News

January 28, 2009

Congaree State Bank President Resigns

It was announced that Hank Ray has resigned his position as president and CEO of Congaree State Bank, which has two locations in the Cayce and West Columbia areas. Ray announced his resignation to the Board of Directors on Wednesday, January, 21 2009.

“We thank Hank for his service to the company and we wish him the best in his future endeavors”, comments Danny Scott, Chairman of the Board for Congaree State Bank.

The Board of Directors has appointed Charlie T. Lovering to serve as the company’s interim Chief Executive Officer while the company commences an immediate search for Mr. Ray’s successor.

Despite a challenging economy, Congaree State Bank continues to grow and perform. “Congaree State Bank has experienced steady and consistent growth,” comments Scott. “We have been extremely diligent in making sure that we have a good quality loan portfolio with quality credits.We are also continuing to grow with deposits and are consistently reviewing our product-offering portfolio.” The Bank’s total assets as of September 30, 2008 were $131,460,722.

At the core of Congaree State Bank’s success is its sense of community and the long-term relationships it has built with so many of the customers and businesses throughout its market. The Bank will continue to strengthen these relationships as it develops and introduces new products throughout the year. The philosophy of superior customer service will continue to be the driving force throughout this challenging environment.

Congaree State Bank offers checking and savings accounts, home equity line of credit services, loan and mortgage services and business banking. The West Metro Chamber of Commerce named the Bank 2008 Business of the Year. For more information on Congaree State Bank, visit congareestatebank.com.

Certain statements in this news release contain“forward-looking statements”within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our Company or any person that the future events, plans, or expectations contemplated by our Company will be achieved.We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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