Bank of North Georgia Assumes Deposits of American Southern Bank in Kennesaw, Georgia

(BUSINESS WIRE)--Bank of North Georgia, an affiliate of Columbus, Georgia-based Synovus, announced yesterday that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $55.6 million in total deposits, including all uninsured deposits, of American Southern Bank in Kennesaw, Georgia.

“We appreciate the FDIC selecting our Atlanta affiliate, Bank of North Georgia, to serve the customers of American Southern Bank,” said Richard Anthony, Synovus Chairman and CEO. “We are confident in Bank of North Georgia's ability to meet the needs of American Southern's customers, and offer them an easy transition into a solid banking organization that is backed by Synovus' strong capital position.”

The one office of American Southern Bank will reopen on Monday, April 27, 2009 as a branch of Bank of North Georgia. Depositors of American Southern Bank will automatically become depositors of Bank of North Georgia. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Bank of North Georgia can fully integrate the deposit records of American Southern Bank.

Over the weekend, depositors of American Southern Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

“Bank of North Georgia’s team has a long history of serving customers throughout Cobb County and Metro Atlanta. Although it is disappointing to see a bank in our region fail, we appreciate the opportunity to work with and support the FDIC by assuming both the insured and uninsured deposits of American Southern Bank,” said Kessel Stelling, President and CEO of Bank of North Georgia. “A dedicated team of Bank of North Georgia and FDIC professionals will be working throughout this weekend to prepare the branch to open as ‘business as usual’ on Monday morning. This team will be ready to greet each customer and alleviate any questions or concerns that may arise. We look forward to welcoming American Southern Bank’s customers to Bank of North Georgia and Synovus.”

Bank of North Georgia, headquartered in Alpharetta, Georgia, has assets of $5.8 billion and has 46 offices conveniently located in 17 counties throughout metro Atlanta (five offices in Cobb County). The bank is ranked 5th in deposit market share in Atlanta.

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
Follow us on Twitter: @GAFrontPage

Synovus Selected to Participate in U.S. Treasury Capital Purchase Program

(BUSINESS WIRE)--Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company announced today it has received preliminary approval from the U.S. Treasury for the sale of approximately $973 million in preferred stock and related warrants to Treasury under the Capital Purchase Program. The final approval is subject to satisfaction of certain conditions, including approval by Synovus’ shareholders of amendments to the company’s articles of incorporation and bylaws to allow Synovus to issue preferred stock, as well as the execution of definitive agreements.

The Capital Purchase Program, part of the U.S. Treasury Troubled Asset Relief Program (TARP), is designed to encourage U.S. financial institutions to build capital and increase the flow of financing to U.S. businesses and consumers. Treasury has set aside $250 billion dollars to invest in the country’s strongest financial institutions.

Synovus expects to use the proceeds from the Capital Purchase Program to further strengthen the company’s capital base, enhance lending capabilities and position Synovus banks to capitalize on competitive growth opportunities in local markets.

“Through participation in this program, we have the opportunity to gain valuable capital to invest in continued growth and economic recovery in each of the communities we serve,” said Richard Anthony, Chairman and CEO of Synovus. “We are especially focused on opportunities to carefully expand our lending efforts to consumers and businesses as we all work through these challenging economic times.”

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

Synovus Invests in FDIC Liquidity Guarantee Program

(BUSINESS WIRE)--Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, will participate in the Federal Deposit Insurance Corporation’s (FDIC) Temporary Liquidity Guarantee Program beyond the initial 30-day program offered by all banks in conjunction with the FDIC. This FDIC program allows Synovus to offer 100% deposit protection for non-interest bearing deposit transaction accounts regardless of dollar amount at FDIC-insured institutions. Non-interest bearing deposit transaction accounts are usually payment-processing accounts, such as payroll accounts used by businesses, which frequently exceed the current maximum limit of $250,000. The Liquidity Guarantee Program can be voluntarily offered by banks to customers through the end of 2009. There is no cost to customers to receive the additional FDIC insurance.

“The benefit for our customers is that there is no limit on FDIC insurance coverage for their deposits in these types of accounts at any Synovus bank,” said Richard Anthony, Chairman and CEO of Synovus. “We understand the desire customers have during this difficult economic climate to be guaranteed they will always have access to their money.”

Additionally, Synovus’ Shared CD and Money Market accounts offer customers the unique opportunity to access up to $8 million in FDIC insurance by spreading deposits across its 32 separately-chartered banks.

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

The Conference Board U.S. Leading Economic Index Edges Up Slightly

PRNewswire/ -- The Conference Board reports today that the Composite Index of Leading Economic Indicators edged up 0.3 percent in September, following a 0.9 percent decline in August, and a 0.7 percent decline in July.

Says Ken Goldstein, Labor Economist at The Conference Board: "This summer, before the financial market turmoil intensified, the overall economy was entering a period of decline. The extreme volatility in the financial market, and the near freeze-up of credit, will no doubt weaken the economy further. But latest data suggest that conditions in the non-financial economy are not falling apart. Data on hand reflect a contracting economy, but not one in free fall. More likely, what's going on in the financial market is a stretching of the recovery process - which could take a full year to develop."

The Conference Board reports that the Coincident Index fell by 0.5 percent in September, following no change in August, and a 0.2 percent decrease in July. The Lagging Index fell by 0.2 percent in September, following a 0.2 percent rise in August.

-- The leading index increased in September, the first increase in the
last five months. Real money supply, consumer expectations, the
interest rate spread, and the index of supplier deliveries all made
large positive contributions to the index in September, more than
offsetting the negative contributions from building permits, stock
prices, initial claims for unemployment insurance (inverted) and the
average workweek in manufacturing. From March to September, the
leading index decreased 1.3 percent (a -2.5 percent annual rate),
declining modestly slower than the 1.7 percent decrease (a -3.4
percent annual rate) that prevailed in the previous six months.
However, the weaknesses among the leading indicators have remained
widespread over the past six months.

-- The coincident index decreased sharply in September and it has
declined or held steady since October 2007. Industrial production fell
steeply this month, while employment continued to decline. The
six-month decline in the coincident index has picked up to 0.8 percent
(a -1.7 percent annual rate), from a decrease of 0.3 percent (a -0.6
percent annual rate) in the previous six months, while the weaknesses
among the coincident indicators remained very widespread. In
September, the coincident index decreased more than the lagging index,
and the coincident-to-lagging ratio continued to decline as a result.

-- With consistently widespread weakness among its components, the
leading index has been falling since July 2007. Following the leading
index, the coincident index, a monthly measure of current economic
conditions, has also been decreasing, and its rate of decline has
accelerated in recent months. Meanwhile, real GDP growth slowed to a
1.8 percent average annual rate in the first half of the year, down
from an average annual rate of 2.3 percent in the second half of 2007.
Taken together, the behavior of the composite indexes suggests that
the economy is unlikely to improve in the near term.


LEADING INDICATORS

Six of the ten indicators that make up the leading index increased in September. The positive contributors - beginning with the largest positive contributor - were real money supply*, index of consumer expectations, interest rate spread, index of supplier deliveries (vendor performance), manufacturers' new orders for nondefense capital goods*, and manufacturers' new orders for consumer goods and materials*. The negative contributors - beginning with the largest negative contributor - were building permits, average weekly initial claims for unemployment insurance (inverted), stock prices, and average weekly manufacturing hours.

The leading index now stands at 100.6 (2004=100). Based on revised data, this index decreased 0.9 percent in August and decreased 0.7 percent in July. During the six-month span through September, the leading index decreased 1.3 percent, with two out of ten components advancing (diffusion index, six-month span equals 20 percent).

COINCIDENT INDICATORS

Two of the four indicators that make up the coincident index increased in September. The positive contributors to the index - beginning with the larger positive contributor - were personal income less transfer payments* and manufacturing and trade sales*. The negative contributors were industrial production and employees on nonagricultural payrolls.

The coincident index now stands at 106 (2004=100). This index remained unchanged in August and decreased 0.2 percent in July. During the six-month period through September, the coincident index decreased 0.8 percent, with one out of four components advancing (diffusion index, six-month span equals 25 percent).

LAGGING INDICATORS

The lagging index stands at 112.2 (2004=100) in September, with two of the seven components advancing. The positive contributors to the index - beginning with the larger positive contributor - were commercial and industrial loans outstanding* and the ratio of manufacturing and trade inventories to sales*. The negative contributors - beginning with the largest negative contributor - were average duration of unemployment (inverted), change in CPI for services, and change in labor cost per unit of output*. The average prime rate charged by banks, and ratio of consumer installment credit to personal income* held steady in September. Based on revised data, the lagging index increased 0.2 percent in August and increased 0.5 percent in July.

DATA AVAILABILITY AND NOTES

The data series used by The Conference Board to compute the three composite indexes and reported in the tables in this release are those available "as of" 12 Noon on October 17, 2008. Some series are estimated as noted below.

* Series in the leading index that are based on The Conference Board estimates are manufacturers' new orders for consumer goods and materials, manufacturers' new orders for nondefense capital goods, and the personal consumption expenditure used to deflate the money supply. Series in the coincident index that are based on The Conference Board estimates are personal income less transfer payments and manufacturing and trade sales. Series in the lagging index that are based on The Conference Board estimates are inventories to sales ratio, consumer installment credit to income ratio, change in labor cost per unit of output, the consumer price index, and the personal consumption expenditure used to deflate commercial and industrial loans outstanding.

The procedure used to estimate the current month's personal consumption expenditure deflator (used in the calculation of real money supply and commercial and industrial loans outstanding) now incorporates the current month's consumer price index when it is available before the release of the U.S. Leading Economic Indicators.

-----
www.georgiafrontpage.com
Georgia Front Page
www.fayettefrontpage.com
Fayette Front Page

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

Aflac To Take Early Delivery of Shares from Repurchase Agreement

PRNewswire-FirstCall/ -- Aflac Incorporated announced today that it will take early delivery of 10.7 million common shares that were acquired through a previously announced repurchase agreement. The company will also receive $141.8 million of unused funds. This will bring the total number of shares Aflac has repurchased in 2008 to 23.2 million.

Commenting on the announcement, Chairman and Chief Executive Officer Daniel P. Amos stated: "Given the uncertainties in the marketplace, we felt it was best to take early delivery of the shares and terminate the agreement at this time. However, we still believe that repurchasing our shares is the best use of excess capital, and we will continue to purchase our shares in a way that is consistent with our financial objectives. At the same time, we continue to believe we are well-positioned to achieve our objectives for earnings-per-share growth for this year and next. Our goal for 2008 is a 14% to 15% increase in operating earnings per share, excluding the impact of foreign currency. Our objective for 2009 is to increase operating earnings per share 13% to 15%, excluding the impact of foreign currency."

For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. Aflac is the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan. Our insurance products provide protection to more than 40 million people worldwide. Aflac has been included in Fortune magazine's list of America's Most Admired Companies for seven years and in Fortune magazine's list of the 100 Best Companies to Work For in America for ten consecutive years. Aflac has been recognized three times by both Fortune magazine's list of the Top 50 Employers for Minorities and Working Mother magazine's list of the 100 Best Companies for Working Mothers and has also been included in Ethisphere magazine's list of the World's Most Ethical Companies for two consecutive years. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. We desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by company officials in communications with the financial community and contained in documents filed with the Securities and Exchange Commission (SEC).

Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks, and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "may," "should," "estimate," "intends," "projects," "will," "assumes," "potential," "target" or similar words as well as specific projections of future results, generally qualify as forward-looking. Aflac undertakes no obligation to update such forward-looking statements. We caution readers that the following factors, in addition to other factors mentioned from time to time could cause actual results to differ materially from those contemplated by the forward- looking statements: legislative and regulatory developments, including changes to health care and health insurance delivery; assessments for insurance company insolvencies; competitive conditions in the United States and Japan; new product development and customer response to new products and new marketing initiatives; ability to attract and retain qualified sales associates and employees; ability to repatriate profits from Japan; changes in U.S. and/or Japanese tax laws or accounting requirements; credit and other risks associated with Aflac's investment activities; significant changes in investment yield rates; fluctuations in foreign currency exchange rates; deviations in actual experience from pricing and reserving assumptions including, but not limited to, morbidity, mortality, persistency, expenses and investment yields; level and outcome of litigation; downgrades in the company's credit rating; changes in rating agency policies or practices; subsidiary's ability to pay dividends to the parent company; ineffectiveness of hedging strategies; catastrophic events; and general economic conditions in the United States and Japan, including increased uncertainty in the U.S. and international financial markets.

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

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.

-----

www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

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

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.

----
www.georgiafrontpage.com
Georgia Front Page
www.fayettefrontpage.com
Fayette Front Page

News to Use in Fayette, Coweta, Columbus, Atlanta and all of Georgia