Georgia-Carolina Bancshares, Inc. Announces Continued Growth & Profitability

Apr 20, 2001, 01:00 ET from Georgia-Carolina Bancshares, Inc.

    AUGUSTA, Ga., April 20 /PRNewswire Interactive News Release/ --
 Georgia-Carolina Bancshares, Inc. (OTC Bulletin Board:   GECR), the parent
 company of First Bank of Georgia, announced today significant growth in assets
 of the Company and a number of accomplishments of the Company for the quarter
 ending March 31, 2001.
     According to Patrick G. Blanchard, President & CEO of the Company, "total
 assets grew from $68,173,000 as of March 31, 2000 to $156,608,000 as of March
 31, 2001.  This growth in total assets of approximately $88,435,000 represents
 a 129% increase over March 31, 2000."
     Blanchard further added that, "total assets of the Company at March 31,
 2001 represented an increase of $40,099,000 from total assets at December 31,
 2000."
     "We are also pleased to report that our Company posted a consolidated net
 income of $54,000 for the first quarter ending March 31, 2001 compared to a
 net loss of $(35,000) for the quarter ending March 31, 2000.  This net income
 for the first quarter of 2001 represents a 254% increase over net income for
 the first quarter of 2000," continued Blanchard.
     The Daniel Village Office of First Bank, at 2805 Wrightsboro Road,
 Augusta, Georgia, which was established in March 1999, posted total deposits
 and repurchase agreements of $35,288,000 as of March 31, 2001.
     The West Town Office of First Bank, at 3820 Washington Road, Martinez,
 Georgia achieved a record level of deposits and repurchase agreements that
 totaled $18,768,000 as of March 31, 2001.
     The new Medical Center Office of First Bank, at 1580 Walton Way, Augusta,
 Georgia was officially opened on January 22, 2001.  Total deposits at the
 Medical Center Office as of March 31, 2001 were $4,206,000.
     The Thomason-McDuffie County Offices of First Bank continue to serve a
 growing number of First Bank customers throughout that important market.
     According to Blanchard, First Bank of Georgia, which offers mortgage and
 construction lending services under the trade name of First Bank Mortgage,
 also reached new levels of mortgage closings, which exceeded $49 million
 during the month of March 2001.
     During the month of December 2000, the Company and the Bank announced the
 expansion of mortgage and construction lending activities in the
 Savannah/Chatham County and Rincon/Effingham County, Georgia markets.  In
 January 2001, First Bank Mortgage opened a new office in Jacksonville,
 Florida.
     Through this expansion, the Board of First Bank of Georgia elected Brenda
 Harden as Vice President and Office Manager of First Bank Mortgage in
 Savannah.
     The Bank Board has also elected Ann Waller as Assistant Vice President of
 the Warner Robins Office of First Bank Mortgage and Sharon Godbee as Assistant
 Vice President in the Savannah Office of First Bank Mortgage.
     During February 2001, the Bank Board further elected David Stelbrink as
 Vice President and Office Manager of the new First Bank Mortgage Office in
 Jacksonville, Florida.
     In March 2001, David Mordecai also was elected Vice President of the
 Jacksonville First Bank Mortgage Office.
     Prior to the Company's December 2000 year end, the Company and the Bank
 announced the planning of the new Furys Ferry Office which will be constructed
 at 375 Furys Ferry Road, Martinez, Georgia, during the year 2001.
     Certain statements contained in this Press Release are "forward-looking"
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995, such as statements relating to future business development
 activities, and are thus prospective.  Such forward-looking statements are
 subject to risks, uncertainties and other factors that could cause actual
 results to differ materially from future results, expressed or implied by such
 forward-looking statements.  Potential risks and uncertainties include, but
 are not limited to: economic conditions, competition and other uncertainties
 detailed from time to time in the Company's Securities and Exchange Commission
 filings.
     For additional information, please contact Mr. Patrick G. Blanchard,
 President & CEO at 706-736-2100.
 
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SOURCE Georgia-Carolina Bancshares, Inc.
    AUGUSTA, Ga., April 20 /PRNewswire Interactive News Release/ --
 Georgia-Carolina Bancshares, Inc. (OTC Bulletin Board:   GECR), the parent
 company of First Bank of Georgia, announced today significant growth in assets
 of the Company and a number of accomplishments of the Company for the quarter
 ending March 31, 2001.
     According to Patrick G. Blanchard, President & CEO of the Company, "total
 assets grew from $68,173,000 as of March 31, 2000 to $156,608,000 as of March
 31, 2001.  This growth in total assets of approximately $88,435,000 represents
 a 129% increase over March 31, 2000."
     Blanchard further added that, "total assets of the Company at March 31,
 2001 represented an increase of $40,099,000 from total assets at December 31,
 2000."
     "We are also pleased to report that our Company posted a consolidated net
 income of $54,000 for the first quarter ending March 31, 2001 compared to a
 net loss of $(35,000) for the quarter ending March 31, 2000.  This net income
 for the first quarter of 2001 represents a 254% increase over net income for
 the first quarter of 2000," continued Blanchard.
     The Daniel Village Office of First Bank, at 2805 Wrightsboro Road,
 Augusta, Georgia, which was established in March 1999, posted total deposits
 and repurchase agreements of $35,288,000 as of March 31, 2001.
     The West Town Office of First Bank, at 3820 Washington Road, Martinez,
 Georgia achieved a record level of deposits and repurchase agreements that
 totaled $18,768,000 as of March 31, 2001.
     The new Medical Center Office of First Bank, at 1580 Walton Way, Augusta,
 Georgia was officially opened on January 22, 2001.  Total deposits at the
 Medical Center Office as of March 31, 2001 were $4,206,000.
     The Thomason-McDuffie County Offices of First Bank continue to serve a
 growing number of First Bank customers throughout that important market.
     According to Blanchard, First Bank of Georgia, which offers mortgage and
 construction lending services under the trade name of First Bank Mortgage,
 also reached new levels of mortgage closings, which exceeded $49 million
 during the month of March 2001.
     During the month of December 2000, the Company and the Bank announced the
 expansion of mortgage and construction lending activities in the
 Savannah/Chatham County and Rincon/Effingham County, Georgia markets.  In
 January 2001, First Bank Mortgage opened a new office in Jacksonville,
 Florida.
     Through this expansion, the Board of First Bank of Georgia elected Brenda
 Harden as Vice President and Office Manager of First Bank Mortgage in
 Savannah.
     The Bank Board has also elected Ann Waller as Assistant Vice President of
 the Warner Robins Office of First Bank Mortgage and Sharon Godbee as Assistant
 Vice President in the Savannah Office of First Bank Mortgage.
     During February 2001, the Bank Board further elected David Stelbrink as
 Vice President and Office Manager of the new First Bank Mortgage Office in
 Jacksonville, Florida.
     In March 2001, David Mordecai also was elected Vice President of the
 Jacksonville First Bank Mortgage Office.
     Prior to the Company's December 2000 year end, the Company and the Bank
 announced the planning of the new Furys Ferry Office which will be constructed
 at 375 Furys Ferry Road, Martinez, Georgia, during the year 2001.
     Certain statements contained in this Press Release are "forward-looking"
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995, such as statements relating to future business development
 activities, and are thus prospective.  Such forward-looking statements are
 subject to risks, uncertainties and other factors that could cause actual
 results to differ materially from future results, expressed or implied by such
 forward-looking statements.  Potential risks and uncertainties include, but
 are not limited to: economic conditions, competition and other uncertainties
 detailed from time to time in the Company's Securities and Exchange Commission
 filings.
     For additional information, please contact Mr. Patrick G. Blanchard,
 President & CEO at 706-736-2100.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X16314323
 
 SOURCE  Georgia-Carolina Bancshares, Inc.