Tuesday, September 30, 2008

Citi and Wachovia Reach Agreement-In-Principle for Citi to Acquire Wachovia’s Banking Operations in an FDIC-Assisted Transaction

BUSINESS WIRE)--Citi (NYSE: C) today (September 29, 2008) announced it has reached an agreement–in-principle to acquire all of the banking subsidiaries of Wachovia Corporation (NYSE: WB), creating the largest U.S. bank by total deposits.

Wachovia will remain a public company and retain its asset management, retail brokerage, and certain select parts of its wealth management businesses, including the Evergreen and Wachovia Securities franchises. Going forward, Wachovia expects to have adequate capital to support its remaining businesses, an appropriate allocation of tangible equity, and certain tax assets that will be recognized immediately.

Under the terms of the agreement-in-principle, Citi will pay Wachovia approximately $2.16 billion in stock and assume Wachovia senior and subordinated debt, totaling approximately $53 billion.

Citi will acquire more than $700 billion of assets of Wachovia’s banking subsidiaries, and related liabilities. The Federal Deposit Insurance Corporation (FDIC) has agreed to provide loss protection in connection with approximately $312 billion of mortgage-related and other Wachovia assets. Citi is responsible for the first $30 billion of losses on this portfolio, and expects to record these expected losses under purchase accounting upon closing of the transaction. Citi is also responsible for the next $12 billion in losses up to a maximum of $4 billion per year for the next three years. Citi has also agreed to issue to the FDIC preferred stock and warrants with a combined value of approximately $12 billion. The FDIC has agreed to be responsible for any further losses on this portfolio.

The transaction, which has been approved by the Boards of Directors of both companies, is subject to: approval by Wachovia’s shareholders; to the occurrence of the closing by December 31, 2008; definitive documentation; regulatory approvals; and other customary closing conditions.

The deal is expected to be accretive to Citi’s earnings from year one excluding a total of $3.7 billion in pre-tax restructuring charges for severance over the next four years, and expected to be fully accretive in 2010.

Citi expects to raise $10 billion in common equity in connection with this transaction and reduce its quarterly dividend to 16 cents per share, effective immediately, to maintain the company’s strong capital position. On a pro forma basis for the second quarter ended June 30, 2008, Citi’s Tier 1 capital ratio is expected to be 8.8% assuming completion of the transaction.

“The transaction is extremely attractive from a strategic perspective. It will deliver the combined capabilities of two powerful organizations to our customers and shareholders, providing meaningful EPS accretion and downside loss protection,” said Vikram Pandit, Chief Executive Officer, Citi. “It will augment our access to stable funding and liquidity, and will accelerate our efforts to establish Citi as the world’s leading global financial institution. Citi will have more than $600 billion in deposits in the U.S., giving us about a 9.8% market share. Our total deposits will be $1.3 trillion globally, $350 billion more than our next largest U.S. competitor, making us one of the world's largest core deposit-funded financial institutions. Moreover, it is essential that Wachovia, a company we deeply respect, maintain a strong presence in Charlotte, N.C.”

“Our core businesses continue to perform well but amid uncertain markets and a fast-changing industry landscape, we found in Citi a strong partner to preserve the stability and quality of our banking franchise,” said Robert Steel, CEO, Wachovia. “We are pleased to meet these key goals, as well as advance our legacy of innovative thinking, best-in-class customer service, and growth opportunities for our colleagues.”

Wachovia has a strong, attractive customer base, talented employees, and its retail bank footprint is highly complementary with that of Citi, with just 31% of Wachovia branches located in existing Citi markets. The transaction propels Citi to a top three ranking in seven metropolitan statistical areas (MSAs): New York, Miami, Atlanta, Washington D.C., Las Vegas, Charlotte, and San Francisco.

At the completion of the transaction, Citi will have: about 4,300 branches in the U.S. and approximately another 3,300 throughout the world; and 28,000 fee-free ATMs in the U.S. As there is little overlap between the two footprints, Citi expects to close less than 5% of the combined branches. In addition, Citi will benefit from Wachovia’s leading technology platform, including the opportunity to expand its award-winning online banking platform, and proven integration capabilities.

The transaction also brings a strong, highly complementary U.S. cash management platform to Citi’s leading international Global Transaction Services business; a strong U.S. mid-market corporate banking franchise; and, a small, successful private banking business that Citi intends to integrate into its existing Global Wealth Management business.

In addition, Citi expects to realize more than $3 billion of annualized expense synergies through the consolidation of overlapping functions. Following the closing of the transaction, Citi expects to complete the integration of the retail banking operations by year-end 2010.

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Monday, September 29, 2008

Chambliss, Isakson Statement on Status of Financial Rescue Plan

.S. Senators Saxby Chambliss, R-Ga., and Johnny Isakson, R-Ga., today made the following statements regarding the House’s rejection of the financial rescue plan.

“Obviously the House vote today puts everything in a state of uncertainty and complicates the issue of whether or not the Senate will vote on a financial rescue plan, and I am certainly concerned about the way the markets have responded to today’s vote,” said Chambliss. “I believe failure by Congress to take action on the current financial crisis in the right way will have serious repercussions on Main Street. Something must be done, but any proposed legislation must protect our citizens and taxpayers and their economic well being first and foremost.”

“This is the most important issue we’ve faced in a half-century. Our country is struggling. Doing nothing is unacceptable,” Isakson said. “I hope cooler heads will come to the table so we can move forward with a proposal that is in the best interests of the American people, their savings and their future.”

Westmoreland Opposes Bailout

U.S. Rep. Lynn Westmoreland today voted against the $700 billion bailout plan, but pledged his support for returning to work on the issue immediately after Rosh Hashanah.

“As the financial crisis has unfolded over the past year, we’ve slowly watched the dominos drop one after another and we’ve seen one bailout after another,” Westmoreland said. “Each time we were told: ‘This bailout is going to fix the problem.’ We’ve already spent hundreds of billions of dollars that our government does not have and yet the problems continue to deepen. I’ve read all the documents and listened to the experts and no one can say – not even with nearly $1 trillion on the line – that this will work.

“Undoubtedly, this is one of the toughest votes that I’ve taken in Congress. When faced with a tough decision, I rely on my principles – that smaller government is better and that markets work better bureaucratic decisions. While this bailout may work in the short term, I’m concerned greatly about the long-term consequences. When government willingly steps in to rescue people from risky behavior, government creates an incentive for future risky behavior. When businesses accept greater regulation in order to receive a bailout, we enlarge government, distort markets and render capitalism less efficient.

“I do believe that our nation faces great financial challenges right now, and I believe that Congress should act. But the House should not appropriate up to $700 billion for a bill that didn’t exist until a few days ago and that never went through one committee hearing. This legislation costs way too much to pass through Congress with so little scrutiny. If the process is broken, the product is flawed. Combined with war costs, other bailouts and the stimulus packages, we can’t afford to be wrong with a price tag this high.

“I have supported an alternative plan that would lower taxes and regulations to create an incentive for private money, foreign and domestic, to flow back into the credit markets. Unfortunately, alternative versions were shut out of this closed process.”
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John McCain On Today's House Vote

"I speak to you at an hour of crisis for our nation's economy.

"I believe the crisis facing our economy could have a grave impact on every American worker, small business owner, and family if our leaders fail to act.

"I share the anger and frustration that many Americans feel toward reckless and corrupt mismanagement on Wall Street and in Washington.

"I returned to Washington last week to work on a bipartisan rescue plan. It was the only plan at that time on the table but lacked enough support to pass. It also lacked sufficient accountability and transparency to justify expenditure of the taxpayers' money.

"At the time, the concerns of all members were not being heard. My colleagues were worried about the size of the plan and the risk it posed to taxpayers. I shared those concerns and I laid out principles that I thought must be adhered to. Those principles included responsible oversight, effective transparency, added protections for the taxpayers, and a cap on excessive salaries for executives.

"I also believe that the legislation should have no earmarks. I worked hard to play a constructive role in bringing everyone to the table. The plan is now significantly improved. We strengthened taxpayers' protections and oversight, and the taxpayers were on the hook for less money up front. Don't get me wrong - it isn't perfect. And the fact that taxpayers could have to spend a single dollar to create stability in our economy is a decision that I do not take lightly.

"I was hopeful that the improved rescue plan would have had the votes needed to pass because addressing a credit crisis is of vital importance to families, small businesses, and every working American who must be assured that their assets are safe and protected and that our economy will continue to function.

"Today, I've spoken to the Federal Chairman Bernanke, Secretary Paulson, Congressional leaders and now it's time for all members of Congress to go back to the drawing board.
"I call on Congress to get back obviously immediately to address this crisis. Our leaders are expected to leave partisanship at the door and come to the table to solve our problems. Senator Obama and his allies in Congress infused unnecessary partisanship into the process. Now is not the time to fix the blame. It's time to fix the problem.

"I would hope that all our leaders, all of them, can put aside short-term political goals and do what's in the best interest of the American people. Thank you."
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McCain-Palin Campaign Conference Call On Democrats' Failure To Pass The Economic Recovery Bill

"So there was a genuine failure that was facing America and Senator McCain accepted the challenge, suspended his campaign and returned to Washington with the intent of delivering to the American people the relief that they certainly need and in doing so was hoping to build a bipartisan effort to provide that relief." -- Doug Holtz-Eakin, McCain-Palin Senior Policy Adviser

Today, the McCain-Palin campaign held a press conference call with Doug Holtz-Eakin, McCain-Palin senior policy adviser, on the Democrats failure to pass the economic bailout bill:

Doug Holtz Eakin: "Today is obviously a very, very sad day for American families, for businesses, for the everyday life of the economy's ability to function, and a day that we hope to put behind us as quickly as possible. As the Senator said, in the end, it is time for the House and the Senate to regroup, to go forward in a bipartisan fashion, and to find a way to stabilize the financial markets and stop this great rift in the American economy. Before I open it up to questions, I do want to take this opportunity to dial the clock back a little bit and explain exactly what John McCain has done for the past week, and in the process hopefully lay to rest some of the charges that I don't think are exactly merited.

"Beginning a little less than a week ago, John McCain recognized that we had three great problems. Number one, we had an economic problem, a financial market which was both destabilized in and of itself and threatening to get to the point, that sadly we are very close to, where ordinary businesses cannot borrow simply to hold their inventory, to bridge the gap to make their payroll, and indeed the things that are conventional in a large modern economy.

"He also recognized that the solution that was on the table to address this issue was not adequate in its content for the protection of taxpayers, the oversight of the conduct of the stabilization efforts and a variety of other factors, and it did not have votes to pass, and in the end, it did not pass. This failure to have the votes is recognized by the other side as well. Senator Reid called upon Senator McCain to bring Republicans on board and Speaker Pelosi said quite clearly that Democrats in the House were not going to pass without Republicans and Republicans were not in fact engaged in the process in the House. So there was a genuine failure that was facing America and Senator McCain accepted the challenge, suspended his campaign and returned to Washington with the intent of delivering to the American people the relief that they certainly need and in doing so was hoping to build a bipartisan effort to provide that relief.

"He encountered partisanship almost immediately. Senator Reid criticized him, having called upon him to do this. He was criticized for doing it. He went to a White House meeting which was sadly lacking in a spirit of bipartisan problem-solving. Instead, it devolved into figure pointing partisanship. At the meeting, he held his tongue and chose not to engage in that very kind of spirited partisan debate -- instead defending only the House Republicans' right to be involved in this process, and picking up the pieces on Friday morning by visiting with the Senate, visiting with the House, explaining at every step of the way that all parties have a seat at the table and explained to House Republicans as well that they needed to take that seat and provide a negotiator. He engaged in the process and contributed constructively to that and what ensued was exactly that.

"House Republicans took the opportunity to choose Minority Whip Blunt as their negotiator. It appeared over the next several hours on Friday that the process was moving forward. There were reports of staff meetings that were productive and helpful. Senator McCain went to the debate, showed the American people that he was prepared to be the next President, came back to Washington that night, arriving about 4 a.m., and got up the next morning and continued to monitor the process. And at all points in this, I think it is essential to emphasize that he did his job knowing number one that it was important for him to be involved in pushing the process.

"He was never advocating for particular parties. He was not advocating for particular ideas in the bill. He wanted a process where all parties were engaged, all parties were in good faith negotiating that would lead to a kind of legislation that would alleviate this problem. He also made the conscious decision to not attract attention to John McCain knowing that he was the target of partisan attacks, knowing that he would be accused if he did raise his profile of injecting presidential politics into this important process. In response, he's criticized but he did the right thing. John McCain takes criticism knowing that a national need is being addressed, and he continued to both engage with the members who needed to be comforted with the difficult votes, encouraged to understand the issues, checking with the facts on the ground, with Federal Reserve Chairman Bernanke, Secretary Paulson, other members of the process.

"Today, that process broke down and it broke down quite frankly with partisan attacks from Speaker Pelosi on the floor in the midst of what should have been the final moment of bipartisanship."

Listen To The Conference Call
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Gingrey (R-GA) Votes Against Bailout; Calls for Market-Driven Response

U.S. Congressman Phil Gingrey today voted against the Wall Street bailout proposal but called on Congress to immediately return to DC after Rosh Hashanah to work on the issue.

“Thanks to the efforts of Senator McCain, John Boehner and other conservative Members of Congress, the bill we voted on today is vastly better for the taxpayer than the bill that was originally proposed,” said Gingrey. “Senator McCain and Leader Boehner were resolute in their opposition to Democratic proposals that would steer revenues from this program into the coffers of liberal groups like ACORN. Thanks to their leadership, the final text of this bill rejected this provision as well as giveaways to union bosses.”

“Despite these improvements, I still do not believe this bill goes far enough to protect Main Street. Once the government steps in and puts these troubled institutions back in business, we must ensure that they cannot make the same greedy and irresponsible decisions that got us into this mess.”

“We simply cannot preserve our free market economy by sacrificing the very principles that underlie it. I have heard loud and clear from my constituents throughout Northwest Georgia, and they do not want to gamble hundreds of billions of their hard-earned tax dollars on Wall Street’s poor choices. They want to preserve our financial system, but demand that we think more about the taxpayer in developing the solution to this mess than Washington and Wall Street did when they got us into it.”

“Along with a number of my colleagues, I have cosponsored a free-market alternative to tackle this economic crisis while protecting the taxpayer. To date, however, the Democratic Leadership has refused to even consider this alternative. I understand the need for swift action, but I cannot understand leaving options off the table that could provide market liquidity and restore confidence in our financial system with far less risk to the taxpayer.”

“Make no mistake, inaction is NOT an option. I think everyone can agree that something must be done to stem the economic crisis facing our nation – and I hope we move as quickly as possible to work on and approve that plan. However, while the bill we voted on today aims to be an answer to this economic turmoil, I do not believe it is the best one. A commitment to our core Democratic values isn’t something that changes with the weather. It is in our most difficult crises that the true measure of our principles shines through. During times such as the financial crisis we currently face, we must stand firm in these principles for the good of the American people.”

*The centerpiece of the alternative introduced by Rep. Gingrey and other conservative colleagues is the creation of a fee-based insurance protection program for these mortgage-backed securities that would stabilize our financial markets without making the Federal government the nation’s mortgage company. This alternative would also draw private capital into the market by bringing profits from U.S. companies operating overseas back into the United States to be invested. Further, our alternate proposal would enact a two-year suspension of the capital gains tax to encourage businesses to spur investment and create new jobs. Last but certainly not least, this alternative would require real reform to address the root causes of this crisis. Our alternative holds Freddie and Fannie’s feet to the fire to stop unsound mortgages from the start, imposes new commonsense regulatory rules to ensure the true economic value of these assets, and establishes a policy to strengthen the value of the American dollar.

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Federal Home Loan Bank of Atlanta Declares Third Quarter Dividend, Changes Dividend Schedule

PRNewswire/ -- The board of directors of Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has approved an annualized dividend rate for the third quarter of 2.89 percent. This rate is equal to average three-month LIBOR (London Interbank Offered Rate) for the period July 1, 2008 to Sept. 29, 2008. The dividend is applicable to capital stock held during the period of July 1, 2008 to Sept. 30, 2008, and will be credited to members' daily investment accounts at close of business on Oct. 1, 2008.

The annualized dividend rate is lower than previous third quarter guidance because of recent volatility in the financial markets and a more conservative financial management approach in light of these conditions. In addition, the Bank will change its dividend declaration and payment schedule beginning in the fourth quarter of 2008 so a dividend can be declared and paid to member accounts after net income is calculated for the preceding quarter. To accommodate this change, the Bank will declare any fourth quarter dividend at the end of Jan. 2009 and pay it into member accounts at that time.

The Bank recognizes the value our dividend provides to member financial institutions. During the first three quarters of 2008, the Bank has paid an annualized dividend rate of 4.88 percent, which exceeds average three-month LIBOR by approximately 190 basis points. "Dividends are an attractive aspect of our cooperative, and we anticipate that once we move beyond this transition period, members will appreciate the certainty associated with the new dividend schedule," said Richard A. Dorfman, President and CEO of FHLBank Atlanta.

If you have additional questions, please contact FHLBank Atlanta's Funding Desk at 1.800.536.9650, ext. 8011.

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Community Capital Bancshares Announces Results of Director Elections

PRNewswire-FirstCall/ -- Charles M. Jones III, Chairman of the Board of Community Capital Bancshares Inc. (Other OTC: ALBY) announced today the final results of the election of directors at its annual meeting on September 24, 2008. Incumbent directors Glenn A. Dowling, Mary Helen Dykes, Mark M. Shoemaker and Lawrence B. Willson were re-elected by a majority of the votes cast at the annual meeting. Of the 3,074,555 shares outstanding, 2,043,212 or 66% were represented by valid proxies. The incumbent directors received 1,179,930 votes or 57.7% of the votes cast to secure re-election.

John H. Monk, Jr., president and CEO commented, "I am very pleased that these four experienced directors were re-elected to serve for another three year term. The current board is very active in our local markets. Their local knowledge and presence are a benefit to the Company as we work through these difficult times."

The incumbent directors supported by the Board and management were opposed by a slate of directors nominated by non-affiliated shareholders.

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Wednesday, September 24, 2008

Regions Resolves 2005 SEC Inquiry Involving AmSouth Mutual Funds

BUSINESS WIRE --Regions Financial Corporation (NYSE:RF) has resolved an inquiry by the Securities and Exchange Commission regarding a previous arrangement between AmSouth Bank, AmSouth Asset Management and BISYS Fund Services, Inc. (“BISYS”), an outside company which provided fund administration and other services to the former AmSouth Funds and many other mutual fund families. Regions cooperated fully and extensively with the SEC in this investigation and is pleased to resolve the matter.

The arrangements in question date back to 1999 and involved a portion of the administration fee paid by the funds to BISYS being rebated to AmSouth to pay for marketing and other expenses related to the AmSouth Funds. The arrangements ended in 2004 and AmSouth disclosed the SEC inquiry in 2005.

In September 2006, the SEC reached a settlement with BISYS Fund Services regarding its marketing arrangements related to 27 mutual fund families, including the AmSouth Funds. BISYS agreed to pay $21 million in reimbursements and a penalty under the settlement. As a result of its own settlement, Regions will pay a $1.5 million civil money penalty and reimburse mutual fund shareholders approximately $7.8 million plus $2.2 million in interest. All of these expenses were fully reserved in prior quarters. AmSouth had previously reimbursed fund shareholders $2 million, which was expensed in 2005.

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Tuesday, September 23, 2008

People Seeking Credit Counseling in August Earned $49,308 Annually, Nonprofit Agency Finds

PRNewswire/ -- People seeking budget and debt counseling in August had an average annual household income of $49,308, an amount far above historic levels for people seeking this service, reports Consumer Credit Counseling Service (CCCS) of Greater Atlanta.

The income data is based on counseling sessions with 5,549 individuals in August who reported an average monthly income of $4,109, which is nearly 18% higher than the monthly income of people who sought credit counseling in August 2007. One year ago, people receiving the same kind of counseling had monthly incomes of $3,492.

"Rising unemployment, the continuing mortgage and credit crisis and rising food and fuel costs are causing people with good incomes to seek help paying their debt," said Suzanne Boas, president of Consumer Credit Counseling Service (CCCS) of Greater Atlanta. "People with middle-class incomes are finding it more and more difficult to meet their financial obligations."

CCCS of Greater Atlanta is a national nonprofit credit counseling agency that helps people in all 50 states in financial distress. People seeking budget and debt counseling are first-time callers who receive a free, confidential one-hour counseling session to help them find solutions for excessive debt.

Through the first eight months of 2008, the agency has conducted more than 37,000 budget and debt counseling sessions, a 39% increase compared to the same period in 2007.

People seeking credit counseling in August 2008 also reported this information:

-- The average person spent $638 for food and fuel in August, which is 20% higher than the amount people were spending in January, only eight months earlier. While people seeking help paid less for fuel in August than July, the amount spent on food continues to climb.

-- People seeking credit counseling who own their home reported monthly housing costs of $1,423, a 25% increase compared to people seeking credit counseling in August 2007.

CCCS professional counselors offer individual, confidential advice for developing budgets, managing money, using credit wisely and building a savings plan. Counselors will review a person's financial situation and help determine the best possible financial strategies. The counselor will offer solutions to a person's current financial problems, as well as personalized plans for preventing financial pitfalls in the years to come.

This service is available in English or Spanish. People can call for a free budget counseling session today at 1-800-251-CCCS (2227), or can begin an online counseling session at www.cccsinc.org .

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Monday, September 22, 2008

Duke: Treasury Action Should Work, But at High Cost to Taxpayers, Professor Says

The Treasury’s proposed action to use government money to purchase mortgage-backed securities held by financial institutions should work, but at an unnecessary cost to taxpayers, says Steven Schwarcz, the Stanley A. Star Professor of Law & Business at Duke University.

Schwarcz has studied systemic risk for more than a year and has suggested, in congressional testimony last October, that the government should consider acting as a market liquidity provider of last resort, but to do so at the outset of a financial market panic. His article, “Systemic Risk,” will be published next month in the Georgetown Law Journal.

“The focus from the outset should have been on treating loss of confidence in the financial markets, which is the underlying cause of problems in the financial system,” Schwarcz says. “While it may have been necessary under the circumstances for the Fed to act to prop up AIG and Bear Stearns, among others, preventing financial institution failure amounts to treating symptoms of the disease, not its underlying cause. By delaying, the government missed a vital opportunity to nip the problem in the bud at a much lower cost to the American taxpayer.”

The Treasury’s proposed bailout plan is a semi-strong version of Schwarcz’s proposal, which he said would work most effectively if used at the outset of a market panic. The current panic has become so entrenched, however, that financial institutions now distrust the creditworthiness of other financial institutions; they do not know how much in mortgage-backed securities those institutions hold or the value of those securities.

The Treasury, therefore, needs to address both this counterparty risk perception and the market collapse. It is proposing that government money be used to purchase, at a deep discount, mortgage-backed securities held by financial institutions, which would stabilize market prices and reduce counterparty risk.

'This should work," says Schwarcz, "but it will be much more expensive than if the government had stabilized the market at an earlier point."

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Mirant Suspends Program to Return Cash to Stockholders after Returning $3.856 Billion

PRNewswire-FirstCall/ -- Mirant (NYSE:MIR) announced today that it has suspended its program of returning cash to its stockholders after purchasing approximately 110 million of its shares since November 2007 for $3.856 billion. The company now has 156 million basic shares outstanding, having repurchased approximately 43% of its basic outstanding shares over the past 11 months.

In November 2007, when the Company announced that it would return $4.6 billion of cash to its owners, it stated that it was sizing the amount based on four factors: (1) the outlook for the business, (2) preserving the company's credit profile, (3) maintaining adequate liquidity, including for capital expenditures and (4) maintaining sufficient working capital.

"We have continued to evaluate those four factors as we have returned cash," said Edward R. Muller, chairman and chief executive officer of Mirant. "Although we continue to be optimistic about the value of the company and the company has no liquidity issues, our analysis of those four factors under current market conditions has led us to conclude that we should suspend our program of returning cash. A significant consideration in our evaluation is that we recently submitted proposals for new generating plants at our facilities in Northern California in response to a request for offers from Pacific Gas & Electric. If our proposals are accepted, we want to ensure that we have funds for the required capital expenditures, and for other requirements of the business, even if turmoil in the credit markets continues and commodity prices are depressed."

Mirant will continue to evaluate its need for cash using the same four factors.

Mirant is a competitive energy company that produces and sells electricity in the United States. Mirant owns or leases approximately 10,097 megawatts of electric generating capacity. The company operates an asset management and energy marketing organization from its headquarters in Atlanta. For more information, please visit www.mirant.com

Cautionary Language Regarding Forward-Looking Statements

Some of the statements included herein involve forward-looking information. Mirant cautions that these statements involve known and unknown risks and that there can be no assurance that such results will occur. There are various important factors that could cause actual results to differ materially from those indicated in the forward-looking statements, such as, but not limited to, legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the industry of generating, transmitting and distributing electricity (the "electricity industry"); changes in state, federal and other regulations affecting the electricity industry (including rate and other regulations); changes in, or changes in the application of, environmental and other laws and regulations to which Mirant and its subsidiaries and affiliates are or could become subject; the failure of Mirant's plants to perform as expected, including outages for unscheduled maintenance or repair; changes in market conditions, including developments in the supply, demand, volume and pricing of electricity and other commodities in the energy markets; changes in the credit standards of market participants or the extent and timing of the entry of additional competition in Mirant's markets or those of its subsidiaries and affiliates; increased margin requirements, market volatility or other market conditions that could increase Mirant's obligations to post collateral beyond amounts that are expected; Mirant's inability to access effectively the over-the-counter and exchange-based commodity markets or changes in commodity market liquidity or other commodity market conditions, which may affect Mirant's ability to engage in asset management and proprietary trading activities as expected, or result in material extraordinary gains or losses from open positions in fuel oil or other commodities; deterioration in the financial condition of Mirant's counterparties and the resulting failure to pay amounts owed to Mirant or to perform obligations due to Mirant beyond collateral posted; hazards customary to the power generation industry and the possibility that Mirant may not have adequate insurance to cover losses as a result of such hazards; price mitigation strategies employed by ISOs or RTOs that reduce Mirant's revenue and may result in a failure to compensate Mirant's generation units adequately for all their costs; changes in the rules used to calculate capacity and energy payments; legal and political challenges to the rules used to calculate capacity payments in the markets in which we operate; volatility in Mirant's gross margin as a result of Mirant's accounting for derivative financial instruments used in its asset management activities and volatility in its cash flow from operations resulting from working capital requirements, including collateral, to support its asset management and proprietary trading activities; Mirant's inability to enter into intermediate and long-term contracts to sell power and procure fuel, including its transportation, on terms and prices acceptable to it; the inability of Mirant's operating subsidiaries to generate sufficient cash flow to support its operations; Mirant's ability to borrow additional funds and access capital markets; strikes, union activity or labor unrest; weather and other natural phenomena, including hurricanes and earthquakes; the cost and availability of emissions allowances; Mirant's ability to obtain adequate supply and delivery of fuel for its facilities; curtailment of operations due to transmission constraints; environmental regulations that restrict Mirant's ability or render it uneconomic to operate its business, including regulations related to the emission of carbon dioxide and other greenhouse gases; Mirant's inability to complete construction of emissions reduction equipment by January 2010 to meet the requirements of the Maryland Healthy Air Act, which may result in reduced unit operations and reduced cash flows and revenues from operations; war, terrorist activities or the occurrence of a catastrophic loss; Mirant's consolidated indebtedness and the possibility that Mirant or its subsidiaries may incur additional indebtedness in the future; restrictions on the ability of Mirant's subsidiaries to pay dividends, make distributions or otherwise transfer funds to Mirant, including restrictions on Mirant North America contained in its financing agreements and restrictions on Mirant Mid-Atlantic contained in its leveraged lease documents, which may affect Mirant's ability to access the cash flow of those subsidiaries to make debt service and other payments; Pacific Gas & Electric rejecting Mirant's proposals for new generating plants at Mirant's facilities in Northern California; and the disposition of the pending litigation described in Mirant's Form 10-Q for the quarter ended June 30, 2008, filed with the Securities and Exchange Commission.

Mirant undertakes no obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise. The foregoing review of factors that could cause Mirant's actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect Mirant's future results included in Mirant's filings with the Securities and Exchange Commission at www.sec.gov .

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Friday, September 19, 2008

Roberts Realty Investors, Inc. Announces Receipt of Warning Letter From American Stock Exchange Due to Death of Director

PRNewswire-FirstCall -- Roberts Realty Investors, Inc. (AMEX:RPI) announces that as a result of the death of director Dennis James on September 2, 2008, the company has received a warning letter from the American Stock Exchange (the Amex). The death of Mr. James left the company with only one independent director serving on its audit and compensation committees rather than the requisite two or more members. The company received the letter from the staff of the Amex on September 16, 2008 advising the company that it was not in compliance with Section 803(B)(2)(c) and Section 805(a) of the Amex Company Guide, in that Roberts Realty's audit committee and compensation committees are comprised of only one director. In the letter, the Amex gave the company 75 days or until November 17, 2008 to regain compliance with the Amex requirements.

The staff of the Amex advised the company in the letter that the staff had determined not to apply at this time the continued listing evaluation and follow-up procedures specified in Section 1009 of the Amex Company Guide. The letter further noted, however, that because the company was not currently in compliance with the Amex continued listing standards, the letter constituted a "Warning Letter" pursuant to Section 1009(a)(i) of the Amex Company Guide and notice of failure to satisfy a continuing listed standard. The letter advised the company that failure to resolve the specified listing deficiency by November 17, 2008 would result in the staff assessing the company's continued listing eligibility, including the application of the continued listing evaluation and follow-up procedures specified in Section 1009 of the Amex Company Guide and/or initiation of delisting proceedings.

Roberts Realty expects that its board of directors will appoint a new independent director to its board of directors, audit committee, and compensation committee by November 17, 2008, thereby regaining compliance with the Amex requirements.

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Synovus Announces Leadership Changes

BUSINESS WIRE --Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, has appointed Mark G. Holladay to the newly created position of Chief Risk Officer of Synovus. Kevin J. Howard will replace Holladay as Chief Credit Officer. Roy Dallis “D” Copeland, Jr., was named to the new position of Chief Commercial Officer. All appointments are effective immediately.

“Establishing the Chief Risk Officer position is a significant step in ensuring we maintain high, stringent standards for managing enterprise risk,” said Richard E. Anthony, Chairman and CEO of Synovus. “Mark’s experience in lending and credit risk management makes him the clear choice to fill this role. We are also pleased to have Kevin Howard move into the Chief Credit Officer position. He has demonstrated his skill in this area and is ready to take on his new responsibilities.”

Reporting directly to Richard Anthony, Holladay’s new responsibilities include overseeing the Enterprise Risk and Credit Risk Management areas of the company.

Holladay was promoted to the position of Executive Vice President and Chief Credit Officer of Synovus in 2000. He was appointed Executive Vice President of Banking/Client Delivery in 1994 and previously served as Senior Vice President of Commercial Lending. Holladay began his career with Synovus in 1974 with Columbus Bank and Trust Company (CB&T). Holladay is a graduate of Columbus State University with a Bachelor of Science Degree in Biology. He has also completed the School of Banking and Master of Banking School programs at Louisiana State University.

In his new role, Howard will report to Synovus President and COO Fred L. Green III. Among his responsibilities, he will manage the credit and loan administration standards set for Synovus banks.

Howard was named Senior Vice President and Credit Manager of Synovus in 2004. In 2000, he was promoted to the position of Senior Vice President of commercial real estate, correspondent and affiliate lending. He joined CB&T as a Vice President in 1993, after five years in commercial banking. Howard is a graduate of the University of Alabama with a Bachelor of Science Degree in Finance, and he completed the Commercial Lending Graduate School of the University of Oklahoma.

Synovus is also strengthening its commercial banking strategy through the appointment of D Copeland as the new Chief Commercial Officer. Copeland will be responsible for leading efforts to expand relationships with middle market businesses throughout the southeast.

“As a seasoned banker, and through his most recent success as CEO of one of our community banks, D will infuse a new level of energy into our commercial banking strategy,” said Anthony. “C&I is an important line of business for diversifying Synovus’ commercial credit portfolio and for generating new revenue.”

Copeland most recently served as the President and CEO of Citizens First Bank in Rome, Georgia. He has led various banking departments from Retail and Commercial Banking to Senior Manager of the Financial Services Group at CB&T. Copeland began his career with CB&T in 1992. He is a graduate of the Georgia Institute of Technology with a Bachelor of Science Degree in Management.

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News to Use in Fayetteville, Atlanta, Columbus, Peachtree City and all of Georgia

Ameris Bancorp Announces Steps to Strengthen Balance Sheet and Operating Results

PRNewswire-FirstCall/ -- AMERIS BANCORP (NASDAQ: ABCB) , reported on September 17, 2008, that its board of directors and executive management team have taken steps to strengthen the Company's balance sheet and operating results during this period of economic uncertainty in the financial institution industry. These steps include the following:

-- Reduced quarterly dividend from $0.14 per share to $0.05 per share.

-- Pursued efficiency gains resulting in approximately a 10% reduction in our workforce.

-- Established new funding lines resulting in $270 million of additional borrowing capacity.

-- Reduced investment portfolio risk, leading to significant appreciation in market value of the investment portfolio with no exposure to common or preferred stock of Fannie Mae or Freddie Mac.

Commenting on the lower dividend, Edwin W. Hortman, Jr., President & Chief Executive Officer, said, "Although our capital levels are strong, we believe proactively managing capital through this economic downturn is critical. Our credit quality metrics remain manageable despite elevated credit costs. This move to temporarily reduce the quarterly dividend is a defensive move against a potentially prolonged period of uncertain economic activity. This action will strengthen our balance sheet and better position us to take advantage of opportunities in the future as our industry emerges from the current downturn." Other strategies to maintain and improve capital ratios include suspending the Company's announced stock buy-back and slowing the growth of assets. The reduced dividend combined with slower growth goals will add approximately 50 basis points to forecasted tangible capital ratios over a 12 month period. The announced dividend will be payable to shareholders of record on September 30, 2008.

Efficiency Gains

Efforts to reduce operating expenses and gain efficiencies continue and recently resulted in a reduction of approximately 65 positions. This reduction was completed in full on September 1, 2008 and is expected to produce annual savings of approximately $2.6 million before tax. Speaking about the reduction in force, Mr. Hortman commented, "These decisions to right-size our staffing levels have been very difficult, but necessary and our commitment to deliver exceptional customer service remains a top priority."

Strengthened Liquidity

Additional liquidity sources have been developed to provide for safety against various contingencies. These sources include lines with the Federal Reserve Bank and the Federal Home Loan Bank, as well as expanded lines of credit with commercial banks. These lines of credit total approximately $520 million, or 60% of non-CD deposits. Today, approximately $400 million is available under these lines. Also, aggressive deposit campaigns have been successful and continue to add liquidity to our balance sheet while maintaining acceptable net interest margins.

Quality Investment Portfolio

The Company's investment portfolio has been managed to contain very little credit risk. As such, the Company has no exposure to risks or devaluation associated with either the common or preferred stock of Fannie Mae or Freddie Mac or non-agency mortgage investments. Since the announcement of the government takeover of the GSEs, the Company's investment portfolio has increased in market value by approximately $5 million and management does not anticipate any non-cash charges for permanent impairment in the investment portfolio.

Ameris Bancorp is headquartered in Moultrie, Georgia, and at the end of the most recent quarter, had 48 locations in Georgia, Alabama, northern Florida and South Carolina.

Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol "ABCB". The preceding release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "estimate", "expect", "intend", "anticipate" and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward- looking statements.

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Thursday, September 18, 2008

SunLink Health Systems, Inc. to Amend Current Report on Form 8-K

BUSINESS WIRE --SunLink Health Systems, Inc. today (September 17, 2008) announced that it expects the audited financial statements of its Carmichael's Cashway Pharmacy, Inc subsidiary to be restated to adjust the pre-acquisition periods previously reported in SunLink’s Current Report on Form 8-K filed on July 9, 2008.

In connection with the preparation of the company's financial results for the fourth quarter and fiscal year ended June 30, 2008, based on information presented by management and discussions with the company’s independent registered public accounting firm, management and the Audit Committee of SunLink determined that Carmichael’s financial statements included in the company's Current Report on Form 8-K filed with the SEC on July 9, 2008 contained errors. As a result, the Audit Committee has concluded that the Carmichael financial statements included in the Current Report on Form 8-K reporting its acquisition of Carmichael should be restated and that investors should not rely upon such financial statements nor should investors rely on the pre-acquisition audited financial statements of Carmichael's for either the 7 Months Ended December 31, 2006, for the Year Ended December 31, 2007, or for the period January 1, 2008 through April 22, 2008, respectively, without taking into account the anticipated and potential adjustments described in this press release.

The errors identified primarily include the amount of customer receivables and relate to, among other things, the pre-acquisition collections, bad debts policies and collection activities of Carmichael's.

The company believes, based on currently available information, that the impact of these errors on Carmichael’s previously disclosed receivables balance as of April 22, 2008 will be to decrease the stated receivables balance on the books of the Carmichael subsidiary as of the acquisition date by at least $1,300,000 resulting from, among other things, increasing the allowance for doubtful accounts and recording certain customer credit adjustments and that such adjustments will also result in an adjustment to SunLink's allocation of the acquisition purchase price.

Based upon information currently available, SunLink believes that the errors with respect to receivables arose, to an extent which can not be presently quantified, in the other prior pre-acquisition audited periods of Carmichael's. However, as of the date of this filing, the company has not completed its investigations. SunLink intends to file restated audited financial statements for Carmichael for the period January 1, 2008 through April 22, 2008, and currently intends to have, to the extent feasible, each of the prior periods which were audited by Carmichael's former auditors and included in the Form 8-K re-audited by SunLink's current independent registered public accounting firm. SunLink currently is unable to determine whether one or more factors will preclude its existing auditors from re-auditing either or both of such periods, or whether if such audits are performed that additional adjustments will be identified.

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Invesco Updates State of its U.S. Money Market Funds

BUSINESS WIRE --Invesco confirmed September 17, 2008, the strength of its U.S. money market funds.

In light of recent events in our industry, and in our ongoing efforts to communicate timely and relevant information to our clients, we continue to emphasize that safety is of paramount importance to the investment process for all of Invesco Aim’s money market funds. Our conservative investment philosophy, which has been in place for more than 27 years, will always focus on our commitment to provide safety, liquidity, and yield - in that order - to our money market fund investors.

All of our Invesco Aim money market portfolios are operating normally and continue to maintain a net asset value of $1.00 per share. In order to provide our clients with additional assurance of Invesco Aim’s adherence to our conservative investment philosophy, we are making available to our clients portfolio holdings on a daily basis.

None of our U.S. money market portfolios has any exposure to Lehman Brothers Holdings Inc. or any of its subsidiaries, American International Group, Inc. (AIG) or Washington Mutual. In fact, during the recent market turbulence, Invesco Aim’s money market funds have not held any securities that have been downgraded by the credit rating agencies.

Invesco Aim’s investment standards are consistent for each investment decision across all asset types in our money funds. The Funds purchase only securities that are rated in the top tier of ratings categories (i.e., at least A-1, P-1, and/or F1, or equivalent long-term rating). After we determine that a security is rated as a top-tier credit we then conduct our own independent analysis to determine whether we believe the security meets, on a continuous basis, our minimal credit risk standards.

Invesco is a leading independent global investment management company, dedicated to helping people worldwide build their financial security. By delivering the combined power of our distinctive worldwide investment management capabilities, including AIM, Atlantic Trust, Invesco, Perpetual, PowerShares, Trimark, and WL Ross, Invesco provides a comprehensive array of enduring investment solutions for retail, institutional and high-net-worth clients around the world. Operating in 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For this and other important information about any AIM fund, please obtain a prospectus from your financial advisor and read it carefully before investing.

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Wednesday, September 17, 2008

Tri-S Security Announces Amendment to Credit Facility; Potential Annual Savings Approximately $975,000

PRNewswire-FirstCall/ -- Tri-S Security Corp. (NASDAQ: TRIS) , a provider of security services and equipment for government and private entities, today announced an amendment to its credit facility with its senior lender. The amendment reduces the monthly over-advance fee payable by the company on its highest daily over-advance from 2.25% to (a) 1.25% through December 31, 2008, and (b) 1.75% thereafter. The company estimates that this fee reduction will save the company approximately $975,000 annually and will have a major impact on both cash flow and future earnings.

In addition, the amendment extends the maturity date of the $2.5 million term loan provided under the credit facility an additional year, from March 2009 to March 2010. With this extension, the term loan will move from a current to a long-term liability. This extension will improve various financial ratios and gives the company eighteen months before the term loan becomes due.

Pursuant to the amendment, the company issued to its senior lender a warrant to purchase 125,000 shares of common stock at an exercise price of $1.27 per share, which is 110% of the closing sales price of the common stock on the day the amendment was signed.

The company is conducting an extensive review of its operations, including its operating facilities and corporate headquarters, with the intention of developing initiatives to further reduce general and administrative expenditures. These initiatives will be implemented once the review has been completed, and the company believes that these initiatives will have an immediate effect on both cash flow and future earnings.

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Omni Financial Services Announces Management Change and Restructuring

BUSINESS WIRE --Omni Financial Services, Inc. (PINK: OFSI.PK) (“OFSI”), parent company of Omni National Bank, announced today that it implemented a reduction in force (“RIF”) to reduce expenses and to maximize organizational efficiency primarily at its headquarters located in Atlanta, Georgia and in its Tampa, Florida office. In Atlanta, 19 people representing approximately 20% of the workforce were terminated, along with 2 employees representing 20% of the Tampa, Florida workforce. Two employees at other office locations were also terminated in the RIF.

Stephen M. Klein, the Bank’s chairman and chief executive officer, advised that the reduction in force included Irwin M. Berman, OFSI’s president and the Bank’s chief risk manager. Mr. Klein commented, “Irwin has been a partner and friend and has made invaluable contributions to the enterprise over the past 8 years. His breadth of experience, both in our bank and in the industry generally, has served us well. Unfortunately, though, from a cost reduction standpoint, we’ve had to make some very difficult decisions as we traverse the troubled banking landscape.” Klein added, “We wish Irwin the best and hope that he will choose to remain a member of our Board of Directors. If he does so, I am certain that his counsel would remain an integral part of our Board’s decision making over the immediate future.”

“We targeted a 20% reduction in our staff in Atlanta and Tampa, including senior level management,” said Connie Perrine, the Bank’s president. “We are reassessing all of our business units, our internal risk management, controls and policies, and we are making changes to improve operations.”

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Tuesday, September 16, 2008

“Today’s Economy and FDIC Insurance” Seminar at Clayton State University

Heritage Bank, in partnership with Clayton State University, will be presenting a seminar with information on today’s economy and protecting your deposits with FDIC Insurance. There is a tremendous amount of news and interest in the state of today’s financial industry. There is concern for the stability of our banks and their customer’s deposits.

Heritage Bank has arranged for Dr. Nikki Finlay and Dr. Reza Kheirandish, professors of Economics from Clayton State, to present their views on the status of today’s economy. Penny King and Thomas Stokes, experts in the Atlanta FDIC office, will present valuable information on the importance of FDIC insurance. Time will be provided to answer questions. The seminar is free of charge and will be conducted in three locations in Clayton, Henry and Fayette Counties. The first scheduled seminar is Monday, Sept. 29 from 7 p.m. to 9 p.m. at Clayton State University, in the new School of Business, room T152. Parking will be in the gated James M. Baker University Center parking lot. Please RSVP to Barbara Stevens @ Heritage Bank (770) 515-7001.

Heritage Bank is a member of FDIC, The Federal Deposit Insurance Corporation.

Heritage Bank, a state chartered commercial bank, has been serving metro Atlanta’s Southern Crescent since 1955. The independent community bank has seven full service offices, features a well-rounded offering of commercial and consumer products, and is an active, involved member of the community it serves. The company’s stock is traded on The Nasdaq Small Cap Market under the symbol “CCFH.” For more information, please call (770) 478-8881 or visit the Heritage Bank website at www.heritagebank.com.

A unit of the University System of Georgia, Clayton State University is an outstanding comprehensive metropolitan university located 15 miles southeast of downtown Atlanta.
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Saturday, September 13, 2008

Heritage Financial Group Reports Ownership of Freddie Mac Securities

BUSINESS WIRE --Heritage Financial Group (NASDAQ:HBOS), the mid-tier holding company for HeritageBank of the South, today announced that it currently holds approximately $1.5 million par value of Freddie Mac preferred stock in its available-for-sale investment portfolio. The Company has no additional equity exposure to Fannie Mae or Freddie Mac equity securities. Following the U.S. government's actions earlier this week to place Freddie Mac under conservatorship and eliminate its dividends on preferred stock, the Company has seen a dramatic decrease in the value of this investment.

Management currently is examining tax issues and accounting treatment related to the decline in value of this investment. The Company is uncertain if it will be able to recognize a tax benefit if this investment is written down to market value. As of September 10, 2008, the fair value of the Company's investment in Freddie Mac preferred stock was approximately $150,000. As of June 30, 2008, the fair value of this investment was approximately $1.3 million.

At the end of the second quarter of 2008, Heritage Financial Group reported that its total risk-based capital ratio was approximately 17% – significantly above the 10% level required to be considered "well capitalized." The Company will remain well capitalized at the end of the third quarter, even if the Freddie Mac investment is written down to its fair market value, or if deemed worthless, with no corresponding tax benefit.

Heritage Financial Group is the mid-tier holding company for HeritageBank of the South, a community-oriented bank serving primarily Southwest Georgia and North Central Florida through seven full-service banking offices. As of June 30, 2008, the Company reported total assets of approximately $487.6 million and total stockholders' equity of approximately $63.3 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com, and see Investor Relations under About Us.

Heritage, MHC, a mutual holding company formed in 2002, holds approximately 74% of the shares of Heritage Financial Group. The remaining 26% of Heritage Financial Group's shares are held by public stockholders following the Company's June 2005 initial public offering.

Except for historical information contained herein, the matters included in this news release and other information in the Company's filings with the Securities and Exchange Commission may contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and include this statement for purposes of these safe harbor provisions. Further information concerning the Company and its business, including additional factors that could materially affect our financial results, is included in our other filings with the SEC.

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Wednesday, September 10, 2008

Federal Home Loan Bank of Atlanta Approves Agreement with the U.S. Treasury as Backup Liquidity Source

PRNewswire/ -- The Federal Home Loan Bank of Atlanta ("Bank") announced today it has approved a lending agreement with the U.S. Department of the Treasury ("Treasury") that is designed to serve as a source of contingent liquidity for the Bank's debt issuance activities.

The agreement stems from provisions of the Housing and Economic Recovery Act of 2008, which provided the Treasury with the authority to establish such a facility. The terms of the agreement are described in the Bank's Current Report on Form 8-K filed today. The agreement expires on Dec. 31, 2009, or sooner if the Bank determines it will not need the Treasury support. Any loan under the agreement would be secured by certain Bank assets, such as advances to members or by mortgage-backed securities issued by Fannie Mae or Freddie Mac.

"The Bank appreciates the U.S. Treasury's interest in establishing a clearly-defined operational agreement should the Federal Home Loan Banks require added liquidity support for our debt," said Richard A. Dorfman, FHLBank Atlanta President and Chief Executive Officer. "It is essential that the Bank continue to execute its mission of providing affordable liquidity to lenders, and this agreement makes it clear the federal government supports that role."

Each of the 12 Federal Home Loan Banks has entered into such an agreement. Extensions of credit by the Treasury to the FHLBanks, or to any FHLBank, will be considered a consolidated obligation and will be the joint and several obligation of all of the FHLBanks. However, Dorfman noted that at this time, the Bank does not anticipate that it will need to tap the lending facility.

About the Federal Home Loan Bank of Atlanta

The Bank is a cooperative financial services organization that provides funding, community development grants, and other banking services to more than 1,200 member financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. The Bank is one of 12 district banks in the Federal Home Loan Bank System (the FHLBank System), which since 1990 has contributed more than $2 billion to affordable housing development in the United States.

Some of the statements made in this announcement, including, without limitation, the Bank's plans to not access funding under the lending agreement, are "forward-looking statements," which include statements with respect to the Bank's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Bank's control, and which may cause the Bank's actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by the forward-looking statements.

The forward-looking statements may not be realized due to a variety of factors, including, without limitation: legislative and regulatory actions or changes; future economic and market conditions; changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates; political, national and world events; and adverse developments or events affecting or involving other Federal Home Loan Banks, GSEs or the FHLBank System in general. Additional factors that might cause the Bank's results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov/ .

You should not place undue reliance on forward-looking statements, since the statements speak only as of the date that they are made. The Bank has no obligation and does not undertake to publicly update, revise or correct any of the forward-looking statements after the date of this announcement, whether as a result of new information, future events or otherwise, except as may be required by law.


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Tuesday, September 9, 2008

Algon Group Predicts 'Perfect Storm' in Homebuilding Industry Will Lead to Significant Bank Failures in Next 24-36 Months

At Alabama Bankers Convention, Algon Group founder Troy Taylor predicts substantial bank losses; in July Taylor tells American Bankruptcy Institute - Southeast Members that 25-50% of Atlanta, GA banks may fail or merge by 2011.

PRNewswire/ -- Citing excess inventory and the substantial erosion of housing asset value - particularly in certain Southeastern areas - Algon Group founder and president Troy Taylor predicts that the inability of homebuilders to satisfy loans will lead to increasing bank failures in these markets over the next 24-36 months.

Addressing the Alabama Bankers Convention in June 2008, Taylor said that based on what Algon Group clients and other homebuilders were experiencing in Florida and Georgia, he expects banks to suffer substantial losses as builders default on loans. In July 2008, Taylor told Southeastern members of the American Bankruptcy Institute that he predicts 25-50% of Atlanta-based banks will fail or merge by 2011. Taylor said that the ongoing problems Algon Group has seen over the past two months have only furthered his belief that the worst is yet to come.

Taylor and Algon's Managing Director Larry Comegys - a housing industry veteran and former President of Pulte-Florida and Meritage Homes-Florida - have since January 2008 advised homebuilders, banks, hedge funds, and trustees in eight separate real estate-related engagements. Taylor attributes the housing industry crisis to a "perfect storm" created by the confluence of subprime mortgages, real estate speculation, new home prices outpacing income, and overbuilding. As an example, he points to select Florida counties where the supply of vacant developed lots increased from 12 months in the second quarter (Q2) of 2005 to 80 months in Q2 2008, and the inventory of future lots increased from 64 months in Q2 2005 to 391 months in the fourth quarter of 2007. During this same period, the average price of new homes in the sample areas fell by 27 percent.

Taylor said that although home sales in the Florida panhandle may be helped by the eventual opening of the proposed airport, most developers do not have enough working capital to last until recovery. "To survive this crisis, banks can't wait until the interest reserve runs out," said Taylor. He advises banks to recognize that housing assets will re-price, raise capital, and clean up their balance sheets.

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Regions Goes Back to School with Scholars & Dollars

BUSINESS WIRE --Regions Financial Corporation (NYSE: RF) announced today its creation of a financial education program, Scholars & Dollars, designed to teach students in grades 4-12 basic financial skills and concepts. The program, which represents Regions commitment to promote financial literacy, is being launched in conjunction with the banks participation in Community Service 2008, a community service initiative organized by The Financial Services Roundtable.

Regions Bank will offer the Scholars & Dollars program to schools and community groups in various markets across the 16 states the company serves in the South, Midwest and Texas. The Scholars & Dollars curriculum covers checking accounts, saving, money management, and credit and lending. Lessons may be presented by a Regions banker, an educator or other group leader. Course materials, which are available in both a high school version and a middle school version, include a Scholars & Dollars presentation guide for the class leader, flyer/poster, folder, worksheets and flashcards.

Regions bankers work hard to bring financial skills and resources to our communities every day, said Scott Peters, chief marketing officer for Regions. The Scholars & Dollars program provides the opportunity to work with educators to help our children develop the financial skills they will need for the future.

Janet Parker, Regions executive vice president, Human Resources, who is a member of the Presidents Advisory Council on Financial Literacy, said, Promoting financial literacy in our communities, particularly among young people, is one of the most important ways that we can further the Regions mission of making life better. We also are privileged to work with various organizations within our industry and our communities to help share financial knowledge with people of all ages.

Community Service 2008 and Financial Literacy

During this summer and back-to-school season, Regions also is marking the importance of financial literacy through its national sponsorship of Community Service 2008, a program by which member companies of The Financial Services Roundtable have committed to helping their communities in hundreds of cities across the United States. As a part of this program, Regions is helping to support and increase the visibility of financial education programs through activities such as:

  • Train-the-trainer financial literacy workshops Regions associates and community volunteers are being trained to teach financial education classes using the FDICs Money Smart curriculum in Jacksonville, Fla.; Pensacola, Fla.; and Little Rock, Ark.
    • In Jacksonville, Regions will co-host the course with Floridas Chief Financial Officer Alex Sink, the FDIC and The Federal Reserve Bank of Atlanta Jacksonville branch.
    • In Pensacola, United Way of Santa Rosa County and the Federal Reserve Bank of Atlanta-New Orleans branch will join Regions, Sink and the FDIC as hosts of the event.
    • In Little Rock, Regions, along with Argenta Community Development Corporation and the FDIC, sponsored the course.
  • Financial education program at Westover High School, Albany, Ga. Regions associates volunteered weekly at the school, teaching basic financial information and encouraging students to begin saving.
  • Homebuyer education classes, Memphis, Tenn. Regions provides annual funding for financial literacy classes with United Housing, Inc.
  • Money Week Houston Regions will help to sponsor this city-wide, coordinated effort to raise awareness of financial education in Houston. As part of this event, Regions associates will sponsor a luncheon with 100 teenagers, sharing information and answering questions about banking and finance.
  • Financial literacy workshops with the City of East St. Louis, Mo. Regions associates conducted three workshops with East St. Louis city employees, at the request of the citys mayor.
  • Consumer Credit Counseling of Mobile, Ala. Regions Mortgage associates work with the non-profit-organization to provide a homebuyer counseling class
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Monday, September 8, 2008

Charter Financial Remains Well Capitalized

PRNewswire-FirstCall/ -- Charter Financial Corporation (OTC:CHFN) (BULLETIN BOARD: CHFN) today reported that it sold its remaining shares of Freddie Mac common stock at an average price of $1.27 which provides cash proceeds of $2.79 million. This sale results in a pre-tax loss of $591,563. For all sales of Freddie Mac common stock during this quarter, the Company will report a pre-tax gain of $5.95 million. CharterBank's core capital as of August 31, 2008, as adjusted to reflect the sale of Freddie Mac common stock, would be 10.05% which is more than twice its regulatory well capitalized requirement.

Charter Financial Corporation is a savings and loan holding company and the parent company of CharterBank, a full-service community bank and a federal savings institution. Charter Financial Corporation and CharterBank are in a mutual holding company structure. CharterBank is headquartered in West Point, Georgia, and operates ten branches on the I-85 corridor from LaGrange, Georgia to Auburn, Alabama. CharterBank's deposits are insured by the Federal Deposit Insurance Corporation.

Forward-Looking Statements

This release may contain "forward-looking statements" that may be identified by use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition and results of operation and business that are subject to various factors that could cause actual results to differ materially from these estimates. These factors include but are not limited to general and local economic conditions; changes in interest rates, deposit flows, demand for mortgages and other loans, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products, and services. Any or all forward-looking statements in this release and in any other public statements we make may turn out to be wrong. They can be affected by inaccurate assumptions we might make or known or unknown risks and uncertainties. Consequently, no forward-looking statements can be guaranteed. The Company disclaims any obligation to subsequently revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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Thursday, September 4, 2008

Citizens Trust Bank Will Be Awarded the MBDA's National Director's Access to Capital Award

PRNewswire-FirstCall/ -- The United States Department of Commerce's Minority Business Development Agency (MBDA) will award Citizens Trust Bank (CTB) with the National Director's Access to Capital Award of the Year during their 26th Annual National Minority Enterprise Development (MED) Week on September 5, 2008. The National Director's Access to Capital Award is presented to an individual or organization who has demonstrated outstanding leadership in the financial communities by providing, supporting or advocating access to capital for minority businesses.

Out of the many organizations that were applicable for this celebrated award, Citizens Trust Bank, the third largest African-American owned bank in the Southeast, has truly demonstrated excellence in financial leadership, whether providing millions in commercial loans contributing to the growth and development of the surrounding community, or with its Financial Empowerment Series that offered enlightening and educating seminars that provided tools for personal and financial success. With a foundation of constructing "a relationship that you can bank on," CTB has always been committed to aiding in the creation of wealth for its customers through its wide variety of financial products and services.

This prestigious award will be presented to CTB during the MBDA's annual MED Week 2008 Awards Gala. As a part of the U.S. Department of Commerce the MBDA is the only federal agency created to cultivate the growth and establishment of minority-owned businesses. The annual MED Week events leading up to the ceremony are designed to bring together the nation's foremost business leaders to offer advice, counsel and insight to help minority businesses continue to be competitive within the marketplace.

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Peachtree LBP® Announces Update of Loan Rate for LBP 401(k) Plus®

(BUSINESS WIRE) --Peachtree LBP, the Administrator for LBP 401(k) Plus, announced that todays rate for loans made as part of LBP 401(k) Plus is 5.16%. The loan rate is based on the 12-month LIBOR rate (currently 3.21%) plus a margin of 1.95%. (The LIBOR rate varies on a day-to-day basis, and the actual rate on an LBP® case is set at the time of funding.)

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Wednesday, September 3, 2008

Conference Examines State Tax Policy Proposals September 11

Towards a Better Understanding of Property Taxes & Proposed Policies
8:30 a.m. to 3 p.m. Sept. 11, 2008
Capitol Education Center, 180 Central Avenue, Atlanta, GA

When lawmakers convene for the 2009 session of the Georgia General Assembly in January, a number of new tax proposals could be on the table, including limits on levies and caps on assessment increases.

To wade through the proposals, and the current landscape of current Georgia tax policy, the Fiscal Research Center at Georgia State University will hold a conference on the property tax as it exists, and the likely effects of changes under consideration.

“Towards a Better Understanding of Property Taxes & Proposed Policies” will be held from 8:30 a.m. to 3 p.m. Sept. 11 at the Capitol Education Center, 180 Central Ave., Atlanta.

Including presentations from officials from Georgia’s Department of Revenue and economic experts from states that have implemented assessment limits and levy caps, Fiscal Research Center Director Dave Sjoquist said the seminar will provide objective information to lawmakers, local elected officials and fiscal policy watchers.

“People will have a much better understanding of how the property tax works and have information on these two policies and the consequences they might have for Georgia,” he said.
The Fiscal Research Center, housed in the Andrew Young School of Policy Studies at Georgia State, is a nonpartisan fiscal policy and education center which provides technical assistance and information to state and local governments.

Vicki Lambert, director of the Local Government Services division of the state revenue department, will give an overview of the current Georgia tax structure. Sjoquist will discuss options for reducing and controlling property taxes.

Mark Haveman, executive director of the Minnesota Taxpayers Association, will discuss property tax limitations, how they’re structured and their effects on local governments. Experts from Colorado, Michigan and Florida will discuss their states’ experiences with assessment limits and levy caps.

For more information about the conference, visit http://frcconference.gsu.edu/.

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ISS Governance Services Recommends Approval of Servidyne Proposal to Increase Authorized Shares

BUSINESS WIRE --SERVIDYNE, INC. (NASDAQ: SERV), today announced that ISS Governance Services (ISS), an independent proxy advisory service, has recommended approval of the Companys proposal to increase its authorized shares of common stock from 5 million shares to 10 million shares. ISS joins Glass Lewis in advising Servidyne shareholders to vote FOR the proposal at the Companys upcoming annual meeting of shareholders on September 16, 2008.

Included in the new ISS report is its latest corporate governance quotient (CGQ) rating for Servidyne, which reflects that Servidyne outperformed over 80% of all companies ranked by ISS, based on up to 63 corporate governance variables used by ISS.

Established in 1925, Servidyne, Inc. is headquartered in Atlanta, Georgia, and operates globally through its whollyowned subsidiaries. The Company provides comprehensive energy efficiency solutions, sustainability programs, and other products and services that significantly enhance the operating and financial performance of existing buildings. Servidyne enables customers to cut energy consumption and realize immediate cost savings across their portfolios, while reducing greenhouse gas emissions and improving the comfort and satisfaction of their buildings' occupants. The Company serves a broad range of markets in the United States and internationally, including corporate, commercial office, hospitality, gaming, retail, industrial, distribution, healthcare, government, multi-family and education. Servidyne also engages in commercial real estate investment and development. The Company currently owns or controls shopping centers in the Southeast and Midwest and office properties in metropolitan Atlanta. For more information about Servidyne, please visit www.servidyne.com or call 770-953-0304.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in this letter are forward-looking statements within the meaning of federal securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other matters, including the risks and uncertainties set forth under the heading Risk Factors in the Companys Annual Report on Form 10-K, which may cause the actual results, performance or achievements of Servidyne, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward-looking statements. Servidyne does not undertake to update these forward-looking statements.

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LLR Partners, FTVentures and Management Purchase Fleet One from SunTrust Banks

BUSINESS WIRE --Fleet One Holdings LLC, an affiliate funded by LLR Partners, FTVentures and the Fleet One management team, announced today that it has acquired TransPlatinum Service, the holding company for Fleet One and a wholly-owned subsidiary of SunTrust Banks, Inc. (NYSE:STI).

With a national customer base of over 20,000 fleets, and products accepted at over 40,000 locations across the country, Fleet One is a provider of fuel charge cards and fleet management information services to all vehicle classes. Following this acquisition, the current management team of Fleet One will continue to manage and grow the companys products and services.

We are excited to grow Fleet One as an independent business, said Andy Roberts, CEO of Fleet One. With the support of LLR Partners and FTVentures as investment partners, we are well positioned to provide best-in-class value and service to our growing customer base.

Fleet One was acquired by SunTrust in 2004 as part of its National Commerce Financial merger. The unit has operated as a separate business since then.

This transaction reflects SunTrusts ongoing priority of managing our business mix to ensure concentrated focus on our key client and market segments, noted SunTrust Executive Vice President David Fuller. We are pleased that under this new structure Fleet One and its management team will be positioned to maintain their successful growth trajectory; we look forward to a continuing business relationship with them.

LLR Partners and FTVentures have a long history with the management team at Fleet One, said Mitchell Hollin, a partner of LLR Partners and Chairman of Fleet One Holding, LLC. Acquiring Fleet One was a compelling opportunity because of its strong growth dynamics and attractive market position.

Fleet Ones proven management team and unique service offering, which spans all fleet classes, strongly position the company to achieve its expansion goals, said Richard Garman, Managing Partner of FTVentures. We look forward to partnering with Fleet One and leveraging our extensive domain expertise in transaction processing services to help the company capitalize on its strong momentum in the coming years.

Financial terms of the acquisition were not announced.

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Monday, September 1, 2008

FDIC Taps Regions to Acquire Deposits of Failed Atlanta Bank

BUSINESS WIRE --Regions Financial Corporation (NYSE:RF) today announced that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $900 million in total deposits, including all uninsured deposits, of Alpharetta-based Integrity Bank.

Federal regulators at close of business on August 29, 2008 declared Integrity Bank insolvent and the FDIC was named receiver. The FDIC approved the assumption of approximately $900 million in deposits by Regions Bank. The FDIC will retain most of Integrity Banks loan portfolio for later disposition.

We felt it was important to assume both insured and uninsured deposits, and we believe it is our responsibility as a leading national institution to work with and support the FDIC in providing safe harbors for depositors in this challenging time, said Dowd Ritter, chairman, president and chief executive officer. In addition to being the right thing to do, this agreement reaffirms our strength and demonstrates our commitment to grow in our core markets across 16 states.

Under terms of an agreement with the FDIC, Regions will serve 23,000 accounts of Integrity Bank and will assume operations of the five branches in Atlanta when they reopen on September 2, 2008. Regions will work with Integrity employees to identify possible job opportunities within Regions.

The former Integrity Bank branches will immediately operate under the Regions name and customers will be able to conduct their business as usual. Customers of both banks should continue to use their existing branches until Regions can fully integrate the deposit records of Integrity Bank.

We look forward to welcoming the former customers of Integrity Bank into the Regions family, said Bill Linginfelter, area executive for Atlanta/North Georgia. We are committed to serving the needs of the entire community and this agreement will provide a safe and secure home for Integrity Bank customers banking relationships.

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