EX-99.1
3
savb991.htm
PRESS RELEASE
savb991.htm
FOR
IMMEDIATE RELEASE
Date:
6/25/2010
Contact:
BARBARA
R. THURESON
(912)
629-6622
barbara.thureson@savb.com
THE
SAVANNAH BANCORP ANNOUNCES ACQUISITION OF FIRST NATIONAL BANK'S
DEPOSITS
Savannah,
Georgia, June 25, 2010 --- The Savannah Bancorp (NASDAQ: SAVB) announced today
that its subsidiary, The Savannah Bank, N.A., has entered into a definitive
agreement with the Federal Deposit Insurance Corporation to assume all of the
deposits of First National Bank, Savannah, Georgia, a full-service bank which
had four branch offices, three in Chatham County and one in Bryan County. The
Office of the Comptroller of the Currency closed First National Bank, and the
Federal Deposit Insurance Corporation (FDIC) was named Receiver. As a
result of the acquisition, The Savannah Bank, N.A. will assume all deposits of
the failed institution, approximately $231.9 million as of March 31,
2010.
All
branches of the former First National Bank will reopen on Monday, June 28, 2010
as branches of The Savannah Bank, N.A. Depositors of First National Bank will
automatically become depositors of The Savannah Bank, N.A. and deposits will
continue to be insured by the FDIC under normal guidelines. Customers
should continue to use their existing branch until they receive notice from The
Savannah Bank, N.A. that it has completed systems changes to allow other The
Savannah Bank branches to process their accounts as well.
John
Helmken, President and Chief Executive Officer of The Savannah Bancorp,
commented, "Our Company, through our The Savannah Bank and Bryan Bank &
Trust subsidiaries, has been serving the Savannah and Richmond Hill communities
for over 20 years. We are delighted to welcome the customers of First National
Bank to our family and look forward to serving them in the manner that our
existing customers have enjoyed for years. We are excited about
expanding our relationships in our communities".
"As the
largest community bank in Savannah and with our recent successful capital raise,
we are pleased to be in a position to purchase both insured and uninsured
deposits to ensure that no one in the Savannah community loses any money", added
Holden Hayes, President of The Savannah Bank.
The
Savannah Bancorp, a bank holding company for The Savannah Bank, N.A., Bryan Bank
& Trust and Minis & Company, is headquartered in Savannah, Georgia and
began operations in 1990. Its primary businesses include loan,
deposit, trust, asset management, and mortgage origination services provided to
local customers. The Savannah Bank, N.A. has six offices in Chatham County and
two offices in Beaufort County, South Carolina. Bryan Bank & Trust operates
two offices in Richmond Hill.
Forward
Looking Statements
This
press release contains statements that constitute "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities Exchange Act
of 1934 as amended by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, among others, statements identified by
words or phrases such as "potential", "opportunity", "believe", "expect,"
"anticipate", "current", "intention", "estimate", "assume", "outlook,"
"continue", "seek", "plans", "achieve", and similar expressions, or future or
conditional verbs such as "will", "would", "should", "could", "may" or similar
expressions. These statements are based on the current beliefs and expectations
of our management and are subject to significant risks and uncertainties. There
can be no assurance that these transactions will occur or that the expected
benefits associated therewith will be achieved. A number of important factors
could cause actual results to differ materially from those contemplated by our
forward-looking statements in this press release. Many of these factors are
beyond our ability to control or predict. These factors include, but are not
limited to, those found in our filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K. We believe these forward-looking
statements are reasonable; however, undue reliance should not be placed on any
forward-looking statements, which are based on current expectations. We do not
assume any obligation to update any forward-looking statements as a result of
new information, future developments or otherwise.
CONTACT: The
Savannah Bancorp
John
C. Helmken II, President and CEO
912-629-6486
Michael
W. Harden, Jr., Chief Financial Officer
912-629-6496

EX - 99 . 1 3 savb991 . htm PRESS RELEASE savb991 . htm FOR IMMEDIATE RELEASE Date : 6 / 25 / 2010 Contact : BARBARA R . THURESON ( 912 ) 629 - 6622 barbara.thureson@savb.com THE SAVANNAH BANCORP ANNOUNCES ACQUISITION OF FIRST NATIONAL BANK 'S DEPOSITS Savannah , Georgia , June 25 , 2010 --- The Savannah Bancorp ( NASDAQ : SAVB ) announced today that its subsidiary , The Savannah Bank , N . A . , has entered into a definitive agreement with the Federal Deposit Insurance Corporation to assume all of the deposits of First National Bank , Savannah , Georgia , a full - service bank which had four branch offices , three in Chatham County and one in Bryan County . The Office of the Comptroller of the Currency closed First National Bank , and the Federal Deposit Insurance Corporation ( FDIC ) was named Receiver . As a result of the acquisition , The Savannah Bank , N . A . will assume all deposits of the failed institution , approximately $ 231.9 million as of March 31 , 2010 . All branches of the former First National Bank will reopen on Monday , June 28 , 2010 as branches of The Savannah Bank , N . A . Depositors of First National Bank will automatically become depositors of The Savannah Bank , N . A . and deposits will continue to be insured by the FDIC under normal guidelines . Customers should continue to use their existing branch until they receive notice from The Savannah Bank , N . A . that it has completed systems changes to allow other The Savannah Bank branches to process their accounts as well . John Helmken , President and Chief Executive Officer of The Savannah Bancorp , commented , " Our Company , through our The Savannah Bank and Bryan Bank & Trust subsidiaries , has been serving the Savannah and Richmond Hill communities for over 20 years . We are delighted to welcome the customers of First National Bank to our family and look forward to serving them in the manner that our existing customers have enjoyed for years . We are excited about expanding our relationships in our communities " . " As the largest community bank in Savannah and with our recent successful capital raise , we are pleased to be in a position to purchase both insured and uninsured deposits to ensure that no one in the Savannah community loses any money " , added Holden Hayes , President of The Savannah Bank . The Savannah Bancorp , a bank holding company for The Savannah Bank , N . A . , Bryan Bank & Trust and Minis & Company , is headquartered in Savannah , Georgia and began operations in 1990 . Its primary businesses include loan , deposit , trust , asset management , and mortgage origination services provided to local customers . The Savannah Bank , N . A . has six offices in Chatham County and two offices in Beaufort County , South Carolina . Bryan Bank & Trust operates two offices in Richmond Hill . Forward Looking Statements This press release contains statements that constitute " forward - looking statements " within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995 . These forward - looking statements include , among others , statements identified by words or phrases such as " potential " , " opportunity " , " believe " , " expect , " " anticipate " , " current " , " intention " , " estimate " , " assume " , " outlook , " " continue " , " seek " , " plans " , " achieve " , and similar expressions , or future or conditional verbs such as " will " , " would " , " should " , " could " , " may " or similar expressions . These statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties . There can be no assurance that these transactions will occur or that the expected benefits associated therewith will be achieved . A number of important factors could cause actual results to differ materially from those contemplated by our forward - looking statements in this press release . Many of these factors are beyond our ability to control or predict . These factors include , but are not limited to , those found in our filings with the Securities and Exchange Commission , including our Annual Report on Form 10 - K , Quarterly Reports on Form 10 - Q and Current Reports on Form 8 - K . We believe these forward - looking statements are reasonable ; however , undue reliance should not be placed on any forward - looking statements , which are based on current expectations . We do not assume any obligation to update any forward - looking statements as a result of new information , future developments or otherwise . CONTACT : The Savannah Bancorp John C . Helmken II , President and CEO 912 - 629 - 6486 Michael W . Harden , Jr . , Chief Financial Officer 912 - 629 - 6496