Atlantic Southern Financial Group Completes Acquisition of First Community Bank
01 Février 2007 - 10:34PM
PR Newswire (US)
MACON, Ga., Feb. 1 /PRNewswire-FirstCall/ -- Macon-based Atlantic
Southern Financial Group, Inc. (OTC:ASFN) (BULLETIN BOARD: ASFN)
announced today the completion of its acquisition of First
Community Bank of Georgia. First Community Bank merged into
Atlantic Southern Bank. The acquisition of First Community Bank
adds three locations to Atlantic Southern's Central Georgia region.
Atlantic Southern now has 13 banking offices in Bibb, Houston,
Crawford, Peach, Chatham, Effingham, McIntosh and Glynn Counties.
Atlantic Southern has total assets of approximately $750 million,
and expects the transaction to be accretive to earnings per share
in 2007. Under the terms of the merger agreement, First Community
Bank shareholders will receive .742555 share of Atlantic Southern
common stock for each share of First Community Bank common stock.
Each FCB shareholder is entitled to receive approximately 100% of
their merger consideration in the form of Atlantic Southern common
stock. Mark Stevens, President and CEO of Atlantic Southern
Financial Group, says "We are delighted to welcome the First
Community employees into our organization. We are excited about
adding three banking centers to better serve our Central Georgia
customer base". About Atlantic Southern Financial Group, Inc. and
Atlantic Southern Bank With headquarters in Macon, Georgia,
Atlantic Southern Financial Group, Inc. operates seven banking
locations in the middle Georgia markets of Macon and Warner Robins
and six locations in the coastal Georgia markets of Savannah,
Darien, Brunswick and St. Simons Island, Georgia. The company
specializes in commercial real estate and small business lending.
Safe Harbor This news release contains forward-looking statements,
as defined by Federal Securities Laws, including statements about
financial outlook and business environment. These statements are
provided to assist in the understanding of a future financial
performance and such performance involves risks and uncertainties
that may cause actual results to differ materially from those in
such statements. Any such statements are based on current
expectations and involve a number of risks and uncertainties. For a
discussion of factors that may cause such forward-looking
statements to differ materially from actual results, please refer
to the section entitled "Forward- Looking Statements" in Atlantic
Southern Financial Group, Inc.'s annual report filed on Form 10-K
with the Securities and Exchange Commission. DATASOURCE: Atlantic
Southern Financial Group, Inc. CONTACT: Mark Stevens, President and
CEO, or Carol Soto, Executive Vice President and CFO,
+1-478-757-8181, both of Atlantic Southern Financial Group Web
site: http://www.atlanticsouthernbank.com/
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