GAINESVILLE, Ga., June 20, 2007 (PRIME NEWSWIRE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company operating seven community banks in fast-growing markets surrounding metropolitan Atlanta, Georgia, today announced that the Company's Board of Directors has authorized the repurchase of up to $10,000,000 of the Company's outstanding common stock, no par value per share ("Common Stock"). The purchases will be made in the open market or in privately negotiated transactions at prevailing prices. Based on the $16.39 closing price of the Common Stock on June 19, 2007, this amount would represent approximately 4.3% of the Company's outstanding Common Stock. The timing and volume of purchases under the program will depend on market conditions. The purchases will be accomplished in accordance with the volume and timing guidelines of Rule 10b-18 of the Exchange Act applicable to the Company and Rule 10b5-1 of the Exchange Act.
In light of the Company's current stock price level, the Board and management believe that the repurchase of shares by the Company represents effective capital management. The Board's decision to authorize the repurchase confirms its confidence in the Company's future potential.
About GB&T Bancshares, Inc.
Based in Gainesville, Georgia, GB&T Bancshares, Inc. is a multi-bank holding company operating seven community banks: Gainesville Bank & Trust, United Bank & Trust, Community Trust Bank, HomeTown Bank of Villa Rica, First National Bank of the South, First National Bank of Gwinnett, and Mountain State Bank. As of March 31, 2007, GB&T Bancshares had total assets of $1.9 billion, with 32 banking offices located in 14 Georgia counties. GB&T Bancshares' common stock is listed on the Nasdaq Global Select Market under the symbol "GBTB." Visit the Company's web site at: http://www.gbtbancshares.com for additional information.
Forward-Looking Statements
Some of the statements in this press release, including, without limitation, statements regarding projected growth and profitability, perceived improvement in efficiencies and in internal controls, loan loss reserves, loan portfolio, net interest margin, revenue growth and other statements regarding our future results of operations are "forward-looking statements" within the meaning of the federal securities laws. In addition, when we use words like "anticipate", "believe", "intend", "expect", "estimate", "could", "should", "plan", "will", and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our current beliefs and assumptions. Factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) changes in the interest rate environment may reduce margins or the volumes or values of loans held or made by us; (3) general economic conditions may be less favorable than expected (both generally and in our markets), resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (4) economic, governmental or other factors may prevent the projected population and commercial growth in the counties in which we operate; (5) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which we are engaged; (6) costs or difficulties related to the integration of our businesses may be greater than expected; (7) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than we can; (8) adverse changes may occur in the equity markets; and other risks and factors identified in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2006. Many of these factors are beyond our ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements contained in this release.