Bank of Oak Ridge (NASDAQ CM: BKOR) announced that it has reached an agreement to purchase approximately two acres of land near the corner of Fogelman Road and Hwy 68 in Oak Ridge, NC to build a Corporate Headquarters & Banking Operations Center. The property is expected to close within 60 days, subject to due diligence of the bank. Once the purchase is finalized, the new building is scheduled for completion in early 2009.

“The new building will be approximately 13,000 square feet,” said Bank of Oak Ridge President and CEO, Ron Black. “A more spacious work environment will benefit our employees and we will still have room to grow.”

Bank of Oak Ridge, headquartered in Oak Ridge, NC, is a community bank with locations in Greensboro, Oak Ridge and Summerfield. The bank offers a complete line of banking and investment services, including savings and checking accounts, mortgage and business loans, 6-day branch banking at all locations with extended weekday and Saturday hours, same-day deposits, a business courier service, business and personal internet banking with email balance alerts and reminders, internet bill payment, and accounts designed specifically for seniors, small businesses and civic organizations. For more information, contact Bank of Oak Ridge at 336-644-9944, or visit www.bankofoakridge.com.