SAVANNAH, Ga., Nov. 21, 2006 (PRIMEZONE) -- Today, the Board of Directors of The Savannah Bancorp, Inc. (Nasdaq:SAVB) declared 5-for-4 stock split in the form of a 25-percent stock dividend. The stock dividend will be distributed on December 15, 2006 to shareholders of record as of December 1, 2006. Fractional share amounts will be paid in cash based on the closing market price on the record date.
The Savannah Bancorp, Inc. is listed on the NASDAQ Global Market under the stock symbol SAVB and CUSIP No. 804748101. As of November 21, 2006, there were 4.62 million shares outstanding and the closing market price was $34.00 per share. Approximately 1,154,000 new shares will be distributed to existing shareholders.
The Savannah Bancorp, Inc. (SAVB), a bank holding company for The Savannah Bank, N.A., Bryan Bank & Trust (Richmond Hill, Georgia) and Harbourside Community Bank, FSB (Hilton Head Island, SC), is headquartered in Savannah, Georgia. SAVB began operations in 1990. Its primary businesses include deposit, credit, trust and mortgage origination services provided to local customers.
Additional information on the Company may be accessed on the corporate website at www.savb.com.