EX-99.1
7
v080327_ex99-1.htm
Exhibit
99.1
PRESS
RELEASE
Contact:
Charity
Aaron
Marketing
Manager, WGNB
770-214-7208
caaron@wgnb.com
WGNB
Corp. Completes Acquisition of First Haralson
Corporation
CARROLLTON,
Ga., July 6, 2007- H. B. "Rocky" Lipham, President and Chief Executive Officer
of WGNB Corp. (NASDAQ: WGNB), the holding company for West Georgia National
Bank
announced the completion of the acquisition of First Haralson Corporation and
its wholly owned subsidiary, First National Bank of Georgia. In connection
with
the merger, WGNB Corp. issued approximately $16.3 million in cash and 1,055,149
shares of common stock to First Haralson shareholders. Based on the closing
price of WGNB Corp. common stock on June 29, 2007, the total value of the
consideration paid by the Company to First Haralson shareholders in the merger
was approximately $45.1 million. The combination of WGNB Corp. and First
Haralson Corporation creates a top 10, independent Georgia community banking
franchise.
The
merger adds five offices in Haralson County and one office in Carroll County,
bringing the total number of bank locations to fifteen throughout Carroll,
Haralson and Douglas Counties.
"This
partnership allows for our continued expansion along the I-20 corridor and
complements our planned growth in the Coweta County market", said Lipham. "Our
combined resources will create added convenience and opportunities for our
customers, shareholders and employees".
"We
are
excited about joining the WGNB family", said Randall "Randy" F. Eaves, President
and Chief Executive Officer of First National Bank of Georgia. "The combined
strength and values of both banks will continue to serve our communities as
they
expand and grow".
Mary
M.
Covington, Executive Vice President of First National Bank of Georgia, added
"The union of our strong, experienced organizations will enable us to continue
building our community spirit and remain a strong contender in a very
competitive market".
H.
B.
"Rocky" Lipham has retained the title of Chief Executive Officer of WGNB Corp.
and the resulting bank. Randall "Randy" F. Eaves, First National Bank of
Georgia's President and CEO, has been named President of WGNB Corp. and the
combined bank. Mary M. Covington, First Haralson's President and CEO, has been
named Executive Vice President of WGNB Corp. and the resulting bank. WGNB
Corp.'s board of directors now consists of 11 directors, eight from WGNB Corp.'s
board prior to the merger and three from the prior First Haralson Corporation
board. Randy Eaves, Mary Covington and Don C. Rhodes (also a former First
Haralson Corporation director and the Chairman of First National Bank of
Georgia) each represent First Haralson Corporation's former shareholders on the
combined company's board. W. Thomas Green, Jr. is continuing to serve as WGNB
Corp.'s Chairman while Ms. Covington (who is the chairman - elect of the
Community Bankers Association of Georgia) is serving as its Vice Chairperson.
All prior First National Bank of Georgia bank board members have now joined
the
current West Georgia National Bank board members on the new combined bank board.
About
WGNB Corp.
WGNB
Corp. stock is traded on the NASDAQ Capital Market under the symbol WGNB. West
Georgia National Bank, which changed its name to First National Bank of Georgia,
has fifteen full service locations in Bowdon, Bremen, Buchanan, Carrollton,
Douglasville, Tallapoosa, Temple and Villa Rica. Post merger total assets are
approximately $850,000,000. For more information about the Company,
visit www.wgnb.com.
Interested
parties may contact Steven J. Haack, Chief Financial Officer, via email at
shaack@wgnb.com,
by
phone at 770-832-3557, or at WGNB Corp., P.O. Box 280, Carrollton, Georgia
30112.
Except
for historical information contained in this press release, the matters
discussed consist of forward-looking information under the Private Securities
Litigation Reform Act of 1995. The accuracy of the forward-looking information
is necessarily subject to and involves risk and uncertainties, which could
cause
actual results to differ materially from forward-looking information. These
risk
and uncertainties include but are not limited to, general economic conditions,
competition and other factors, included in filings with the Securities and
Exchange Commission.

EX - 99 . 1 7 v080327 _ ex99 - 1 . htm Exhibit 99 . 1 PRESS RELEASE Contact : Charity Aaron Marketing Manager , WGNB 770 - 214 - 7208 caaron@wgnb.com WGNB Corp . Completes Acquisition of First Haralson Corporation CARROLLTON , Ga . , July 6 , 2007 - H . B . " Rocky " Lipham , President and Chief Executive Officer of WGNB Corp . ( NASDAQ : WGNB ) , the holding company for West Georgia National Bank announced the completion of the acquisition of First Haralson Corporation and its wholly owned subsidiary , First National Bank of Georgia . In connection with the merger , WGNB Corp . issued approximately $ 16.3 million in cash and 1,055,149 shares of common stock to First Haralson shareholders . Based on the closing price of WGNB Corp . common stock on June 29 , 2007 , the total value of the consideration paid by the Company to First Haralson shareholders in the merger was approximately $ 45.1 million . The combination of WGNB Corp . and First Haralson Corporation creates a top 10 , independent Georgia community banking franchise . The merger adds five offices in Haralson County and one office in Carroll County , bringing the total number of bank locations to fifteen throughout Carroll , Haralson and Douglas Counties . " This partnership allows for our continued expansion along the I - 20 corridor and complements our planned growth in the Coweta County market " , said Lipham . " Our combined resources will create added convenience and opportunities for our customers , shareholders and employees " . " We are excited about joining the WGNB family " , said Randall " Randy " F . Eaves , President and Chief Executive Officer of First National Bank of Georgia . " The combined strength and values of both banks will continue to serve our communities as they expand and grow " . Mary M . Covington , Executive Vice President of First National Bank of Georgia , added " The union of our strong , experienced organizations will enable us to continue building our community spirit and remain a strong contender in a very competitive market " . H . B . " Rocky " Lipham has retained the title of Chief Executive Officer of WGNB Corp . and the resulting bank . Randall " Randy " F . Eaves , First National Bank of Georgia 's President and CEO , has been named President of WGNB Corp . and the combined bank . Mary M. Covington , First Haralson 's President and CEO , has been named Executive Vice President of WGNB Corp . and the resulting bank . WGNB Corp . 's board of directors now consists of 11 directors , eight from WGNB Corp . 's board prior to the merger and three from the prior First Haralson Corporation board . Randy Eaves , Mary Covington and Don C . Rhodes ( also a former First Haralson Corporation director and the Chairman of First National Bank of Georgia ) each represent First Haralson Corporation 's former shareholders on the combined company 's board . W . Thomas Green , Jr . is continuing to serve as WGNB Corp . 's Chairman while Ms . Covington ( who is the chairman - elect of the Community Bankers Association of Georgia ) is serving as its Vice Chairperson . All prior First National Bank of Georgia bank board members have now joined the current West Georgia National Bank board members on the new combined bank board . About WGNB Corp . WGNB Corp . stock is traded on the NASDAQ Capital Market under the symbol WGNB . West Georgia National Bank , which changed its name to First National Bank of Georgia , has fifteen full service locations in Bowdon , Bremen , Buchanan , Carrollton , Douglasville , Tallapoosa , Temple and Villa Rica . Post merger total assets are approximately $ 850,000,000 . For more information about the Company , visit www.wgnb.com . Interested parties may contact Steven J . Haack , Chief Financial Officer , via email at shaack@wgnb.com , by phone at 770 - 832 - 3557 , or at WGNB Corp . , P.O. Box 280 , Carrollton , Georgia 30112 . Except for historical information contained in this press release , the matters discussed consist of forward - looking information under the Private Securities Litigation Reform Act of 1995 . The accuracy of the forward - looking information is necessarily subject to and involves risk and uncertainties , which could cause actual results to differ materially from forward - looking information . These risk and uncertainties include but are not limited to , general economic conditions , competition and other factors , included in filings with the Securities and Exchange Commission .