AUGUSTA, Ga., April 4 /PRNewswire-FirstCall/ -- Georgia-Carolina Bancshares, Inc. (BULLETIN BOARD: GECR) today announced that A. Montague Miller, 66, will succeed John W. "J." Lee, 67, as Chairman of the Board of Directors of First Bank of Georgia, the Company's banking subsidiary, such appointment to take effect on May 23, 2006. Mr. Miller has been a member of the Board of Directors of the Company and the Bank since May 2002 and currently serves as Chairman of the Audit Committee of the Company and the Bank.
"With his operating and professional experience in publicly traded organizations combined with his extensive board service, Mont Miller brings a valuable and complementary set of skills to First Bank of Georgia," said Patrick G. Blanchard, President and CEO of Georgia-Carolina Bancshares, Inc.
"This transition is part of our established leadership succession plan and our commitment to meeting the corporate governance models which have developed as a result of the Sarbanes-Oxley Act of 2002," said Patrick G. Blanchard, President and CEO of Georgia-Carolina Bancshares, Inc.
In May 2001, Mr. Miller retired as President and Chief Executive Officer of Club Car, Inc., a leading manufacturer of golf cars and utility vehicles in Augusta, Georgia, where he also served as Senior Vice President, President and Chief Operating Officer until his promotion to Chief Executive Officer in 1995. From 1971 to 1990, Mr. Miller was a partner in the Augusta, Georgia law firm of Dye, Miller, Tucker & Everitt, and its predecessors. Mr. Miller is a native of Augusta, Georgia and holds a B.B.A. and J.D. degree from the University of Georgia. He is a member of Reid Memorial Presbyterian Church.
Mr. Miller is a director and President of Bartram Trail CDC, Inc., a non- profit community development corporation formed by the Board of Commissioners of Columbia County, Georgia.
Mr. Lee will continue to serve as a member of the Executive Committee and Site Selection & Building Committee of the Board of the Bank.
"Since he began his service as Chairman of the Board of Directors in 1997, "J.'s" strategic approach to the business and his commitment to excellence have enabled First Bank of Georgia to sustain positions of successively greater achievement," said Patrick G. Blanchard. "By continuing to serve as a member of the Board, Mr. Lee will enable us to further leverage his broad experience, his detailed knowledge of our Company and his strong dedication to our customers and community."
Mr. Lee retired in 1995 as a consultant to GIW Industries, Inc., a manufacturing firm located in Grovetown, Georgia. Mr. Lee previously served as President and Chief Operating Officer of GIW Industries and on the boards of directors of the Bank of Thomson and Allied Bancshares, Inc. Mr. Lee is a member of the board of directors of CSRA Community Foundation.
Georgia-Carolina Bancshares' common stock is quoted on the Over-The- Counter Bulletin Board under the symbol of GECR. Morgan Keegan & Company, Inc. serves as the principal market maker of the common stock for the Company.
Book value of the common stock increased by 11.50% to $8.53 per share from December 31, 2004 to December 31, 2005. The closing price of the stock on the Over-The-Counter Bulletin Board was $14.75 as of March 30, 2006.
Georgia-Carolina Bancshares, Inc. is a bank holding company with approximately $349.5 million in assets as of December 31, 2005. The Company owns First Bank of Georgia which conducts bank operations through offices in Augusta, Columbia County and Thomson, Georgia.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which can generally be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans" or similar expressions to identify forward-looking statements, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic and market conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes, and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. 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 the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
