Community Capital Bancshares Announces Third Quarter Results of Operations

/PRNewswire-FirstCall/ -- Community Capital Bancshares Inc. (Other OTC: ALBY) today announced a loss for the nine months ended September 30, 2008 of $5,325,000 or $1.74 per basic share. This compares with income of $35,000 or $0.01 per basic share for the nine months ended September 30, 2007. For the three months ended September 30, 2008, the Company incurred a loss of $3,059,000 or $0.99 per basic share, in comparison to the loss of $447,000 or $ 0.15 per basic share made during the same period of 2007.

Net income for the year has been negatively impacted by loan loss provisions of $4,380,000 necessary to provide for potential losses in the loan portfolio. For the nine months ended there have been $1,102,000 of losses and write downs of foreclosed property as compared to $90,000 in 2007. During the third quarter of 2008, the company recognized a loss of $936,000 due to other than temporary impairment on FNMA stock held in its investment portfolio.

Total assets as of September 30, 2008 were $198,933,000 as compared to $248,840,000 as of September 30, 2007. The decreased level of assets is the result of loan reductions and the efforts by the subsidiary Banks to remain compliant with the capital provisions of the Formal Agreements with the OCC.

John H. Monk Jr., President and CEO commented, "We continue to aggressively pursue the collection of our troubled loans. The current market conditions pose additional problems for the valuation and marketing of our troubled assets. We will continue to identify and dispose of these assets. We feel that we have sufficient capital levels to weather this storm. Our Tier 1 risk based capital ratio is over 17.5% at September 30, 2008. During the fourth quarter we will engage an independent valuation firm to test our Goodwill for possible impairment." John Monk continued, "We appreciate the continued support of our customers and look forward to continuing to serve them in the coming years."

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Charter Financial Declares Stock Repurchase Program

PRNewswire-FirstCall/ -- Charter Financial Corporation (OTC:CHFN) (BULLETIN BOARD: CHFN) today announced that its Board of Directors has authorized a stock repurchase program of 200,000 shares of common stock effective today. President and CEO Robert Johnson commented, "We believe this share buyback will prove to be a long term value to our shareholders."

At the same time, the Company also announced that it had completed its previous stock repurchase program.

Charter Financial Corporation is a savings and loan holding company and the parent of CharterBank, a full-service community bank and a federal savings institution. CharterBank is headquartered in West Point, Georgia, and operates ten branches on the I-85 corridor from LaGrange, Georgia, to Auburn, Alabama. The Company also operates two loan production offices in Georgia. CharterBank's deposits are insured by the Federal Deposit Insurance Corporation. Additional information, including financial highlights, is available on the company's website, http://www.charterbank.net/. Persons interested in receiving e-mail notifications of news about the company may do so by completing the registration form on the investor relations page of the company's website.

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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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