The Bank of New York Mellon Chosen to Assist the U.S. Department of the Treasury

PRNewswire-FirstCall/ -- The Bank of New York Mellon today (October 14, 2008) confirmed that it has been selected by the U.S. Department of the Treasury to provide a broad range of services to support the government's Troubled Asset Relief Program authorized under the Emergency Economic Stabilization Act.

Treasury has hired the company to provide the accounting of record for the portfolio, hold all cash and assets in the portfolio, provide for pricing and asset valuation services and assist with other related services. The Bank of New York Mellon will serve as auction manager and conduct reverse auctions for the troubled assets.

The company's support will be administered through its securities servicing businesses. The company is the largest U.S. institution providing auction services and is currently responsible for transactions that represent about one-third of the market. In addition, the company offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.

"Our market leadership and experience have given us a keen understanding of the challenges facing the U.S. Treasury in these extraordinary times," said Robert P. Kelly, chairman and chief executive officer of The Bank of New York Mellon. "We will immediately deploy our resources and expertise, joining the team of public and private organizations that are working hard to earn the trust of the American taxpayers and to address the ongoing economic challenges."

The Bank of New York Mellon has a long history of partnering with the U.S. government to drive the development of the markets. Its founder, Alexander Hamilton, was the first Secretary of the Treasury. The company made the first-ever loan to the U.S. government and provided financing for the construction of the Erie Canal. Another key company leader, Andrew Mellon, served as Secretary of the Treasury during three presidential administrations.

Today, The Bank of New York Mellon is the global leader in securities servicing and asset management with $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt. The company operates in 34 countries serving more than 100 markets and is a leading provider of financial services for institutions, corporations and high net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. The company also has extensive experience servicing all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities and international debt offerings. Additional information is available at bnymellon.com.

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Southern Community Bank Agrees to Regulatory Order; Announces Injection of $2 Million in Capital

PRNewswire-FirstCall/ -- Southern Community Bancshares, Inc. (OTC:SNCB) (BULLETIN BOARD: SNCB) announced October 10th that its bank subsidiary, Southern Community Bank (the "Bank"), has agreed to the entry of a "cease & desist" order (the "Order") with the Federal Deposit Insurance Corporation ("FDIC") and the Georgia Department of Banking and Finance ("DBF"). The Order, which was entered into without admitting or denying any fault and without the imposition of any fines or penalties, is a formal action by the FDIC and the DBF that directs the Bank to take corrective measures in a number of areas. It does not in any way restrict the Bank from transacting business. The Bank may continue to serve its customers in all areas including making loans, establishing lines of credit, accepting deposits and processing banking transactions. All customer deposits remain fully insured to the highest limits set by the FDIC.

The Order stems from a regulatory exam conducted by the FDIC based on the Bank's condition as of December 31, 2007. Since the time of the exam the Bank has undertaken a number of initiatives designed to address the weaknesses identified during the exam. Most notably, the Bank increased its Tier 1 capital by $2 million on September 25, 2008. This capital was injected from the Bank's holding company, which on the same day sold 500,000 shares of its common stock to a group of directors at a per share price of $4.00, representing a 2.5% premium to the reported closing price of the holding company's common stock on that day. The shares were sold in a private placement transaction that was exempt from the registration requirements of the Securities Act of 1933 by virtue of Section 4(2) or the Act and Rule 506 promulgated thereunder. Other measures that have been initiated by the Bank include:

-- Hiring David R. Coxon, a veteran banking executive with over 30 years experience in the industry, to serve as the Bank's President and CEO;

-- Appointing a special assets committee comprised of independent Board members charged with the responsibility of monitoring and disposing of the Bank's other real estate;

-- Strengthening the Bank's lending activities with particular emphasis on direct and indirect borrowing concentrations and monitoring individual lender/borrower relationships;

-- Engaging an outside regulatory consultant to assist the Bank in connection with the development of a strategic plan and with the Bank's overall compliance with the Order;

-- Developing a liquidity and funds management plan to address anticipated funding needs;

-- Developing a comprehensive policy for managing potential loan loss liability and enhancing the Bank's loan loss reserve;

-- Increasing internal controls over loan portfolio review; and

-- Establishing a communications policy and procedure for reporting progress in all areas to the FDIC and DBF.

The Bank has already begun to act upon many of the items addressed by the Order and will continue to work toward full compliance with the Order.

"It is unfortunate that both internal and external circumstances have led to this Order" Chairman Thomas D. Reese explained. "However, our board is firmly committed to complying with all aspects of the Order and returning the Bank to a well-performing financial institution." Reese stressed that the internal changes will not affect the Bank's relationship with its customers. "Southern Community Bank will continue to serve our community and offer our customers the financial services necessary to achieve their goals" he said.

About Southern Community Bancshares, Inc.

Southern Community Bancshares, Inc. is the holding company for Southern Community Bank, headquartered in Fayetteville, Georgia. The Bank began operations on June 2, 2000. In addition to its main office, the Bank has full-service branches in Fayetteville, Peachtree City, Locust Grove and Newnan as well as locations within Kroger grocery stores in Newnan and Jonesboro. The primary investor contact at Southern Community Bancshares, Inc. is Mr. David R. Coxon, Chief Executive Officer.

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Federal Reserve Board Approves Wells Fargo’s Application to Merge with Wachovia Corporation

(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) said today that the Board of Governors of the Federal Reserve has approved its application to merge with Wachovia Corporation (NYSE: WB) including all its subsidiaries, and the share exchange agreement previously entered into between Wachovia and Wells Fargo.

The approval is an important step forward in the transaction, which still requires the approval of Wachovia shareholders. The merger is on schedule to be completed by the end of this year.

Wells Fargo & Company is a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements about Wells Fargo and Wachovia and the proposed transaction between the companies. There are several factors – many beyond Wells Fargo’s control – that could cause actual results to differ significantly from expectations described in the forward-looking statements. Among these factors are the receipt of necessary regulatory approvals and the approval of Wachovia shareholders. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

For a discussion of factors that may cause actual results to differ from expectations, refer to each company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, and Annual Report on Form 10-K for the year ended December 31, 2007, including information incorporated into each company’s 10-K from their respective 2007 annual reports, filed with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.

MORE INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT

The proposed merger will be submitted to Wachovia Corporation shareholders for their consideration. Wells Fargo will file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement of Wachovia Corporation that also constitutes a prospectus of Wells Fargo. Wachovia Corporation will mail the proxy statement-prospectus to its shareholders. Wachovia shareholders and other investors are urged to read the final proxy statement-prospectus when it becomes available because it will describe the proposed merger and contain other important information. You may obtain copies of all documents filed with the SEC regarding the proposed merger, free of charge, at the SEC’s website (www.sec.gov). You may also obtain free copies of these documents by contacting Wells Fargo or Wachovia, as follows:

Wells Fargo & Company, Attention Corporate Secretary, MAC N9305-173, Sixth and Marquette, Minneapolis, Minnesota 55479, (612) 667-0087.

Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, (704) 374-6782

Wells Fargo and Wachovia and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Wachovia Corporation shareholders in connection with the proposed merger. Information about Wells Fargo’s directors and executive officers and their ownership of Wells Fargo common stock is contained in the definitive proxy statement for Wells Fargo’s 2008 annual meeting of stockholders, as filed by Wells Fargo with the SEC on Schedule 14A on March 17, 2008. Information about Wachovia’s directors and executive officers and their ownership of Wachovia common stock is contained in the definitive proxy statement for Wachovia’s 2008 annual meeting of shareholders, as filed by Wachovia with the SEC on Schedule 14A on March 10, 2008. You may obtain a free copy of these documents by contacting Wells Fargo or Wachovia at the contact information provided above. The proxy statement-prospectus for the proposed merger will provide more information about participants in the solicitation of proxies from Wachovia Corporation shareholders.

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FDIC and Clayton State University Address How Consumers Can Protect Themselves Financially

The FDIC (Federal Deposit Insurance Corporation) and Clayton State University will provide a seminar of how Georgians can protect their savings in today’s tumultuous economic environment through FDIC insurance. The free, two-hour program is sponsored by Heritage Bank and will include a question-and-answer session.

WHO
Penny King, Community Affairs Specialist, FDIC
Dr. Nikki Finlay, Professor of Economics, Clayton State University

WHEN
7:00pm to 9:00pm
Wednesday, October 15th

WHERE
Fayette Campus
Clayton State University
1200 Commerce Dr., Suite 210
Peachtree City, GA


Space will be limited. Please RSVP to Barbara Stevens at 770-515-7001.

The seminar is sponsored by Heritage Bank, a FDIC member and a state chartered commercial bank that has served metro Atlanta’s Southern Crescent since 1955.

Isakson Urges Treasury, Federal Reserve to Enforce Stronger Accountability on AIG

U.S. Senator Johnny Isakson, R-Ga., today sent a letter to Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to convey his disgust at the behavior of the American International Group and demand stronger accountability in light of the government’s loan to the company.

The text of the letter is below:

I write to convey my absolute disgust toward the American International Group Inc. for spending nearly $440,000 on a lavish retreat just days after the federal government provided $85 billion in taxpayer dollars to shore up the company.

This financial crisis has cost people their jobs and put small businesses at risk. It has ransacked individual retirement accounts and frozen the credit available for businesses, home purchases and car purchases. The people affected by our current financial situation are suffering and do not deserve to watch their hard earned taxpayer dollars spent on spa treatments and golf outings for AIG employees. AIG should return the public’s money used for this retreat – every penny of it.

In addition, the recent announcement of the Federal Reserve exchanging up to $37.8 billion in securities from AIG in return for cash collateral also concerns me. It is hard to feel sympathetic for a company that exercises such poor judgment. Please ensure that the Treasury Department uses its full enforcement powers to prevent any misuse of taxpayer funds.

To make matters worse, the company is scheduled to hold another retreat in the coming weeks. This is unacceptable and I urge the Treasury to enforce stronger accountability and impose stricter limits on compensation and perks.

Thank you for your consideration of my request.
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“Today’s Economy and FDIC Insurance” Seminar at Clayton State University -- Fayette

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

Heritage Bank has arranged for Dr. Nikki Finlay and Dr. Reza Kheirandish, professors of Economics from Clayton State, to present their views on the status of today’s economy. Penny King and Thomas Stokes, experts in the Atlanta FDIC office, will present valuable information on the importance of FDIC insurance. Time will be provided to answer questions. The seminar is free of charge and will be conducted in Fayette County on Wednesday, Oct. 15 from 7 p.m. to 9 p.m. at Clayton State University -- Fayette, 1200 Commerce Dr., Ste. 210, Peachtree City. Please RSVP to Barbara Stevens @ Heritage Bank (770) 515-7001.

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

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

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

Pinnacle Grows Market Share and Total Deposits Faster Than Larger Regional Bank Competitors in Nashville and Knoxville

(BUSINESS WIRE)--Pinnacle Financial Partners Inc. (Nasdaq/NGS: PNFP) has grown market share and total deposits faster than its larger regional bank competitors, according to the Federal Deposit Insurance Corporation (FDIC) report for June 30, 2007, through June 30, 2008.

Pinnacle continues to be the fastest-growing financial institution in the Nashville-Davidson-Murfreesboro-Franklin MSA for the most recent period, as well as the eight-year period since the firm's inception. Pinnacle was also the fastest-growing bank in the Knoxville MSA following its recent de novo start in that market.

Pinnacle’s acquisition of PrimeTrust Bank and Bank of the South helped the firm gain nearly four points in market share in Nashville. Pinnacle grew market share to 9.56% in 2008, overtaking First Tennessee as the fourth-largest financial institution in the MSA. Pinnacle's market share for 2007 was 5.80% prior to its acquisition of Prime Trust and Bank of the South in late 2007.

Of the top four institutions, Pinnacle was the only bank with a gain in market share. The three largest banks collectively lost in excess of 3% in market share. Regions Bank held its No. 1 position with 18.7% market share, down from 19.9% last year. Bank of America remained the second-largest with its market share decreasing from 14.7% in 2007 to 13.7% this year. SunTrust maintained its position as the third largest, decreasing from 14.1% market share last year to 12.9% this year.

Pinnacle grew its local deposits in Nashville by $333 million year-over-year, while local deposits of its three larger regional bank competitors decreased. Regions fell from $6.1 billion to $5.8 billion. Bank of America was $4.3 billion, down from $4.5 billion. SunTrust’s local deposits dropped from $4.3 billion to $4.1 billion.

“Our gains in market share and deposits are a testament to our strategy of hiring the best financial services professionals in the market,” said M. Terry Turner, Pinnacle president and CEO. “High caliber associates attract great clients, which pays off in more difficult economic environments. Our strategy enables us to continue growing at a rapid rate while maintaining excellent credit quality.”

Many community banks among the 59 financial institutions in the Nashville-Davidson-Murfreesboro-Franklin MSA gained market share, continuing the trend of smaller competitors gaining market share and deposits from larger regional and national banks.

In the Knoxville MSA, Pinnacle grew its deposits by approximately $116 million over the prior year, giving the firm 1.07% market share up 1.03 during the year. This makes Pinnacle the fastest-growing bank in the MSA, climbing 20 positions to the 14th largest market share in Knoxville.

"We are extremely encouraged by our rapid rate of growth and the fact that all but one of the banks in front of us are losing market share," said Nathan Hunter, Pinnacle Knoxville president. "It confirms our belief that the Knoxville market has a strong desire for the kind of service and advice that Pinnacle offers.”

Pinnacle maintained the top spot in the Rutherford County data with 29.81% market share and is the second-largest financial institution in Wilson County with 17.30% market share.

Pinnacle Financial Partners provides a full range of banking, investment, mortgage and insurance products and services designed for small- to mid-sized businesses and their owners, real estate professionals and individuals interested in a comprehensive relationship with their financial institution. Pinnacle’s comprehensive wealth management services, such as financial planning and trust, help clients increase, protect and distribute their assets. The firm also has a well-established expertise in commercial real estate.

Pinnacle is Tennessee’s second-largest bank holding company with $4.11 billion in assets and 31 offices in eight Middle Tennessee counties. Pinnacle also entered the Knoxville, Tenn., market, where the firm operates one banking office and a loan production office. The firm is the fastest growing of the 186 national banks chartered in 2000 and in 2007 was the only bank on Fortune magazine’s annual list of America’s 100 Fastest-Growing Companies. For more information, visit www.pnfp.com.

(a) 3% due to acquisition of Mid-America Bancshares, Inc. combined with 0.8% organic growth

Certain of the statements in this release may 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 "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties and other facts that may cause the actual results, performance or achievements of Pinnacle to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, without limitation, (i) unanticipated deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses, (ii) the inability of Pinnacle to continue to grow its loan portfolio at historic rates in the Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, (iii) increased competition with other financial institutions, (iv) lack of sustained growth in the economy in the Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, (v) rapid fluctuations or unanticipated changes in interest rates, (vi) the inability of Pinnacle to satisfy regulatory requirements for its expansion plans, (vii) the inability of Pinnacle to execute its expansion plans and (viii) changes in state and Federal legislation or regulations applicable to financial services providers, including banks. Additionally, risk factors exist in connection with Pinnacle’s merger with Mid-America including, among others, the risk that the cost savings and any revenue synergies from the merger may not be realized or take longer than anticipated. Many of such factors are beyond Pinnacle's ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. Pinnacle disclaims any obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

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