Atlantic Southern Financial Group Announces Acquisition of Sapelo Bancshares
18 Dezembro 2006 - 8:23PM
PR Newswire (US)
MACON, Ga., Dec. 18 /PRNewswire-FirstCall/ -- Macon-based Atlantic
Southern Financial Group, Inc. (OTC:ASFN) (BULLETIN BOARD: ASFN)
announced today the completion of its acquisition of Sapelo
Bancshares, Inc. Sapelo National Bank merged into Atlantic Southern
Bank. The acquisition of Sapelo National Bank gives Atlantic
Southern access to the fast growing coastal communities surrounding
Darien, Brunswick and St. Simons Island. Atlantic Southern now has
10 banking offices in Bibb, Houston, Chatham, Effingham, McIntosh
and Glynn Counties. Atlantic Southern has total assets of
approximately $630 million, and expects the transaction to be
accretive to earnings per share in 2007. Under the terms of the
merger agreement, Sapelo Bancshares shareholders can elect to
receive $63.00 in cash, 2.10 shares of Atlantic Southern common
stock or a combination of both, for each share of Sapelo Bancshares
common stock. However, the aggregate merger consideration is fixed
at approximately 60 percent stock and 40 percent cash. Mark
Stevens, President and CEO of Atlantic Southern Financial Group,
says "We are delighted to welcome the Sapelo employees into our
organization. We view Coastal Georgia as a great opportunity to
continue our expansion as we build a statewide presence. Sapelo has
a good history and was founded on the same principles as Atlantic
Southern." About Atlantic Southern Financial Group, Inc. and
Atlantic Southern Bank With headquarters in Macon, Georgia,
Atlantic Southern Financial Group, Inc. operates four 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, Carol Soto, Executive Vice President and CFO, both of Atlantic
Southern Financial Group, +1-478-757-8181 Web site:
http://www.atlanticsouthernbank.com/
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