GAINESVILLE, Ga., May 28, 2004 (PRIMEZONE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB) has been ranked in the top 100 of Georgia's top performing companies, making the state's top 100 list for the fifth consecutive year. According to the Atlanta Journal-Constitution's 11th annual Best of Business Section -- better known as the Georgia 100 -- GB&T ranked 82 and was one of 23 bank holding companies or commercial banks to make the list and the only company headquartered in Gainesville.
To qualify as one of the top performing organizations, companies were ranked by five weighted variables: revenue, return on equity, year-over-year revenue change, change in profit margin and total return on investment (share price change plus reinvested dividends) for fiscal 2003. The figures were compiled and processed by PricewaterhouseCoopers L.L.P.
GB&T ranked 28 in 2004 year-to-date stock price change with an increase of 14.5%.
"Our company enjoyed tremendous growth in 2003 as a result of both organic growth and acquisitions", commented Richard Hunt, GB&T Bancshares President and CEO. "We are fortunate to be located in high-growth areas in Georgia with even higher growth rates projected for the future."
Total assets were $944.2 million at December 31, 2003, an increase of $202.0 million, or 27.2 percent over the previous twelve-month period. Total revenue, defined as net interest income and non-interest income, was $41.4 million for 2003, an increase of 29.0 percent over the $32.1 million reported in 2002.
In August 2003, GB&T completed a merger with Baldwin Bancshares, Inc. parent company of First National Bank of the South in Milledgeville and Lake Oconee. Pending acquisitions include Southern Heritage Bancorp in Hall County and Lumpkin County Bank. The combined assets of Southern Heritage and GB&T's flagship bank, Gainesville Bank & Trust, also located in Hall County, will exceed $500 million and significantly increase GB&T's deposit market share in the county. This will be GB&T's first acquisition within a market where it has existing banking operations.
Chairman Philip Wilheit commented, "We look forward to the addition of these new financial institutions into our community bank network. Their customers will be able to take advantage of an expanded line of products and services, while the company benefits from additional back office support and other economies of scale. Our new headquarters in Gainesville -- scheduled for completion in late 2004 -- will provide an even greater opportunity to expand our support services."
About GB&T Bancshares, Inc.
Based in Gainesville, Georgia, GB&T Bancshares, Inc. is a multi-bank holding company operating five community banks: Gainesville Bank & Trust, United Bank & Trust, Community Trust Bank, HomeTown Bank of Villa Rica and First National Bank of the South. In addition, the Company owns a consumer finance company, Community Loan Company, with eight offices located in Northern Georgia. As of December 31, 2003, GB&T Bancshares had assets of $944.7 million, with 20 branches located in high-growth Georgia markets. GB&T Bancshares' common stock is listed on the Nasdaq National Market under the symbol "GBTB." Please visit our website www.gbt.com for additional information about the company.
Forward-Looking Statements
Any projections, plans, goals, estimates or statements of expectation herein, made on behalf of GB&T Bancshares and/or its affiliate institutions, should be considered forward-looking statements, according to the Private Securities Litigation Reform Act of 1985. They involve risks and uncertainties, and are subject to change by conditions outside the control of GB&T Bancshares, as well as by internal modifications. The conditions and factors influencing such projections and expectations include, but are not limited to: varying interest rates, changes in regulatory requirements, fluctuating loan demand, economic shifts and modifications to accounting procedures.
Contact: Gregory L. Hamby, EVP and CFO, +1-678-450-3369, or ghamby@gbt.com mailto:ghamby@gbt.com , or W. Michael Banks, Senior Vice President, +1-678-450-3480, or mbanks@gbt.com mailto:mbanks@gbt.com , both of GB&T Bancshares, Inc.