Press Releases

February 1, 2010 - Carolina Trust Bank Announces Fourth Quarter Results

PRESS RELEASE

FOR RELEASE: January 29, 2010

CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces Fourth Quarter Results

Carolina Trust Bank (Nasdaq: CART) announced financial results for the fourth quarter of 2009. The bank reported a net loss attributable to common shareholders of $1,325,000, or $.55 per share. That compares to a net loss of $679,000, and $0.39 per share, for the same period in 2008. Contributing to the loss were expenses exceeding $1,100,000 associated with the merger of Carolina Commerce Bank of Gastonia, NC into Carolina Trust Bank. J. Michael Cline, President and CEO, stated, “The combination with Carolina Commerce Bank allowed the bank to gain entry into the adjacent Gaston County market while at the same time allowing for cost reductions. We believe that the merger and the efficiencies it allows will benefit the bank and its shareholders in the future.”

Excluding the one-time expenses associated with the Carolina Commerce merger, the bank reported a net loss attributable to common shareholders of $225,000 for the quarter ended December 31, 2009.

For the year ended December 31, 2009, the bank reported a loss attributable to common shareholders of $2,508,000, or $1.30 per share compared to a loss of $572,000, or $0.33 per share for the year ended December 31, 2008. In addition to the merger related expenses, the bank increased its provision for loan losses during the year by $1,888,000. Cline continued, “We continue to see weakness in the real estate market and the economy generally. Because of that we considered it prudent to elevate our provision for loan losses against our loan portfolio. The bank remains strong and is experiencing an increase in its net interest income. Net interest income rose 24% in 2009 to $5,905,000 as compared to $4,779,000 in 2008.

As of December 31, 2009 the bank had total assets of $269,134,000 compared to $160,427,000 at December 31, 2008. Total deposits increased 79% during the year to $225,853,000, and total loans increased 51% during the period to $219,543,000.

Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of six full service branches in Lincoln, Catawba and Gaston Counties and a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART.

December 7, 2009 - Carolina Trust Bank Announces Third Quarter Results

PRESS RELEASE

FOR RELEASE: October 30, 2009 CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces Third Quarter Results

Carolina Trust Bank (Nasdaq: CART) announced financial results for the third quarter ended September 30, 2009. The Company reported a net loss of $908,000, or $0.52 per diluted share, for the quarter ended September 30, 2009, compared to net income of $4,000 for the quarter ended September 30, 2008. The major factors for the decline in earnings were due to an increase in the provision for loan losses, which amounted to $673,000 compared to $125,000 for the same period in 2008 and an increase in FDIC insurance premiums. The bank also recorded a $129,000 charge to income tax expense to reverse income tax benefits recorded in the first two quarters of this year. John Michael Cline, President & CEO, stated, “Considering the state of the economy, we felt it was only prudent to increase our provision for loan losses. With current unemployment levels and the status of the housing market we believe that a conservative approach is warranted. We are fortunate that the bank retains its “well capitalized” status. That status affords the flexibility to increase our provision for loan losses thereby protecting our balance sheet and our stockholders’ interests. By taking this approach, we position the bank to weather the current economy and be in position to take advantage of future improvements in the economy, the housing market and an improving employment environment.”

As of September 30, 2009, Carolina Trust Bank had total assets of $175,310,000, up 14% from the same period a year ago. Total deposits also grew 14% to $139,661,000 and total loans grew 5% to $147,704,000.

Cline continued, “While prudent measures have been taken to protect our balance sheet, we continue to grow the bank. Additionally, we completed our acquisition of Carolina Commerce Bank in Gastonia, North Carolina on October 15. We believe this acquisition will enhance future growth and profitability.”

October 13, 2009 - Carolina Trust Bank announces new directors.

For immediate release – October 23, 2009.

Lincolnton, N.C. – Carolina Trust Bank (NASDAQ: CART) announced today that Duane K. McCallister and Fred P. Spach, Jr. have been appointed to its board of directors. McCallister and Spach formerly served as directors of Carolina Commerce Bank headquartered in Gastonia, North Carolina. Carolina Commerce Bank was merged into Carolina Trust Bank earlier this month.

From 1998 until 2007, McCallister was publisher of the Gaston Gazette. He retired in 2007 after a 38 year career in the newspaper business, with 33 years as a publisher.

Spach is President and CEO of Carolina Brush Company in Gastonia. Carolina Brush Company produces high quality industrial brushes. It emphasizes custom-designed brushes for special applications.

Johnathan L. Rhyne, Jr., Chairman of the Board of Carolina Trust Bank said: “We are delighted that Duane McCallister and Fred Spach have joined our board. Their business experiences, dedication to community banking, civic involvement and knowledge of the Gaston County market will make them valued additions to our board.” Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C., operating out of six full service branches in Lincoln, Gaston and Catawba Counties and a loan production office in Rutherford County. It recently completed the acquisition of Carolina Commerce Bank, formerly headquartered in Gastonia, North Carolina. The common stock of Carolina Trust Bank is traded on the NASDAQ under the symbol CART.

September 15, 2009 - Carolina Trust Bank Merger

NORTH CAROLINA BANKING COMMISSION AND SHAREHOLDERS OF CAROLINA TRUST BANK AND CAROLINA COMMERCE BANK APPROVE MERGER

Joint Press Release – September 25, 2009

Lincolnton and Gastonia, North Carolina, September 25, 2009 – On Wednesday, September 23, 2009, the North Carolina Banking Commission approved the application to merge Carolina Commerce Bank, Gastonia, North Carolina with and into Carolina Trust Bank, Lincolnton, North Carolina (NASDAQ: CART). Shareholders of the banks approved the merger on September 15, 2009.

J. Michael Cline, President and Chief Executive Officer of Carolina Trust, stated, “We are delighted the Banking Commission has approved our merger application and that our shareholders supported this merger. The opportunities this partnership with Carolina Commerce will bring are exciting. We have been busy planning the integration of the two banks and once complete, we believe this transaction will enhance shareholder value and provide benefits to our customers, employees and the communities we serve.”

Michael G. Mayer, President and Chief Executive Officer of Carolina Commerce, said, “We are very pleased our shareholders have approved this merger and recognize the long-term value that we think is possible through the combination of our organizations and the leadership, vision and performance that Carolina Trust’s management has exhibited to date.”

The merger is still subject to regulatory approval from the Federal Deposit Insurance Corporation.

Carolina Commerce, founded in 2004, operates one community banking office in Gastonia, North Carolina. At June 30, 2009, Carolina Commerce had $102.7 million in total assets, $74.7 million in net loans, $90.9 million in total deposits, and $8.4 million in total shareholders’ equity.

Carolina Trust Bank, a full service state chartered bank headquartered in Lincolnton, North Carolina, operates out of five full service branches in Lincoln and Catawba Counties and a loan production office in Rutherford County. At June 30, 2009, Carolina Trust had total assets of $171.4 million, net loans of $144.1 million, total deposits of $135.2 million, and total shareholders’ equity of $19.9 million. Its common stock is traded on the NASDAQ Capital Market under the symbol CART. For additional information, please visit Carolina Trust’s web site at www.carolinatrust.com.

This document 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”, “potential” or similar expressions, we are making forward-looking statements. Many possible events or factors could affect the future financial results and performance of the combined company. This could cause results or performance to differ materially from those expressed in our forward-looking statements. You should consider these risks. These possible events or factors include, but are not limited to, the following: the merger may not be consummated; the banks may not be able to effectively merge the operations so as to achieve economies of scale; and our customer bases may not remain loyal as a result of the merger.

Contact: J. Michael Cline, President and CEO, Carolina Trust Bank, (704) 735-1104

Michael G. Mayer, President .and CEO, Carolina Commerce Bank, (704) 867-4000

*end of release*

June 8, 2009 - Carolina Trust Bank Announces First Quarter Results

FOR RELEASE: April 29, 2009

CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces First Quarter Results

Carolina Trust Bank (Nasdaq: CART) reported a net profit of $1,000 for the quarter ended March 31, 2009 compared to a net profit of $88,000 for the same period last year. Basic and diluted earnings were ($.00) and ($.00) compared to $.05 and $.05 for the same quarter in 2008. During the first quarter the bank issued $4,000,000 worth of preferred stock to the US Treasury under their Capital Purchase Program. After adjusting for $42,000 in dividends and accretion on preferred stock, net income available to common shareholders in the last quarter decreased to ($41,000), or ($.02) per diluted share.

As of March 31, 2009 the bank reported total assets of $171,631,000 which are up 19% over the same period in 2008. Total deposits were up 20% to $135,240,000 and total loans are up 12% to $145,625,000 over March 31, 2008.

Due to the decrease in interest rates over the last 12 months our net interest margin was down from 3.83% last year to 2.83%. This led to a 12% decrease in net interest income to $1,097,000. With rates now somewhat stabilized we should be able to continue to bring our deposit cost lower and increase our margins.

We continue to operate in a very tough economic environment. Our goal has always been to operate Carolina Trust Bank in a safe and sound manner. We will continue to be conservative as it relates to taking risks and expect improvements to earnings as the economy improves.

Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of five full service branches in Lincoln and Catawba Counties and a loan production office in Rutherford County. Its common stock is traded on the NASDAQ under the symbol CART.

June 7, 2009 - CAROLINA TRUST BANK TO ACQUIRE CAROLINA COMMERCE BANK

Joint Press Release – June 3, 2009

Lincolnton and Gastonia, North Carolina, June 3, 2009 – Carolina Trust Bank (NASDAQ: CART), and Carolina Commerce Bank jointly announced today the execution of a definitive agreement pursuant to which Carolina Commerce Bank will be merged into Carolina Trust Bank.

The agreement provides that Carolina Commerce shareholders will receive 0.6250 shares of Carolina Trust common stock for each share of Carolina Commerce common stock owned. In addition, each outstanding option to purchase Carolina Commerce common stock will become an option to purchase 0.6250 shares of common stock of Carolina Trust upon closing of the merger. The transaction, which has been approved by the directors of both companies, is valued at approximately $5.5 million, or $4.47 per share for each share of Carolina Commerce common stock, based on the five-day volume-weighted average closing price of Carolina Trust’s common stock as of Tuesday, June 2, 2009. The estimated dollar value of the transaction will rise or fall based on the closing price per share of Carolina Trust common stock prior to the closing day. The merger is anticipated to close in the fourth quarter of 2009 and is conditioned upon receiving the requisite regulatory and shareholder approvals.

J. Michael Cline, President and Chief Executive Officer of Carolina Trust, stated, “We are excited about our new partnership with Carolina Commerce. This transaction will expand our network into the growing Gastonia and Gaston County market, and we believe our entry into this market, with its proximity to the Charlotte metropolitan region, will result in increased value to our shareholders.”

Michael G. Mayer, President and Chief Executive Officer of Carolina Commerce, said, “We are very pleased to be merging with Carolina Trust, a community bank that shares our commitment to providing the best customer service in the communities we serve. We feel their leadership, vision and performance provide a solid foundation for a bright future that will benefit our shareholders, customers and employees as we move forward together.”

Under the terms of the agreement, Carolina Trust will appoint two Carolina Commerce directors to its board of directors within ten days of the merger close. The merger is anticipated to close in the fourth quarter of 2009, subject to shareholder and regulatory approvals, and be accretive to earnings in the first full year of combined operations.

In this transaction, Sandler O’Neill + Partners, L.P. acted as financial advisor and Williams Mullen served as legal advisor to Carolina Trust. Howe Barnes Hoefer & Arnett, Inc. acted as financial advisor and Brooks, Pierce, McLendon, Humphrey and Leonard, LLP served as legal advisor to Carolina Commerce.

Carolina Commerce, founded in 2004, operates one community banking office in Gastonia, North Carolina. At March 31, 2009, Carolina Commerce had $103.5 million in total assets, $85.6 million in total deposits, $75.1 million in net loans and $9.8 million in total shareholders’ equity.

Carolina Trust Bank, a full service state chartered bank headquartered in Lincolnton, North Carolina, operates out of five full service branches in Lincoln and Catawba Counties and a loan production office in Rutherford County. At March 31, 2009, Carolina Trust had total assets of $171.6 million, net loans of $143.2 million, total deposits of $135.2 million, and total shareholders’ equity of $20.1 million. Its common stock is traded on the NASDAQ Capital Market under the symbol CART. For additional information, please visit Carolina Trust’s web site at www.carolinatrust.com.

Carolina Trust will file a proxy statement with the FDIC that will serve as the joint proxy statement for the special meetings of Carolina Trust and Carolina Commerce to be held to consider the proposed merger as well as an offering circular to Carolina Commerce shareholders concerning their proposed stock ownership in Carolina Trust. THE SHAREHOLDERS OF CAROLINA TRUST AND CAROLINA COMMERCE ARE URGED TO READ THE PROXY STATEMENT/OFFERING CIRCULAR REGARDING THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE FDIC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THAT DOCUMENT, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. The information in this press release is not a substitute for the joint proxy statement/offering circular and any other documents Carolina Trust intends to file with the FDIC or provide to its or Carolina Commerce’s shareholders. Shareholders of Carolina Trust will be able to obtain a free copy of the joint proxy statement/offering circular by directing a request by telephone or mail to Carolina Trust Bank, P.O. Box 308, Lincolnton, North Carolina 28092, Attention: Corporate Secretary, (704) 735-1104. Shareholders of Carolina Commerce will be able to obtain a free copy of the joint proxy statement/offering circular by directing a request by telephone or mail to Carolina Commerce Bank, 534 South New Hope Road, Gastonia, North Carolina 28054, Attention: Corporate Secretary, (704) 867-4000.

The information as of and for the quarter ended March 31, 2009 for both Carolina Trust and Carolina Commerce as presented is unaudited. This document 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”, “potential” or similar expressions, we are making forward-looking statements. Many possible events or factors could affect the future financial results and performance of the combined company. This could cause results or performance to differ materially from those expressed in our forward-looking statements. You should consider these risks. These possible events or factors include, but are not limited to, the following: the merger may not be consummated; the banks may not be able to effectively merge the operations so as to achieve economies of scale; and our customer bases may not remain loyal as a result of the merger.

This press release does not constitute an offer of securities by either Carolina Trust or Carolina Commerce.

Contact: J. Michael Cline, President and CEO, Carolina Trust Bank, (704) 735-1104

Michael G. Mayer, President and CEO, Carolina Commerce Bank, (704) 867-4000

*end of release*

March 9, 2009 - Carolina Trust Bank Restates Fourth Quarter Results

FOR RELEASE: March 6, 2009

CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Restates Fourth Quarter Results Carolina Trust Bank (NASDAQ: CART) has announced that, in connection with the preparation, review and audit of its financial statements, it has concluded that it will reserve a greater fourth quarter 2008 provision for loan losses than originally reported on February 3, 2009.

Due to the continued decline in real estate values, we along with our auditors feel that it is the prudent approach to increase our fourth quarter provision by an additional $108,000. This will bring our 2008 loan loss provision to $701,000. As a result of this, our net loss year-to-date for 2008 will be ($531,000) for a diluted net loss per share of ($.31).

We will continue our conservative approach of doing business and want to state again that we are not involved in the sub-prime market that has crippled many financial institutions.

February 4, 2009 - Carolina Trust Bank Announces Fourth Quarter Results

FOR RELEASE: February 3, 2009 CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank (NASDAQ: CART) reported a net loss for the quarter ended December 31, 2008 of $530,000 compared to net income of $182,000 for the same period last year. Basic and diluted earnings (loss) per share were ($.31) and ($.31) compared to $.10 and $.10 for the same quarter in 2007.

As of December 31, 2008 the bank reported total assets of $160,134,000 compared to $136,815,000 for December 31, 2007. Total deposits were up 18% to $126,345,000 and total loans were $144,920,000 an increase of 19% for the year. At year-end the bank reported a net loss of $423,000 compared to after tax income of $1,023,000 for 2007.

2008 was a challenging year for the financial industry. While Carolina Trust Bank was not part of the sub-prime meltdown we were affected by the dramatic drop in interest rates. Our net interest margin dropped to 3.35% from 4.97% a year earlier. With rates now leveling off we expect to see our margins improve as we reprice our deposit base. Given the overall economic environment we were pleased with our overall growth in loans and deposits.

Our fourth quarter and year-to-date losses are attributed primarily to two issues. The first being a write off of $240,000 due to goodwill impairment. We are required to determine the value of goodwill at least annually and with the current prices of bank stocks at historic lows we have been advised by our accountants now is the time to write this off. Goodwill is not included in regulatory capital and thus this write-off will have no adverse effect on our regulatory capital ratios. The second issue we faced in the fourth quarter related to our reserve for loan losses. While net losses for the year were less than 1% of total loans, with the declining real estate market we increased our reserve in December by $232,000. This gave us a 33% increase for the year in reserve for potential loan losses. We have always been aggressive in identifying potential problem loans and are doing what it takes to move them out of the bank.

Carolina Trust Bank has always maintained a well-capitalized rating from our regulators. This being said, the bank has been approved by the US Treasury Department to participate in the Capital Purchase Program (“CPP”) at the maximum level allowed. At the current time we plan to participate in this program at the $4 million dollar level.

As our historical numbers have shown, we have operated and grown in a conservative manner which has served us well. We plan to continue to run the bank in a safe and sound manner and work through the troubling economic times we are all facing.

January 22, 2008 - Carolina Trust Bank Announces Fourth Quarter Results

CONTACT: Carolina Trust Bank John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank (NASDAQ: CART) reported net income for the quarter ended December 31, 2007 of $182,000 compared to $336,000 for the same period last year. Basic and diluted earnings per share were $.10 and $.10 compared to $.26 and $.25 for the same quarter in 2006.

As of December 31, 2007, the Bank reported total assets of $136,815,000 compared to $116,714,000 on December 31, 2006. Total deposits were up 14.3% to $107,425,000 and total loans were up 26.1% to $121,797,000. At year-end after tax income was $1,023,000 compared to $1,576,000.

After experiencing slow growth in the first half of 2007 we ended up growing 17.2% in total assets for the year. Even with declining rates the strong loan growth we had in the last two quarters should help our net interest income as we start 2008. Our net income was affected in 2007 by the expense with opening a new full service branch, and a loan production office as well as several IT upgrades. With the uncertain economy troubling many financial institutions we are pleased to say that we do not have any sub-prime loans and we continue to exceed our bank peer groups both state and nationally in the quality of our loans. Even with the recent rate cuts our net interest margin continues to be one of the highest in the Southeast. We are in a good position for continued growth in 2008.

January 25, 2007 - Carolina Trust Bank Announces Fourth Quarter Results

CONTACT: Carolina Trust Bank John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank (NASDAQ: CART) reported net income for the quarter ended December 31, 2006 of $336,000 compared to $544,000 for the same period last year. Basic and diluted earnings per share were $.21 and $.21 compared to $.35 and $.34 for the same quarter in 2005. The drop in forth quarter income is attributed primarily to income taxes and salaries. The bank did not become fully taxable until the fourth quarter of 2005 paying only $22,000 in income tax compared to $156,000 for the same period of 2006.

As of December 31, 2006, the Bank reported total assets of $116,714,000 compared to $102,924,000 on December 31, 2005. Total deposits were up 15% to $93,950,000 and total loans were up 3% to $96,604,000. At year-end income before taxes was up 74% to $2,484,000 versus year-end 2005 at $1,431,000. After taxes income was up 12% to $1,576,000 versus $1,409,000 for year-end 2005.

We continue to be pleased with the growth of the Bank. Although loan growth slowed during most of the last half of 2006 we closed the year with very strong loan demand and see it continuing into 2007.

Carolina Trust Bank is a full service state chartered bank headquartered in Lincolnton, N.C. operating out of four branches in Lincoln and Catawba Counties. Its common stock is traded on the NASDAQ under the symbol CART.

October 18, 2006 - Carolina Trust Bank Announces Third Quarter Results

PRESS RELEASE FOR RELEASE: October 18, 2006

CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces Third Quarter Results

Carolina Trust Bank (Nasdaq: CART) reported net income for the quarter ended September 30, 2006 of $450,000, compared to $451,000 for the same quarter last year. Basic and diluted earnings per share were $.29 and $.28 which were the same as third quarter of 2005.

As of September 30, 2006, the Bank reported total assets of $112,295,000 compared to $101,714,000 one year ago.

Total Deposits were up 9% to $89,823,000 and total loans were up 14.4% to $93,503,000 when compared to the same quarter last year.

Net income year-to-date was $1,240,000 which is an increase of 43% over the same period last year. Basic and diluted earnings per share were $.79 and $.76 for 2006 compared to $.56 and $.55 for 2005 year-to-date.

We are pleased with the growth and profitability the Bank continues to have in the markets we operate in. Although loan growth has slowed slightly we have positioned our balance sheet for long-term growth. Recently we added several experienced lenders to our staff from our local market which should help in market share growth.

The Bank has received approval from the State Banking Commission and the FDIC to open a full service branch in the Boger City area of Lincolnton.

October 18, 2006 - Carolina Trust Bank Announces Stock Split

FOR RELEASE: October 18, 2006

CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704)735-1104

CAROLINA TRUST BANK ANNOUNCES STOCK SPLIT

Carolina Trust Bank (Nasdaq: CART) President & CEO J. Michael Cline announced that at its regular meeting on October 17, the Executive Committee of the Board of Directors of Carolina Trust Bank voted to issue an 11 for 10 stock split effected as a 10% stock dividend. The additional shares created by the split will be distributed on November 17 to shareholders of record as of November 3, 2006.

The bank’s profitability through the first three quarters of 2006 is up 43% to $1,240,000 year-to-date when compared to the same period last year. As the bank has grown and we continue to gain market share the board has used stock dividends as a way to reward our investors for their confidence in the bank.

January 19, 2006 - Carolina Trust Bank Announces Fourth Quarter Results

PRESS RELEASE FOR RELEASE: January 19, 2006

CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces Fourth Quarter Results

Carolina Trust Bank reported net income for the quarter ended December 31, 2005 of $543,000, compared to $119,000 for the same period in 2004. Basic and diluted earnings per share for the fourth quarter were $.39 and $.37, respectively, compared to basic and diluted earnings per share for the fourth quarter 2004 of $.13. For the year ending December 31, 2005, net income for the Bank was $1,409,000, compared to $346,000 for 2004, an increase of 307%. Basic and diluted earnings per share for 2005 were $1.00 and $.98, respectively, compared to basic and diluted earnings per share for 2004 of $.40.

As of December 31, 2005, the Bank reported total assets of $102,924,000 compared to $83,017,000 as of December 31, 2004.

Total deposits were $81,992,000 and total loans were $93,752,000 at year-end 2005, compared to total deposits of $69,143,000 and total loans of $70,050,000 at year-end 2004, an increase of 18.6% and 33.8% respectively.

“The management team and our board of directors are pleased with the financial results achieved in 2005” said J. Michael Cline, President & CEO of the Bank. “In completing our fifth year of operations in December 2005 we are excited about the framework we have established which has enabled us to end the year with an ROA of 1.49%, ROE of 11.22% and a net interest margin of 5.10%. We feel like we are positioned well for the future.”

November 16, 2005 - Carolina Trust Bank Announces Stock Split

PRESS RELEASE FOR: November 16, 2005 CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank President & CEO J. Michael Cline announced that at its regular meeting on November 15, the Board of Directors of Carolina Trust Bank voted to issue an 11 for 10 stock split effected as a 10% stock dividend. The additional shares created by the split will be distributed on December 16 to shareholders of record as of December 1, 2005.

2005 has been a record year for Carolina Trust Bank as we have seen both our profitability and market share increase. This stock split represents our third split since opening in December 2000 and is our way of rewarding the people who have shown confidence in investing in our company.

October 13, 2005 - Carolina Trust Bank Announces Third Quarter Results

PRESS RELEASE FOR RELEASE: October 13, 2005 CONTACT: Carolina Trust Bank Lincolnton, NC John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank Announces Third Quarter Results

Carolina Trust Bank reported that net income for the three months ended September 30, 2005 was $451,000, a 270% increase over the $122,000 net income for the three months ended September 30, 2004. For the nine months ended September 30, 2005 net income was $866,000, a 281% increase over the $227,000 net income for the nine months ended September 30, 2004. Basic and diluted earnings per share for the three months ended September 30, 2005 were $.35 and $.34 respectively, compared to $.16 basic and diluted earnings per share for the same period of 2004. For the nine months ended September 30, 2005, basic and diluted earnings per share were $.68 and $.67 respectively, compared to $.30 basic and $.29 diluted earnings per share for the same period of 2004.

Comparing September 30, 2005 to September 30, 2004, total assets increased by $18.7 million or 23% to $101.7 million; total loans increased by $19.5 million or 28% to $89.6 million; total deposits increased by $13.2 million or 19% to $82.3 million.

J. Michael Cline, President and CEO, says “The management team of the Bank is pleased with the results for the first nine months of 2005 and is committed to continuing to focus on growth, quality of assets and profitability”.

July 13, 2005 - Carolina Trust Bank Announces Record Profit for Second Consecutive Quarter

CONTACT: Carolina Trust Bank John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank again recorded its most profitable quarter in the Bank’s history, more than doubling its previous record quarter, which was achieved in first three months of 2005. Net income for the three months ended June 30, 2005 was $290,000, a 320% increase over the $69,000 net income for the three months ended June 30, 2004. For the six months ended June 30, 2005 net income was $415,000, a 295% increase over the $105,000 net income for the six months ended June 30, 2004. Basic and diluted earnings per share for the three months ended June 30, 2005 were $.23 and $.22 respectively, compared to $.09 basic and diluted earnings per share for the same period of 2004. For the six months ended June 30, 2005, basic and diluted earnings per share were $.32 compared to $.14 basic and diluted earnings per share for the same period of 2004.

Comparing June 30, 2005 to June 30, 2004, total assets increased by $24.8 million or 35% to $96.1 million; total loans increased by $26.2 million or 43% to $87.1 million; total deposits increased by $14.7 million or 23% to $78.3 million.

J. Michael Cline, President and CEO, says “the Bank is continuing to focus on it’s core market area and is now realizing the benefits of a strong base in both retail and corporate clients developed over the past few years”. He adds that he also believes that, “the Bank has positioned itself to continue the trends in growth and profitability, regardless of the volatility of economic conditions”.

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April 19, 2005 - Carolina Trust Bank Announces Record Profit

CONTACT: Carolina Trust Bank John Michael Cline, President & CEO (704) 735-1104

Carolina Trust Bank recorded its most profitable quarter in the Bank’s history. Net income for the three months ended March 31, 2005 was $125,000 compared to $36,000 for the three months ended March 31, 2004. Basic and diluted earnings per share increased by 100% to $.10 for the quarter ending March 31, 2005 compared to $.05 for the quarter ended March 31, 2004.

Comparing the quarter ended March 31, 2005 with the quarter ended March 31, 2004, total assets increased by $22.3 million or 32% to $91.7 million; total loans increased by $19.8 million or 33% to $79.3 million; total deposits increased by $14.6 million or 24% to $76.2 million.

J. Michael Cline, President and CEO, attributes much of the success to continue growth in the Bank’s core market area and to the benefits realized as a result of the successful public stock offering, completed during the fourth quarter of 2004. He also noted the diligent effort by management and staff to continually increase efficiency of operations and control increases in non-interest expenses.

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