April 17, 2002

FOR IMMEDIATE RELEASE

COMMUNITY CAPITAL CORPORATION EARNINGS INCREASE 110%

Greenwood, SC - Community Capital Corporation (AMEX: CYL) reported operating results for the three months ending March 31, 2002.

Net income for the three months ended March 31, 2002 was $1,154,000, a 110 percent increase over $550,000 reported in the same period last year.  Earnings per share for the quarter were $0.33, a 94 percent increase over $0.17 reported in 2001.

Return on average assets was 1.37 percent for the first quarter of 2002 compared to 0.53 percent for the same period in 2001.  Return on average equity was 12.03 percent compared to 6.33 percent in 2001.  Total assets decreased 18 percent from $421,820,000 at March 31, 2001 to $346,810,000 at March 31, 2002.  Total loans were $262,288,000 compared to $288,387,000, down 9 percent, and total deposits decreased 24 percent from $335,094,000 to $256,258,000.  Shareholders’ equity at March 31, 2002 was $39,633,000, up 8 percent over the same period in 2001. 

William G. Stevens, President and Chief Executive Officer, commented on the company’s latest performance, stating, “We are pleased with net income for the first quarter, and even more excited about the progress and direction of our company as a whole.  Our restructuring in 2001 has allowed us to generate an efficiency ratio of 64.18 percent which is significantly better than our recent history. Simultaneously, our net interest margin has increased to 4.72 percent which is an increase of 30 percent versus the first quarter of 2001 and well above that of our peers.”

Community Capital Corporation (AMEX: CYL) is the corporate parent of CapitalBank, which was formed January 2001 during a restructuring that consolidated the company’s operations to a single subsidiary.  CapitalBank operates 12 branches throughout South Carolina.  The bank offers a full range of banking services, including a wealth management group featuring a wide array of financial services, with personalized attention, local decision making and strong emphasis on the needs of individuals and small to medium-sized businesses.

www.comcapcorp.com

Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance.  However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements.  For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Company’s actual results, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2001.

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