February 05, 2013



Cayce, South Carolina (February 5, 2013) - Congaree Bancshares, Inc., the bankholding company for Cayce-based Congaree State Bank, reports the best earningsin the Company’s six-year history.

The Company recorded unaudited net income, after-tax benefit, of $1,016,983,which was a 37% increase over the 2011 net income, after-tax benefit of$741,007.  Earnings per share based on net income available to all commonshareholders improved to $0.57 compared to $0.30 per share for 2011.

Tangible Common shareholder equity continues to strengthen from $8,909,026, or$5.05 per share for fiscal year-end 2011, to $10,183,395, or $5.77 per sharefor fiscal year-end 2012.  

As previously disclosed, Congaree Bancshares, Inc. successfully exited the U.S. Treasury’s Capital Purchase Program during the fourth quarter.  TheCompany’s regulators allowed the Company to bid on its 3.4 million outstandingpreferred shares in an auction in October and the Company was successful inacquiring approximately one-third of the preferred shares. 

“Our performance in 2012 shows our continued commitment to increase shareholdervalue,” said Charles A. Kirby, president and CEO of Congaree Bancshares, Inc.and Congaree State Bank.  “Our focus remains on offering quality productswith personalized service, while supporting our local community.”


Certain statements in this news release contain "forward-lookingstatements" within the meaning of the Private Securities Litigation ReformAct of 1995, such as statements relating to future plans and expectations, andare thus prospective.  Such forward-looking statements include butare not limited to statements with respect to our plans, objectives,expectations and intentions and other statements that are not historical facts,and other statements identified by words such as “believes,” “expects,”“anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” aswell as similar expressions.  Such statements are subject to risks,uncertainties, and other factors which could cause actual results to differmaterially from future results expressed or implied by such forward-lookingstatements.  Although we believe that the assumptions underlying theforward-looking statements are reasonable, any of the assumptions could proveto be inaccurate. Therefore, we can give no assurance that the resultscontemplated in the forward-looking statements will be realized.  Theinclusion of this forward-looking information should not be construed as a representationby our company or any person that the future events, plans, or expectationscontemplated by our company will be achieved.

The following factors, among others, could cause actual results to differmaterially from the anticipated results or other expectations expressed in theforward-looking statements: (1) competitive pressures among depository andother financial institutions may increase significantly and have an effect onpricing, spending, third-party relationships and revenues; (2) the strength ofthe United States economy in general and the strength of the local economies inwhich we conduct operations may be different than expected resulting in, amongother things, a deterioration in the credit quality or a reduced demand forcredit, including the resultant effect on the company’s loan portfolio andallowance for loan losses; (3) the rate of delinquencies and amounts ofcharge-offs, the level of allowance for loan loss, the rates of loan growth, oradverse changes in asset quality in our loan portfolio, which may result inincreased credit risk-related losses and expenses; (4) the risk that thepreliminary financial information reported herein and our current preliminaryanalysis will be different when our review is finalized; (5) changes in theU.S. legal and regulatory framework; and (6) adverse conditions in the stockmarket, the public debt market and other capital markets (including changes ininterest rate conditions) could have a negative impact on thecompany.  Additional factors that could cause our results to differmaterially from those described in the forward-looking statements can be foundin our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form10-Q and Current Reports on Form 8-K) filed with the SEC and available at theSEC’s Internet site (  All subsequent written andoral forward-looking statements concerning the company or any person acting onits behalf is expressly qualified in its entirety by the cautionary statementsabove.  We do not undertake any obligation to update any forward-lookingstatement to reflect circumstances or events that occur after the date theforward-looking statements are made.


Julie Coyle, Director of Marketing
Congaree State Bank
803.794.2265 x122

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