Parkway Bank Announces Stock Dividend LENOIR, N.C., April 26 /PRNewswire-FirstCall/ -- Parkway Bank (OTC:PKWY) (BULLETIN BOARD: PKWY) today announced the approval by its Board of Directors of an 11-for-10 stock split to be effected in the form of a 10% stock dividend payable on May 31, 2005 to shareholders of record on May 15, 2005. Gary Clawson, President and CEO, said, "It's been approximately a year and a half since Parkway declared its first stock dividend and it gives management and the Board of Directors great pleasure to issue another stock dividend in such a short period of time. Rewarding our shareholders is of primary importance to all of us at Parkway. Our plans for increasing shareholder value in the future include greater focus on increasing retained earnings. Provided the housing sector and the overall economy remain stable, we are confident of our ability to continue to produce positive results." Parkway Bank was incorporated on April 9, 2001 as a North Carolina- chartered commercial bank and opened for business on August 13, 2001 in Lenoir, North Carolina. Since opening, the Bank has grown to over $75 million in assets with first quarter 2005 net income of $220,220. The Bank opened it first full service branch office in the first quarter of 2004 in Hudson, North Carolina. In addition to traditional banking services, the Bank created a wholly owned subsidiary, Parkway Insurance Services, Inc. ("Parkway Insurance"). Through this multi-line agency, the Bank is able to offer a wide array of personal, commercial and financial insurance. During the first quarter of 2004, the Bank also commenced offering premium finance services. For more information about the Bank and our products and services, contact Parkway Bank at 828-758-1414, or visit http://www.parkwaybanknc.com/ . This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Bank undertakes no obligation to update any forward-looking statements. DATASOURCE: Parkway Bank CONTACT: Gary T. Clawson, President and CEO of Parkway Bank, +1-828-758-1414 Web site: http://www.parkwaybanknc.com/

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