Habersham Bank Closed by Georgia Department of Banking and Finance

/PRNewswire/ -- Habersham Bancorp (OTC Bulletin Board: HABC) announced that the Georgia Department of Banking and Finance closed its subsidiary bank, Habersham Bank, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Habersham Bancorp is no longer the parent of Habersham Bank.

In a virtually simultaneous transaction, SCBT National Association acquired the operations and all deposits and purchased essentially all assets of the Bank in a loss-share transaction facilitated by the FDIC and will continue to operate the Bank, according to an FDIC news release. Customers who have questions about the foregoing matters, or who would like more information about the closure of the Bank, can visit the FDIC's web site located at http://www.fdic.gov/bank/individual/failed/habersham.html, or call the FDIC toll-free at 1-866-806-6128.

In a prepared statement, Habersham Bancorp said: "While we ultimately were unable to save the Bank in the face of unyielding market conditions, the Board of Directors worked tirelessly over the past two years on behalf of the Company and its shareholders and attempted every reasonable solution. In particular, over the last several months, the Board and management team had been working on an offering of common stock to residents of the State of Georgia in an effort to recapitalize the Bank. Our Board and management team also pursued other transactions, including mergers with other institutions and sales of the Bank's assets. Despite our best efforts, the continuing depressed market conditions prevented us from completing these transactions."

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Capitol Bancorp Receives Approval to Consolidate Three Georgia Banks

/PRNewswire/ -- Capitol Bancorp Limited (NYSE:CBC) announced today that it has received regulatory and shareholder approval to consolidate Bank of Valdosta, Peoples State Bank and Sunrise Bank of Atlanta. Effective July 30, 2010, all three locations began operating as Sunrise Bank.

Capitol's Chairman and CEO Joseph D. Reid said, "To date, Capitol's consolidation strategy has resulted in a reduction of 34 bank charters into seven. These bank consolidations have positioned us to preserve core capital, strengthen operational efficiencies and enhance risk management oversight."

Leadership for the consolidated bank will be headed by Clinton Dunn, who will serve as the Chairman and CEO of the consolidated bank. Joining Dunn on the executive management team are Matt Stanaland, who will serve as President and Kay Howell, who will serve as the Market President of Jeffersonville.

"We will continue to provide the same great service that our customers have grown accustomed to. At Sunrise Bank, we remain committed to supporting our local communities through community involvement and local decisions," added Dunn.

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Ameris Bancorp Announces Acquisition of Satilla Community Bank

PRNewswire -- AMERIS BANCORP (Nasdaq-GS: ABCB), announced May 14 that its wholly-owned subsidiary, Ameris Bank, has entered into a definitive agreement with the Federal Deposit Insurance Corporation to assume the deposits and acquire certain assets of Satilla Community Bank, a full-service, single-office bank located in St. Marys, Georgia. The Georgia Department of Banking and Finance declared Satilla Community Bank closed May 14 and appointed the FDIC as receiver. As a result of this acquisition, Ameris Bank will assume approximately $134.0 million in total deposits and acquire approximately $142.3 million in total assets.

As a branch of Ameris Bank, the St. Marys office of Satilla will be open and serving customers on Monday, May 17, 2010, during the bank's normal business hours. Satilla depositors will automatically become depositors of Ameris Bank, and deposits will continue to be insured by the FDIC. With this acquisition, Ameris Bank will now operate 54 locations in Georgia, Florida, Alabama and South Carolina.

Edwin W. Hortman, Jr., President & CEO of Ameris, commented, "We are excited to welcome the Satilla Community Bank customers and employees to the Ameris Bank family. Customers can be confident that their deposits are safe and readily accessible. Ameris Bank has supported the financial needs of local communities since 1971. Our St. Marys and Kingsland locations have been an important part of our four-state footprint since late 2005. We look forward to continuing that tradition through this FDIC-assisted transaction."

Ameris Bancorp is headquartered in Moultrie, Georgia. For additional information about Ameris Bank, please visit our web site at www.amerisbank.com.

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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Community & Southern Bank Acquires the Assets and Deposits of First National Bank of Georgia from the FDIC

/PRNewswire/ -- Community & Southern Bank, a newly formed Georgia state bank, has acquired certain assets and deposit liabilities of the First National Bank of Georgia, Carrollton, Georgia ("First National Bank") from the Federal Deposit Insurance Corporation ("FDIC"), as receiver for First National Bank. First National Bank was closed by the Office of the Comptroller of the Currency at the close of business on Friday, January 29, 2010 and the FDIC was appointed receiver. Community & Southern Bank will begin operating First National Bank's branch offices as Community & Southern Bank offices immediately.

"We're very pleased to announce the acquisition of the First National Bank of Georgia from the FDIC. This is an excellent example of a successful private-public partnership that will save jobs and provide much needed stability to First National Bank customers and the communities it has served for nearly 100 years," said Community & Southern Bank's President and Chief Executive Officer, Patrick M. Frawley. "Following our recently completed capital raise, we are poised to pursue additional opportunities to help with the recovery of the banking system as we strive to create one of the strongest, healthiest, and most well-managed banks in the State of Georgia," added Mr. Frawley.

John Spiegel, Chairman of the Board of Directors of Community & Southern Bank and former Chief Financial Officer of SunTrust Bank, added, "The customers and employees of First National Bank of Georgia can rest assured knowing that there will be no disruption to the operations and services provided by their bank. We look forward to providing our customers with exemplary customer service and meeting all of their banking needs."

First National Bank customers should be aware that their accounts have been automatically converted to Community & Southern Bank accounts at the same rates and terms. All deposit accounts will continue to be fully insured to the maximum limits allowed by the FDIC. First National Bank customers should continue to visit existing branches and use their existing checks and ATM/Debit cards to access their funds. All direct deposit and electronic bill pay transactions will continue to be processed normally. First National Bank customers will be receiving new checks and ATM/Debit cards in the coming weeks.

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Federal Home Loan Bank of Atlanta Utilizes Congressional Authority to Provide More Than $2.2 Billion in Credit Support for Tax-Exempt Municipal Bonds

/PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today announced that it has utilized authority approved by Congress to provide over 50 letters of credit totaling more than $2.2 billion for non-housing-related tax-exempt bond transactions, stimulating economic development and lowering the cost of borrowing for public finance projects.

The Housing and Economic Recovery Act of 2008 (HERA) authorized FHLBank Atlanta to provide credit support for tax-exempt bonds issued or refunded between July 30, 2008 and Dec. 31, 2010. Traditionally, FHLBank Atlanta provided letters of credit for housing-related and taxable financing, and HERA now permits the support of a wider range of public projects, including economic development, public utility, and healthcare facilities.

FHLBank Atlanta's triple-A credit rating allows local governmental entities to borrow at lower costs while helping to maintain the flow of financing within a tighter credit market. In a typical transaction, FHLBank Atlanta serves as a provider of credit enhancement for the transaction on behalf of its member institutions as they work directly with municipal bond issuers.

Since Aug. 2008, FHLBank Atlanta has provided confirming letters of credit under HERA authority on behalf of 11 member financial institutions to support transactions that include $1.2 million for the Industrial Development Board of the City of Oxford (Alabama) and $108.7 million for the North Carolina Medical Care Commission.

"By lowering the cost of municipal bond transactions, we continue to support economic development activities in these communities during an ongoing period of budget constraints," said Richard A. Dorfman, FHLBank Atlanta President and Chief Executive Officer. "This Congressional authority has provided FHLBank Atlanta with the opportunity to make an important difference in the communities we serve through our member institutions."

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State Bank and Trust Company Acquires Assets and Deposits of The Buckhead Community Bank and First Security National Bank from FDIC

/PRNewswire/ -- Georgia Department of Banking and Finance and the Office of the Comptroller of the Currency announced December 4 that State Bank and Trust Company has agreed to acquire assets and deposits of The Buckhead Community Bank and First Security National Bank, in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC).

State Bank is one of Georgia's healthiest and best capitalized community banks with branches throughout Middle Georgia and Metro Atlanta. As of December 5, 2009, all bank branches previously owned and operated by Buckhead Community Bank and First Security National Bank will become branches of State Bank.

The Buckhead Community Bank was founded in 1997 in Atlanta with branches in Buckhead and Midtown, as well as Sandy Springs, Alpharetta, Cobb County, Cumming and Gainesville. As of Sept. 30, 2009, the bank had $856.2 million in assets and $813.7 million in deposits.

First Security National Bank was founded in 1985 in Norcross, Georgia with branches in Atlanta, Cumming, and Canton. As of Sept. 30, 2009, First Security had more than $128 million in assets and $123 million in deposits.

The acquisitions became effective at the close of business on Friday, after regulators closed the banks and named the FDIC as receiver. The FDIC then approved the whole bank acquisitions with loss share by State Bank, which includes all deposits, loans and other assets.

State Bank was determined the winning bidder after submitting to the FDIC a bid for the assets and deposits of the banks. With FBR Capital Markets serving as placement agent, State Bank previously raised close to $300 million, including investments from the executive management team, to provide the capital to facilitate these acquisitions.

This is the second FDIC transaction that State Bank has completed. In July 2009, State Bank acquired certain assets and deposits of the bank charters owned by Security Bank Corp. That acquisition made State Bank the market leader in Middle Georgia with a presence in Metro Atlanta. Evans and the State Bank management team previously led Flag Financial Corp., which was acquired by RBC Centura in 2006.

"With the addition of these two established community banks, State Bank solidifies its position as one of the best capitalized and largest community banks in metro Atlanta," said Joe Evans, chairman and CEO of State Bank. "We are especially pleased to have secured a presence in Buckhead, where my team and I were so successful at Flag Bank."

"We have made great progress with our integration of the former Security Banks. Our strong capital position and depth of experience allows us to continue to pursue other opportunities that fit our strategic goals," Evans said. "As we stated previously, developing a significant presence in Metro Atlanta is a central part of our strategy."

"Our first order of business is to assure the customers of these banks that their deposits are safe, sound and readily accessible," Evans added. "State Bank is one of the healthiest financial institutions in Georgia, with a sound balance sheet and very strong capital ratios."

Customers of The Buckhead Community Bank and First Security National Bank should continue to use their existing branches, checks, ATM or debit cards. If clients have any questions regarding their accounts involved in this transaction, they should continue to use the same channels as they have in the past, including contacting their local branch. All offices and branches will be open during their normal days and hours as in the past.

For more information, bank customers can contact State Bank at 1-800-414-4177 or visit their branch location. They can also go to www.StateBT.com.

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Federal Home Loan Bank of Atlanta Boosts Housing Market with Disbursement of More Than $9.4 Million in First-time Homebuyer Funding

/PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it has disbursed in excess of $9.4 million to more than 1,000 recipients through its 2009 First-time Homebuyer Program (FHP), providing critical and timely economic support to the housing market. For each of the past 12 years, FHLBank Atlanta has offered the matching funds through its member financial institutions for down payment and closing costs of eligible first-time homebuyers in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia.

Over 60 FHLBank Atlanta financial institutions accessed and closed down payment funds ranging from $1,882 to $10,000 to more than 1,000 homebuyers. Thanks to the funding, member financial institutions are able to expand their customer base, originate new mortgages, and attract new homebuyers into the market. The private funds -- derived from profits earned by the Federal Home Loan Bank of Atlanta -- serve as an attractive tool to bring more homebuyers into the market and also serve as a valuable form of equity that they can benefit from in the future.

Since the program's inception in 1997, FHLBank Atlanta has allocated more than $50 million to first-time homebuyers, which has allowed more than 9,000 families and individuals to purchase a home. FHLBank Atlanta estimates that for every $1 of FHP funding awarded, $17 is generated in new mortgage business for its member banks.

"FHP is stimulating home sales and mortgage lending in communities at a time when the housing market and the overall economy need this type of economic support," said Arthur Fleming, first vice president and director of Community Investment Services, FHLBank Atlanta. "Relationships created between first-time homebuyers and FHLBank Atlanta lenders are significant and can provide a strong base for recovery of the residential housing sector."

The 2009 FHP offering cycle opened April 1, 2009, and continued until the funds were fully disbursed to member institutions. Funds were provided on a first-come, first-served basis. Individual participants receiving FHP funds were required to complete a credit counseling program that includes educational training on the home-buying process including courses on household budgeting, mortgage financing, lending laws, and debt management.

The 2010 FHP offering will be announced in April 2010.


Some of the statements made in this announcement 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, changes or approvals; future economic and market conditions (including the housing market and the market for mortgage-backed securities); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates and prepayment speeds, default rates, delinquencies and losses on mortgage-backed securities; political, national and world events; and adverse developments or events affecting or involving other Federal Home Loan Banks 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 www.sec.gov.

New factors may emerge from time to time, and it is not possible for us to predict the nature, or assess the potential impact, of each new factor on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements. These statements speak only as of the date that they are made, and 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, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise, except as may be required by law.

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Fed Fixes for Overdraft Fall Short, Strong Reform Crucial, CRL Tells Congress

/PRNewswire/ -- Congressional proposals to rein in abusive overdraft practices are long overdue, Center for Responsible Lending executive Eric Halperin told the House Financial Services Committee today.

Halperin, who is director of CRL's Washington office, gave full support to legislation aimed at reforming bank overdraft programs, which cost consumers $23.7 billion last year and are among the most predatory lending products on the market.

"Charging people a $35 fee for a small, debit card transaction is unacceptable," said Halperin, director of CRL's Washington office. "It doesn't save them bounced check fees, it simply skims money from their account and puts them in a bind."

Overdraft fees shot up 35 percent from 2006 to 2008. Banks and credit unions drive up the fees through unfair and costly practices such as automatically approving a debit card transaction even if it overdraws an account and then charging a fee that is often higher than the shortfall itself. Also, instead of recording transactions in the order they are made, financial institutions typically reorder them to increase the number of overdraft fees a customer incurs.

Federal bank regulators, including the OCC and the Federal Reserve Board, have recognized the abusive nature of these practices for years but failed to use their oversight authority to rein them in. The FRB finally is weighing a rule that would take a small step forward, but the Overdraft Protection Act of 2009, (H.R. 3904), under consideration in the House, and similar legislation in the Senate would offer real, substantive reform.

Both bills would give consumers an informed choice on whether they want to pay for high-cost overdraft coverage. They would also limit the number of fees a bank could charge each month and year, and they would require that fees be reasonable and bear some relationship to a bank or credit union's cost of covering a shortfall. And both bills would ban the widespread practice of triggering avoidable overdraft fees by re-ordering customer transactions to maximize overdrafts.

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McIntosh State Bank Announces Agreement with Regulators

/PRNewswire/ -- Pete Malone, Chief Executive Officer of McIntosh State Bank, headquartered in Jackson, Georgia, has announced that after working with the Georgia Department of Banking & Finance and the Federal Deposit Insurance Corporation, a formal agreement has been reached that is designed to make sure the bank is correcting identified problems in a good faith effort on the part of both the Board of Directors and the bank's management team. The regulatory order, known officially as a "cease and desist order", which the board signed on October 15, is designed to improve the condition of the Bank. The basis for the order is largely due to the bank's concentration in residential real estate acquisition, development and construction loans, coupled with the effects of the current real estate and economic downturn. It is based primarily on the bank's numbers as opposed to any specific actions or non-actions by bank officers and employees.

Mr. Malone was quoted as saying, "We have been expecting this order and have already met many of its requirements. We will continue to operate under a business as usual environment and look forward to making additional positive progress to satisfy regulators' directives." According to Mr. Malone, the bank has plans to raise additional capital to meet the terms of the agreement. This is in addition to the $3 million in capital injected by the bank's directors and executive officers in December 2008. The bank's directors and executive officers have also relinquished over $1 million in retirement plan compensation as a further boost to capital. Mr. Malone further noted, "One of our biggest accomplishments in 2009 has been our ability to sell over $8.4 million of foreclosed real estate. We also have an additional $1.5 million in real estate under contract. A bank's health is indicative of the community it serves, and we believe in the ultimate health of our local economy and plan to be in position to thrive as conditions improve. The factors that made our local areas attractive for growth over the last several years continue to exist."

Regulatory orders have become more common as a result of the current economic downturn. Many Georgia banks with significant concentrations of non-performing assets are believed to be subject to some form of enforcement action. McIntosh State Bank has two banking offices in Henry County, one of the hardest hit areas in Georgia. Mr. Malone said, "Because much of our bank's market is located in the South Atlanta region, we participated in the area's real estate growth and its subsequent slowdown. We are very focused on addressing our problems and working through them."

McIntosh State Bank, a subsidiary of McIntosh Bancshares, Inc. (Other OTC: MITB.PK), was established in 1964 and operates four full service bank locations in Jackson, Monticello, McDonough and Locust Grove. As of September 30, 2009 the bank had assets of $419.4 million and deposits of $373.3 million.

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Ameris Bancorp Announces Acquisition of American United Bank

/PRNewswire/ -- AMERIS BANCORP (NASDAQ: ABCB) , announced today (October 23) that its wholly-owned banking subsidiary, Ameris Bank, has entered into a definitive agreement with the Federal Deposit Insurance Corporation (the "FDIC") to assume all of the deposits and acquire certain assets of American United Bank, a full service, single office bank located in Lawrenceville, Georgia. The Georgia Department of Banking and Finance today (October 23) declared American United Bank closed and appointed the FDIC as receiver.

As a branch of Ameris Bank, the Lawrenceville location will be open and serving customers on Monday, October 26, 2009, during the bank's normal business hours. American United Bank depositors will automatically become depositors of Ameris Bank, and deposits will continue to be insured by the FDIC. With this acquisition, Ameris Bank will now operate 51 locations in Georgia, Florida, Alabama and South Carolina.

Edwin W. Hortman, Jr., President & CEO of Ameris Bank commented, "We are excited to welcome the American United Bank customers and employees to Ameris Bank. Customers can be confident that their deposits are safe and readily accessible. Ameris Bank has supported the financial needs of local communities since 1971 and is excited about continuing this tradition through loss-sharing arrangements with the FDIC."

As a result of this acquisition, Ameris Bank will be acquiring the assets and deposits of American United Bank at a discount of $19,645,000 and a premium on deposits totaling approximately $286,000. Ameris Bank will assume approximately $101 million in total deposits and acquire $83 million in total loans and $3.6 million in other real estate (ORE). The loans being purchased are covered by a loss share agreement which affords Ameris Bank significant loss protection for the next five years.

Ameris Bancorp is headquartered in Moultrie, Georgia, and has 51 locations in Georgia, Alabama, northern Florida and South Carolina. For additional information about Ameris Bank, please visit our web site at www.amerisbank.com.

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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Georgia Department of Banking and Finance Takes Possession of Georgian Bank, Atlanta, Georgia

The Georgia Department of Banking and Finance (“Department”) took possession of Georgian Bank, Atlanta, Georgia on September 25, 2009. The Superior Court of Cobb County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Georgian Bank.

The Department took possession of Georgian Bank pursuant to the Official Code of Georgia, Section 7-1-150(a) which authorizes the Department in its discretion to take possession of the business and property of any state chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition to transact its business, is operating in violation of any court order, statute, rule or regulation, or requests the Department to take possession of its business and property.

Through an agreement with the FDIC, Georgian Bank will be acquired by First Citizens Bank and Trust Company, Inc. (“First Citizens”), Columbia, South Carolina.

All deposit accounts of Georgian Bank have been transferred to First Citizens and will be available immediately. On Monday, September 28, 2009, depositors will be able to access their accounts at the former main office and branch locations of Georgian Bank. Customers of both banks should continue to use their existing branches until First Citizens can fully integrate the deposit records of Georgian Bank. Additionally, the former depositors of Georgian Bank can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

All deposits will be transferred to First Citizens and, therefore, it is not anticipated that there will be any loss exposure to former Georgian Bank depositors that have deposits exceeding the FDIC Deposit Insurance amounts.

The Department’s Commissioner, Robert M. Braswell, reminds depositors that deposits of all Georgia banks are insured by the FDIC up to $250,000. Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage. You can find additional information on FDIC Deposit Insurance at www.fdic.gov.

The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Georgian Bank. Please refer to the FDIC’s website for further information regarding the details of the purchase and assumption transaction. The website is www.fdic.gov and the toll-free phone number is 1-800-405-1498. The phone number is operational this evening until 9 p.m. Eastern Standard Time, on Saturday from 9 a.m. until 6 p.m. on Sunday from noon to 6 p.m. and thereafter from 8 a.m. to 8 p.m.

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Community Bankers Trust Corporation Announces Results of Annual Meeting of Stockholders and Conversion of Georgia Operations

(BUSINESS WIRE)--Community Bankers Trust Corporation, the holding company for Essex Bank (the “Company”) (NYSE Amex:BTC), announced that the Company held its annual meeting of stockholders on June 18, 2009. The annual meeting was the first meeting of stockholders since the Company merged with each of BOE Financial Services of Virginia, Inc. and TransCommunity Financial Corporation in May 2008. A copy of the materials that management presented to the Company’s stockholders at the meeting is publicly available on the “investor information” page of the Company’s internet web site at www.cbtrustcorp.com.

The Company also announced that its stockholders approved all of the proposals that it presented at the annual meeting. These proposals included the approval of an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of common stock from 50,000,000 to 200,000,000 and the approval of the Company’s 2009 Stock Incentive Plan. Other proposals were the election of P. Emerson Hughes, Jr., George M. Longest, Jr., John C. Watkins and Robin T. Williams to serve as directors for terms of three years, the approval of an advisory proposal relating to the Company’s executive compensation and the ratification of the appointment of the firm of Elliott Davis, LLC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2009.

George M. Longest, Jr., the Company’s President and Chief Executive Officer, stated, “We very much appreciate the support from all of our stockholders over the past year. Our industry has seen many challenges in the past 12 months, and we expect the remainder of 2009 to be equally as challenging. We are very proud of our growth during this time and what we have accomplished in a relatively short period of time, and we remain optimistic about our Company and its future.”

The Company also announced that, in June 2009, it successfully converted its Georgia banking operations into the Essex Bank systems platform. In November 2008, Essex Bank acquired certain assets and assumed all deposit liabilities relating to four former branch offices of The Community Bank, a Georgia state-chartered bank, from the Federal Deposit Insurance Corporation, who acted as the receiver for The Community Bank after it was closed by the Georgia Department of Banking and Finance. In connection with this transaction, Essex Bank purchased the former banking premises of The Community Bank and has operated them under the “Essex Bank” name since November 2008. The conversion completes the integration of the Georgia operations into Essex Bank’s operations.

The Company expects to complete the conversion of its Maryland banking operations, which Essex Bank acquired in another FDIC-assisted transaction, in August 2009. Essex Bank has operated the seven former branch offices of Suburban Federal Savings Bank under the “Essex Bank” name since January 2009.

Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements with respect to the Company’s operations, growth strategy and goals. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in the following: general economic and market conditions, either nationally or locally; the interest rate environment; competitive pressures among banks and financial institutions or from companies outside the banking industry; real estate values; the quality or composition of the Company’s loan or investment portfolios; the demand for deposit, loan, and investment products and other financial services; the demand, development and acceptance of new products and services; consumer profiles and spending and savings habits; the securities and credit markets; costs associated with the integration of banking and other internal operations; the soundness of other financial institutions with which the Company does business; inflation; technology; and legislative and regulatory requirements. These factors and additional risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and other reports that the Company files with or furnishes to the Securities and Exchange Commission. This press release speaks only as of its date, and the Company disclaims any duty to update the information in it.

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What's Ahead for U.S. Financial Institutions?

When Barack Obama is sworn in as the 44th U.S. president on January 20, he will inherit a weak economy that has helped to effectively put some Wall Street companies out of business while driving bank failures to the highest level in more than a decade.

From Knowledge@Emory

At the very least, financial institutions can expect increased government scrutiny, according to faculty from Emory University’s Goizueta Business School. The challenge, they add, will be to refrain from strangling the financial system with over-regulation.

The number of failing financial institutions is sobering, and includes the wind-down of Lehman Brothers, Merrill Lynch’s rushed sale to Bank of America, Bear Sterns’ sale to JP Morgan Chase and the failure of 22 banks as of November 21, to 22, according to a running tally kept by the Federal Deposit Insurance Corp. Numbers like that have not been seen since 1993 when 50 banks fell, according to FDIC records.

“In the past few years Wall Street made an incredible amount of money by taking on enormous leverage,” says Jeffrey A. Busse, a professor of finance at Goizueta. “But it is now clear that the risk they took on was not fully understood.”

In the wake of the current financial disaster, there’s likely to be a lot less appetite for the kind of high-leverage merger and acquisition deals that helped pave the way for an eventual credit crunch, adds Busse.

“Along with the pullback in leverage, we’re likely to see stepped-up government regulation of banks and other financial institutions,” he says. “When companies ask for federal bailouts, they’ve got to expect the funds will come with some strings attached.”

Some banks in particular initially benefitted from issuing sub-prime and other exotic loans, but suffered significant losses as the housing market collapsed, Busse notes.

“Even after this crisis subsides, banks are likely to record lower revenue as a result of tighter lending standards,” he says. “Further, this credit crunch may last for some time, and more loan restrictions will likely lead to slower growth in the economy over the long term. That might not be so bad, though. Years of easy-money policies meant that too many people got used to living beyond their means. They didn’t realize that you can’t do that forever.”

Financial markets and institutions are changing in significant ways, observes Tarun Chordia, a chaired professor of finance at Goizueta.

“With the decision by Morgan Stanley and Goldman Sachs to reorganize as bank holding companies, there are essentially no more standalone investment banks,” says Chordia. “That means their proprietary trading desks will not be as active and we’ll see a disappearance, or at least a significant curtailment, of the huge bets on markets that once characterized Wall Street.”

Chordia says banks are likely to face stiffer capital requirements, especially as the government pumps public money into financial institutions.

“Banks are likely to be required to watch their liquidity very carefully, and derivative markets will also face more scrutiny,” he says. “For instance, we are likely to see more transparency in the credit default swap market which is more likely to move towards an exchange market with appropriate constraints on counterparty risk.”

However, he notes, the financial crisis has led to a “suspension of the debate” about the appropriate level of regulation of markets and institutions.

“Risk taking by banks is likely to undergo some significant tightening,” Chordia adds.

”More regulation is coming and maybe some of it is necessary but too much regulation can also be harmful to the economy. It is important to strike the right balance so as not to endanger the innovativeness and the creativity of the U.S. economy. The optimal rate of bank loan defaults is not zero.”

As a society, says Chordia, there is a question of whether there should be tighter constraints on the ability of financial institutions to take on risk. Too much regulation can drive activity to other international markets and harm America’s standing as an international financial center, he observes.

“The economy would have suffered if over-regulation had strangled Silicon Valley,” warns Chordia. “Let us remember that Google, Apple, Cisco and countless other firms were started in the U.S. and the risk taking ability of the financial institutions was an important ingredient in their creation.”

Chordia is somewhat concerned about solving that conundrum. “We need some regulation,” he says. “The trick is to strike the right balance, and I believe that [U.S. Federal Reserve Chairman] Bernanke and [U.S. Treasury Secretary] Paul Paulson seem to understand the situation. However, I am concerned that with one party in control of the executive and legislative branches of the government we might see some excesses. Gridlock may have been better.”

“In the long run, regulators should strengthen the partition between tax-payer underwritten portions of a bank’s operations and other operations,” according to Narasimhan Jegadeesh, a chaired professor of finance at Goizueta. “One set of banking operations, for example customer deposits, have a government guarantee and are subject to strict regulations regarding investments. The other assets of banks are not as highly regulated because they have no government guarantees. The government guaranteed operations of a bank should be solvent on a standalone basis, but in the current environment troubles in the non-banking operations are hurting banks’ ability to support their deposits.”

Today’s financial crisis has been exacerbated by the repeal of the federal Glass-Steagall Act in 1999 [a 1933 regulation that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities], he adds.

“Glass-Steagall was repealed in order to let banks compete better with other financial institutions,” explains Jegadeesh. “The problem is it let banks take more risks, but used taxpayer funds [through the FDIC, for example] to guarantee their continued existence. Government-sponsored entities such as Fannie Mae and Freddie Mac also took on risks far in excess of what could be supported by their capital base because of implicit government guarantees.”

Giving an institution explicit or implicit government guarantees is inherently dangerous because it encourages “moral hazard,” or undue risk-taking, he explains.

Fannie Mae and Freddie Mac, which were created to help increase the availability of residential mortgages, were recently seized by the government over concerns about the sharp increase in failing mortgages. Regulators did not fully understand the extent of risks they were taking until very recently.

Similarly, the Community Reinvestment Act, enacted by Congress in 1977, was intended to facilitate homeownership by the economically weaker section of the Society. CRA encouraged banks to extend credit to residents of local communities who might otherwise not qualify for home loans.

“It was a noble goal, but it effectively forced banks to extend credit to people who could not carry the debt,” says Jegadeesh. “I believe the incoming presidential administration will have no choice but to ease up programs like the CRA, although it will likely do so in a politically proper manner.”

As politicians ponder their approach, they would do well to consider the way their actions are likely to affect market liquidity, says Kevin Crowley, a lecturer of finance at Goizueta.

“They may be tempted to hammer away at hedge funds and other institutions, but over-regulation could drive money to other countries,” he notes. “Something similar happened after Congress passed the Sarbanes-Oxley Act of 2002, which imposed more rules on publicly held companies. Some foreign companies decided not to list on U.S. markets, and there was an increase in the number of public companies who voluntarily delisted as a way to escape the additional reporting costs associated with Sarbanes-Oxley compliance.”

But with a Democratic Congressional majority and a Democrat in the White House, Crowley sees little chance of a retreat in financial regulation.

“Many kinds of players contributed to this financial meltdown,” says Crowley. “But politicians generally find it easier to blame banks, hedge funds and speculators than to admit their own role. The concern now is that the regulatory pendulum may swing too far and possibly choke off a recovery.”


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Citizens Trust Bank Announces Purchase Agreement for a Full Service Branch in Lithonia, Georgia

/PRNewswire-FirstCall/ -- Citizens Trust Bank, the banking subsidiary of Citizens Bancshares Corporation, is pleased to announce the signing of a definitive agreement for its purchase of The Peoples Bank branch in Lithonia, Georgia. The agreement with The Peoples Bank provides for Citizens Trust Bank's purchase of approximately $51.5 million in deposits. Upon consummation of the purchase, which is subject to regulatory approvals, the Lithonia branch will become Citizens Trust Bank's 11th financial center and will be located at 3065 Stone Mountain Street. The acquisition of the branch is expected to be completed in the first half of 2009.

"We are looking forward to expanding our full banking services in the Lithonia market and welcome the opportunity to service the customers, who are currently banking at that location," stated James E. Young, President and CEO of Citizens Trust Bank. "We believe the purchase of this branch will add significantly to our already strong presence in DeKalb County."

Citizens Bancshares Corporation is a holding company that provides a full range of commercial and personal banking services to individual and corporate customers. Citizens Trust Bank, formed in 1921, is committed to enabling their customers and the community to realize dreams of economic empowerment. As a leader in the financial services industry, Citizens Trust Bank operates under a state charter and currently serves Georgia and Alabama with ten financial centers. As of September 30, 2008, Citizens Bancshares Corporation had total consolidated assets of approximately $335 million, net loans of approximately $212 million, total deposits of approximately $287 million, and shareholders' equity of approximately $33 million. For more information on Citizens Trust Bank please visit www.CTBconnect.com.

Sandler O'Neill + Partners L.P. served as financial advisor to Citizens Trust Bank in the acquisition and Hunton & Williams LLP served as legal advisor to Citizens Trust Bank.

Statements concerning future performance, events, expectations for growth and market forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. Specific factors include, but are not limited to, the ability to continue to grow Citizens Trust Bank and the services it provides, the ability to successfully integrate new business lines and expand into new markets, competition in the marketplace and general economic conditions. The information contained in this release should be read in conjunction with the consolidated financial statements and notes included in Citizens Bancshares Corporation's most recent reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission, as they may be amended from time to time. Results of operations for the most recent quarter are not necessarily indicative of operating results for any future periods. Any projections in this release are based on limited information currently available to management, which is subject to change. Although any such projections and the factors influencing them will likely change, the bank will not necessarily update the information, since management will only provide guidance at certain points during the year. Such information speaks only as of the date of this release. Additional information on these and other factors that could affect our financial results are included in filings by Citizens Bancshares Corporation with the Securities and Exchange Commission.

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SunTrust Approved to Sell Remaining Allotment of Preferred Stock Under Treasury Program

/PRNewswire-FirstCall/ -- SunTrust Banks, Inc. (NYSE:STI) said today it has received preliminary approval to sell to the U.S. Treasury the remaining $1.4 billion of preferred securities available to it under Treasury's Capital Purchase Program. As previously announced, SunTrust has already received an initial $3.5 billion under the program. This additional amount brings the combined total to approximately $4.9 billion, or the full 3% of risk weighted assets for which SunTrust was eligible.

"As we now know from the most recent data, the economic situation is decidedly bleaker than was the case when we announced our initial, partial regulatory capital transaction under the Treasury program," said James M. Wells III, SunTrust Chairman and Chief Executive Officer. "Given the increasingly uncertain economic outlook, we have concluded that further augmenting our capital at this point is a prudent step, especially if the current recession proves to be longer and more severe than previously expected."

Mr. Wells added that "at SunTrust, we are acutely aware of the importance to economic stability of responsible lending by banks. This additional capital will enhance our capacity to continue to make good loans to qualified borrowers, work with homeowners, and pursue other opportunities that support economic stability, even as we manage through this difficult industry environment."

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2008, SunTrust had total assets of $174.8 billion and total deposits of $115.9 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com.

Important Cautionary Statement About Forward-Looking Statements

The information in this news release may contain forward-looking statements. Statements that do not describe historical or current facts, including statements about expected capital levels, charge-offs, credit results, and beliefs and expectations, are forward-looking statements. These statements often include the words "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "initiatives," "potentially," "probably," "projects," "outlook" or similar expressions or future conditional verbs such as "may," "will," "should," "would," and "could." Such statements are based upon the current beliefs and expectations of management and on information currently available to management. Such statements speak as of the date hereof, and we do not assume any obligation to update the statements made herein or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Exhibit 99.3 to our Current Reports on Form 8-K filed on October 23, 2008 with the Securities and Exchange Commission and available at the Securities and Exchange Commission's internet site (http://www.sec.gov/). Those factors include: difficult market conditions have adversely affected our industry; current levels of market volatility are unprecedented; the soundness of other financial institutions could adversely affect us; there can be no assurance that recently enacted legislation will stabilize the U.S. financial system; the impact on us of recently enacted legislation, in particular the Emergency Economic Stabilization Act of 2008 and its implementing regulations, and actions by the FDIC, cannot be predicted at this time; credit risk; weakness in the economy and in the real estate market, including specific weakness within our geographic footprint, has adversely affected us and may continue to adversely affect us; weakness in the real estate market, including the secondary residential mortgage loan markets, has adversely affected us and may continue to adversely affect us; as a financial services company, adverse changes in general business or economic conditions could have a material adverse effect on our financial condition and results of operations; changes in market interest rates or capital markets could adversely affect our revenue and expense, the value of assets and obligations, and the availability and cost of capital or liquidity; the fiscal and monetary policies of the federal government and its agencies could have a material adverse effect on our earnings; we may be required to repurchase mortgage loans or indemnify mortgage loan purchasers as a result of breaches of representations and warranties, borrower fraud, or certain borrower defaults, which could harm our liquidity, results of operations and financial condition; clients could pursue alternatives to bank deposits, causing us to lose a relatively inexpensive source of funding; consumers may decide not to use banks to complete their financial transactions, which could affect net income; we have businesses other than banking which subject us to a variety of risks; hurricanes and other natural disasters may adversely affect loan portfolios and operations and increase the cost of doing business; negative public opinion could damage our reputation and adversely impact our business and revenues; we rely on other companies to provide key components of our business infrastructure; we rely on our systems, employees and certain counterparties, and certain failures could materially adversely affect our operations; we depend on the accuracy and completeness of information about clients and counterparties; regulation by federal and state agencies could adversely affect our business, revenue and profit margins; competition in the financial services industry is intense and could result in losing business or reducing margins; future legislation could harm our competitive position; maintaining or increasing market share depends on market acceptance and regulatory approval of new products and services; we may not pay dividends on our common stock; our ability to receive dividends from our subsidiaries accounts for most of our revenue and could affect our liquidity and ability to pay dividends; significant legal actions could subject us to substantial uninsured liabilities; recently declining values of residential real estate may increase our credit losses, which would negatively affect our financial results; deteriorating credit quality, particularly in real estate loans, has adversely impacted us and may continue to adversely impact us; disruptions in our ability to access global capital markets may negatively affect our capital resources and liquidity; any reduction in our credit rating could increase the cost of our funding from the capital markets; we have in the past and may in the future pursue acquisitions, which could affect costs and from which we may not be able to realize anticipated benefits; we depend on the expertise of key personnel; we may not be able to hire or retain additional qualified personnel and recruiting and compensation costs may increase as a result of turnover, both of which may increase costs and reduce profitability and may adversely impact our ability to implement our business strategy; our accounting policies and methods are key to how we report our financial condition and results of operations, and these require us to make estimates about matters that are uncertain; changes in our accounting policies or in accounting standards could materially affect how we report our financial results and condition; our stock price can be volatile; our disclosure controls and procedures may not prevent or detect all errors or acts of fraud; our financial instruments carried at fair value expose us to certain market risks; our revenues derived from our investment securities may be volatile and subject to a variety of risks; we may enter into transactions with off-balance sheet affiliates or our subsidiaries that could result in current or future gains or losses or the possible consolidation of those entities; and we are subject to market risk associated with our asset management and commercial paper conduit businesses.

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Fidelity Southern Corporation to Participate in the U.S. Treasury's Capital Purchase Program

/PRNewswire-FirstCall/ -- Fidelity Southern Corporation (NASDAQ:LION) , parent of Fidelity Bank, announced today that the U.S. Treasury Department has given preliminary approval of its $48.2 million investment in the company and of Fidelity's participation in the Capital Purchase Program.

Fidelity Southern Corporation, through its operating subsidiaries Fidelity Bank and LionMark Insurance Company, provides banking services and credit-related insurance products through 23 branches in Atlanta, Georgia, a branch in Jacksonville, Florida, and an insurance office in Atlanta, Georgia. SBA loans are provided through employees located throughout the Southeast. For additional information about Fidelity's products and services, please visit the website at www.FidelitySouthern.com .

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Community Bankers Trust Corporation Welcomes The Community Bank, Loganville, Georgia

Community Bankers Trust Corporation Welcomes The Community Bank, Loganville, Georgia (now operating as Essex Bank, a division of Bank of Essex) into the Bank of Essex Family


Community Bankers Trust Corporation (the “Company” or “CBTC”) (AMEX:BTC) is pleased to announce that Bank of Essex (BOE), a wholly-owned, Virginia state-chartered banking subsidiary of the Company, has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC), as receiver for The Community Bank, Loganville, Georgia (TCB), providing for the assumption by BOE, effective 6:00 pm Friday, November 21, 2008, off all deposit liabilities and to purchase certain assets of TCB.

BOE is assuming approximately $600 million in deposits, approximately $250 million of which are deemed to be core deposits. BOE has agreed to pay the FDIC a premium of 1.36% on all deposits, excluding all brokered and Internet deposits. Other than loans fully secured by deposit accounts, BOE is not purchasing any loans at this time, but will be providing loan servicing to TCB’s existing loan customers. BOE has sixty days to evaluate and, at its sole option, purchase any of the TCB loans. All deposits have been fully assumed and all insured deposits maintain their current insurance coverage. The existing branches of TCB will open Monday morning as Essex Bank, a division of Bank of Essex. TCB operates four branches in the greater Atlanta, Georgia market, Loganville, Walton County, Georgia; Covington, Newton, County, Georgia; Grayson, Gwinnett County, Georgia; and Snellville, Gwinnett County, Georgia.

George M. Longest, Chief Executive Officer of CBTC and BOE said, ”Since 1926, Bank of Essex has had a proud history of operating as a core community bank, serving its local community though conservative lending and prudent balance sheet management. This year we continued this tradition with the addition of TransCommunity Bank, N.A., which was recently merged into BOE. Today, we stand solid with one of the strongest balance sheets in the industry, with capital levels well above our peers. TCB is a true community bank and has proudly served its community since 1946. It has been the premier community bank in the markets that it serves. We look forward to working with the employees of TCB in building an even stronger community banking team and serving the needs of our combined customers and the local communities in which we operate. We are excited about the opportunities that lay before us in the greater Atlanta market. Monday morning, customers of TCB, as customers of Essex Bank, will find it is business as usual with the same friendly staff and the same desire to provide full personal service and attention to our customers.”

Gary A. Simanson, Vice-Chairman of the Company, commented, “part of our strategic plan, in addition to operating a core community bank, has been to build a franchise through select acquisition opportunities and reach out to attractive markets beyond the Commonwealth of Virginia. We find the addition of TCB to our franchise to be such an opportunity. Not only are we teaming up with a true, long established community bank, in some of the highest growth markets in the Country, we are making a statement that we are open to looking at further opportunities should they arise in this market. We believe that we demonstrated the appropriate pricing discipline in approaching this transaction and anticipate that the transaction will be accretive to earnings within the first full quarter of combined operations. While there are always execution risks in any transaction, we feel that the long operating history of TCB in its local community helps limits these risks. The local culture of TCB is much like that of the Bank of Essex. Additionally, we are not taking on any credit risk in this transaction. These are interesting times in the banking industry and with our strong capital position and experienced banking team we look forward to continuing to build both a highly respected community banking franchise and long-term shareholder value. We appreciate the assistance of our regulators in consummating this transaction and will endeavor to work with them closely to see that the banking needs of the local communities will continue to be well served.”

About Community Bankers Trust Corporation.

CBTC is a well-capitalized, single-bank holding company headquartered in the greater Richmond, Virginia market, with approximately $1.3 billion in assets, $1.1 million in deposits, $500 million in loans, and $150 million in capital. It operates 13 full service banking facilities from Virginia’s Chesapeake Bay to the Shenandoah Valley under the Bank of Essex, Bank of Goochland, Bank of Powhatan, Bank of Louisa and Bank of Rockbridge brand names and four branches in the greater Atlanta, Georgia market under the Essex Bank brand name. Additional information is available on the Company’s website at www.cbtrustcorp.com. The shares of the Company are traded on the American Stock Exchange (AMEX) under the symbol “BTC”.

Forward-Looking Statement:

This release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Facts that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures in the banking industry that may increase significantly; changes in the interest rate environment may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, deterioration in credit quality and/or a reduced demand for credit or other services, changes in the legislative or regulatory environment, including changes in accounting standards, may adversely affect our business; costs or difficulties; related to the integration of the business and the businesses we have acquired may be greater than expected; expected cost savings associated with recently completed acquisitions may not be fully realized or realized within the expected time frame; our competitors may have greater financial resources and develop products that enable them to compete more successfully; changes in business conditions, changes in the securities market and changes in our local economy with regards to our market area. We assume no obligation to update information contained in this release.

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Habersham Bancorp Announces Suspension of Dividend

/PRNewswire-FirstCall/ -- David D. Stovall, President and Chief Executive Officer of Habersham Bancorp (NASDAQ:HABC) reported that the Board of Directors of Habersham Bancorp has voted to suspend regular cash dividends on its common stock for an indefinite period. Concerning the announcement, Mr. Stovall stated, "Given the current uncertainty in the economy, the board of directors and management feel it in the best interest of shareholders to retain our capital at the present time, and be better able to sustain our business through this downturn."

Habersham Bancorp owns Habersham Bank, headquartered in Clarkesville, Georgia, with offices located in Cornelia, Baldwin, Braselton, Cleveland, Canton, Flowery Branch, Hickory Flat, Cumming, Toccoa, Eastanollee and Warrenton, Georgia. Habersham Bancorp also owns Advantage Insurers, Inc., headquartered in Cornelia, Georgia, an insurance subsidiary of Habersham Bank.

The Company's stock is listed on the Nasdaq Global Market under the symbol HABC.

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Colonial BancGroup Announces Status of the U.S. Treasury’s Capital Purchase Program Application

(BUSINESS WIRE)--The Colonial BancGroup, Inc. (NYSE: CNB) is making the following announcement in order to correct what it perceives to be misinformation in the market place. Colonial has, in fact, applied for participation in the TARP Capital Purchase Program. Its application was delivered to the FDIC in a timely manner. While assurances can not be given as to the outcome of the application, Colonial has been given no information that would lead it to doubt that its application is not being processed through the normal channels. At this time, it is not possible to project when we will receive an answer to the application.

Colonial BancGroup operates 344 branches in Florida, Alabama, Georgia, Nevada and Texas with over $26 billion in assets. The Company’s common stock is traded on the New York Stock Exchange under the symbol CNB and is located online at www.colonialbank.com. In some newspapers, the stock is listed as ColBgp.

This release includes “forward-looking statements” within the meaning of the federal securities laws. Words such as “believes,” “estimates,” “plans,” “expects,” “should,” “may,” “might,” “outlook,” “potential” and “anticipates,” the negative of these terms and similar expressions, as they relate to The Colonial BancGroup, Inc. (BancGroup) (including its subsidiaries or its management), are intended to identify forward-looking statements. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. In addition to factors mentioned elsewhere in this release or previously disclosed in BancGroup’s SEC reports (accessible on the SEC’s website at www.sec.gov or on BancGroup’s website at www.colonialbank.com), the following factors, among others, could cause actual results to differ materially from forward-looking statements and future results could differ materially from historical performance. These factors are not exclusive:

* losses to our loan portfolio are greater than estimated or expected;
* an inability to raise additional capital on terms and conditions that are satisfactory;
* the impact of current economic conditions on our ability to borrow additional funds to meet our liquidity needs;
* economic conditions affecting real estate values and transactions in BancGroup’s market and/or general economic conditions, either nationally or regionally, that are less favorable then expected;
* changes in the interest rate environment which expand or reduce margins or adversely affect critical estimates as applied, projected returns on investments, and fair values of assets;
* deposit attrition, customer loss, or revenue loss in the ordinary course of business;
* increases in competitive pressure in the banking industry and from non-banks;
* costs or difficulties related to the integration of the businesses of BancGroup and institutions it acquires are greater than expected;
* the inability of BancGroup to realize elements of its strategic plans for 2008 and beyond;
* natural disasters in BancGroup’s primary market areas which result in prolonged business disruption or materially impair the value of collateral securing loans;
* management’s assumptions and estimates underlying critical accounting policies prove to be inadequate or materially incorrect or are not borne out by subsequent events;
* the impact of recent and future federal and state regulatory changes;
* current and future litigation, regulatory investigations, proceedings or inquiries;
* strategies to manage interest rate risk may yield results other than those anticipated;
* changes which may occur in the regulatory environment;
* a significant rate of inflation (deflation);
* unanticipated litigation or claims;
* acts of terrorism or war; and
* changes in the securities markets.

Many of these factors are beyond BancGroup’s control. The reader is cautioned not to place undue reliance on any forward looking statements made by or on behalf of BancGroup. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. BancGroup does not undertake any obligation to update or revise any forward-looking statements.

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Southeastern Banking Corporation Announces Fourth Quarter 2008 Dividend

PRNewswire-FirstCall/ -- Southeastern Banking Corporation (OTC:SEBC) (BULLETIN BOARD: SEBC) announced today that its Board of Directors approved a 50% reduction in the quarterly dividend from $0.25 per share to $0.125 per share. The reduction reflects management's proactive management of capital through a period of economic uncertainty in the financial industry. The dividend reduction strengthens the Company's overall balance sheet by retaining not only capital but also cash. The announced dividend will be payable December 10 to shareholders of record at the close of business on November 26.

Southeastern Banking Corporation is the parent holding company of Southeastern Bank, headquartered in Darien, Georgia.

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