Citizens Trust Bank Recognized Among Atlanta Journal-Constitution's Top 100

PRNewswire-FirstCall/ -- Citizens Bancshares Corporation (BULLETIN BOARD: CZBS) , the holding company of Citizens Trust Bank, has ranked within The Atlanta Journal-Constitution's top 100 Georgia based public companies in 2008. In this very challenging and uncertain financial market it is difficult for many banks to maintain, let alone prosper. Citizens Trust Bank (CTB) wasn't just able to make the list which includes several Fortune 500 Companies, but has moved up in the ranking since last year making this the second consecutive year that CTB's efforts have been recognized.

This is the 15th year that the AJC has published the Georgia 100 Best of Business list, celebrating the accomplishments of Georgia companies based on several categories including revenue, total return on investment, annual profit change, return on equity, and annual revenue change. The data was compiled by PricewaterhouseCoopers LLP who assembled the data from the respective companies' annual reports filed through the SEC. "Out of the hundreds of publicly owned companies within the state of Georgia, it is truly an honor and a privilege to be a part of Georgia's top 100 and to have received this prestigious award," says CTB President and CEO James Young.

In the selection process, each company is ranked in each of the five different categories and the total is calculated to determine the final score, with a lower score placing the company in a higher ranking. The compiled list describes where the Georgia companies are traded, through the NYSE, NASDAQ, AMEX, and unlisted stocks that are traded on the OTCBB.

For the complete listing of all companies and rankings, you can go to www.ajc.com.

TSYS Signs Multi-Year Agreement with Globalcard of Mexico

BUSINESS WIRE --TSYS announced today that it has signed a payments processing agreement with Globalcard for the launch of its consumer card portfolio. Under terms of the agreement, TSYS will provide account processing services, risk management, portfolio management and reporting tools to Globalcard, a Mexican-based credit card company.

“TSYS has been a major player in the Mexican card market for more than 15 years, and we chose its team for their vast knowledge of our credit card industry,” said Juan Garay, general director of Globalcard. “As we seek to expand our offerings to include better technology and greater service, partnering with a knowledgeable, strategic partner such as TSYS is critical to our long-term success.”

“Our agreement with Globalcard demonstrates our continued commitment to the Mexican credit card market,” said M. Troy Woods, president and chief operating officer of TSYS. “This partnership also stands as an example of the solid international growth our company is achieving as we continue to expand our global presence.”

Financial terms of the agreement were not disclosed.

Mortgage Applications, Refi’s Increase in Latest MBA Weekly Survey

RISMEDIA --The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 6. The Market Composite Index, a measure of mortgage loan application volume, was 557.1, an increase of 10.9% on a seasonally adjusted basis from 502.3 one week earlier. On an unadjusted basis, the Index increased 23% compared with the previous week and was down 16.5% compared with the same week one year earlier.

The Refinance Index increased 8.4% to 1622.1 from 1496.1 the previous week and the seasonally adjusted Purchase Index increased 12.8% to 376.2 from 333.6 one week earlier. The Conventional Purchase Index increased 11% while the Government Purchase Index (largely FHA) increased 17%.

The four week moving average for the seasonally adjusted Market Index is down 2.8% to 568.6 from 597.9. The four week moving average is up 1.7% to 353.8 from 354.3 for the Purchase Index, while this average is down 8% to 1835.6 from 2035.6 for the Refinance Index.

The refinance share of mortgage activity decreased to 39.8% of total applications from 40.6% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 10.3 from 8.7% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.24% from 6.17%, with points increasing to 1.12 from 1.06 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.78% from 5.7%, with points increasing to 1.12 from 1.06 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs increased to 6.87% from 6.8%, with points decreasing to 1.42 from 1.44 (including the origination fee) for 80% LTV loans.

For more information, visit www.mortgagebankers.org.

State of Georgia's Revenue Collecctions for May 2008 Cause Concerns

State of Georgia's Revenue Collections for May 2008 Cause Concerns: Governor Should Appoint Commission to Study Revenue Structure

The latest Georgia revenue figures released by the Department of Revenue show that revenues have declined by 0.1 percent through the first 11 months of the fiscal year. The Governor's FY 2008 revenue estimate is based on revenue growth of 2.7 percent. If revenue growth remains flat in June, the FY 2008 Georgia budget will be facing a $500 to $600 million shortfall.

"Because of the Governor's wise fiscal management over the past four years, the state has healthy reserve funds. These reserves put the Governor in a position to manage the economically driven revenue shortfalls without cutting vital government services," said Alan Essig, the executive director of the Georgia Budget and Policy Institute. The Revenue Shortfall Reserve (RSR) contains over $1.5 billion. If revenues remain sluggish throughout FY 2009, it is expected that almost all of the $1.5 billion of reserve funds would be needed to cover budget shortfalls.

"The continued revenue slowdown highlights the fiscal irresponsibility of those legislative leaders who proposed significant tax cuts this past legislative session. Along with this slowdown, there are continued needs, such as trauma care, full education funding, the mental health system, and health insurance for children who are eligible but not enrolled in Medicaid and PeachCare. In light of legislators wasting time with politically motivated tax cut rhetoric, the Governor should take the responsible action of establishing a blue ribbon commission to study the revenue and budget realities of Georgia," Essig concluded.

Synovus Plans to Combine National Bank of Walton County with AFB&T

BUSINESS WIRE--Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, today announced plans to combine the assets of two Synovus banks: National Bank of Walton County (NBWC), based in Monroe, Georgia with Athens First Bank and Trust (AFB&T), headquartered in Athens, Georgia. Synovus expects to complete the transfer of assets later this year, pending regulatory approval. The combined assets will be managed under the name of AFB&T.

“Since these two banks operate in the same geographic area, sometimes overlapping in their service to customers, it is a natural fit to combine their resources under one name,” said Fred L. Green III, President and COO of Synovus. “Bringing together the teams at each bank will leverage Synovus’ presence in this market and offer customers increased access to bank offices and continued use of the diversified products and services they enjoy today.”

J. William “Bill” Douglas will continue in his role as President and CEO of the expanded AFB&T. Benjamin E. “Ben” Garrett, current President and CEO of NBWC, will transition into an executive leadership role with AFB&T. Once the transfer of assets is complete, AFB&T will have a total asset size of $1.6 billion with 19 locations and 323 team members with a full range of products and services.

“Customers of NBWC will now be doing business with AFB&T but will still enjoy the same local relationships with the expert bankers they know and trust, plus access to more locations, capital and products,” Garrett said.

Fraudulent Refund Notification Purportedly From The IC3

Consumers need to be aware of e-mail schemes containing various versions of fraudulent refund notifications purportedly from the IC3 and the government of the United Kingdom. The e-mails claim the refunds are being made to compensate the recipients for their losses as victims of Internet fraud.

The perpetrators of this fraud use the names of people not associated with the IC3 but give them titles in an attempt to make the e-mails appear official. The perpetrators use the IC3's logo and the former name of the IC3, the Internet Fraud Complaint Center (IFCC), as well as the names of the Bank of England and the Metropolitan Police in the e-mails.

The e-mails promise refunds of thousands of dollars which are to be sent via bank wire transfer from the "bank of England" once the victim signs a "fund release order." The e-mails contain warnings that failure to sign the order will place the funds on hold and a penalty will be applied.

As with most spam, the content contains elements which are evidence of fraud such as: multiple spelling errors, poor grammar, agency names, signatures of officials and titles to appear authentic, and a warning for failure to comply. In some of the e-mails, the names of the officials do not match the signatures.

Consumers always need to be alert when they receive an unsolicited e-mail. Remember: do not open unsolicited e-mail or click on any links embedded in the e-mail, as they may contain a virus or malware.

If you have received an e-mail similar to this, please file a complaint at www.IC3.gov.

Chris Dardaman, CPA, CFP®, CIMA®, PFS Receives HONORS Award from FPA Georgia

The Financial Planning Association of Georgia has awarded Chris Dardaman with its HONORS Award at the association’s Regional Conference.

The HONORS award is given to people who have made a significant contribution to the Financial Planning profession while exhibiting high ethical standards, placing their clients' interests first and having a positive impact on both clients and professional colleagues.

“The Financial Planning Association of Georgia developed the HONORS Award to recognize financial planning professionals who act as role models to us all,” said Dave Polstra, a founding partner of Brightworth. “Chris works tirelessly to better the lives of the people around him, particularly his clients and peers in the financial services industry. We are extremely proud of his accomplishment.”

The Financial Planning Association of Georgia has nearly 800 members located throughout Georgia who specialize in the many aspects of financial planning, including investment planning, estate planning, retirement plans, and education funding.