranged stock trading plans when they are not in possession of material, non- public information.

The adoption of the stock trading plan will allow the company to repurchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.

Mocksville, North Carolina-based Bank of the Carolinas Cis the holding company for Bank of the Carolinas, a state-chartered bank with offices in Advance, Asheboro, Cleveland, Concord, Harrisburg, King, Landis, Lexington, and Winston-Salem.

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