AB&T Released From Gaze of Federal Regulators

ALBANY, Ga. -- AB&T National Bank has announced that the formal agreement with the Office of the Comptroller of the Currency, under which the bank has been operating since 2006, has been terminated.

The termination of this agreement releases the bank from the heightened scrutiny of the federal regulators. In the current business environment, such a move is an exception to trends.

"This significant accomplishment was made possible by the commitment of very dedicated staff and board of directors, loyal customers and, to a large extent, local investors who stepped forward and demonstrated their belief that Albany needs and deserves a true 'community bank,'" said Luke Flatt, president and CEO.

According to bank officials, the termination means several things to the bank and its customers:

-- This action indicates that policies, activities and actions of AB&T represent safe and sound bank operations.

-- After more than four years of intense regulatory oversight, the health of the bank has improved to the point where it can once again operate without special regulatory oversight.

-- Even though these are difficult economic times for business in general, and especially for banks, AB&T has demonstrated the discipline and skill necessary to reverse its direction, build capital, improve loan quality and put into place a business strategy that can produce positive results.

"We are very proud that AB&T did not accept a single penny of TARP money," Chairman of the Board David Campbell said. "Our recapitalization occurred because local investors truly believe that AB&T is not an ordinary bank, but rather an extraordinary bank and that because of our commitment to community and exceptional customer service, this bank will succeed."

Flatt agreed, adding, "It is a new day at AB&T. We continue to assemble a team of the best in the business in order to delight our customers and please our shareholders and we are looking toward the future with enthusiasm and confidence.

"I am very proud of all our associates who have persevered and who have continually demonstrated their commitment to the realization of our vision of becoming the gold standard of community banking."

AB&T National Bank opened its doors in 1999 as Albany Bank & Trust. It is a member of the FDIC and is an Equal Housing Lender.