Exhibit 99.1
News Release
Southeastern Banking Corporation Reports Second Quarter Earnings
DARIEN, Ga, July 11, 2003/—Southeastern Banking Corporation (OTC Bulletin Board: SEBC) today announced increases in net income for the quarter and six months ended June 30, 2003 compared to the corresponding periods last year.
| | • | | Net income for the 2003 second quarter totaled $1,240,000 or $0.37 per share, up $40,000 or 3% from June 30, 2002. |
| | • | | Year-to-date, net income grew $174,000 or 8% to $2,461,000 at June 30, 2003 from $2,287,000 in 2002. On a per share basis, net income for the six month period improved $0.06 to $0.74 at June 30, 2003 from $0.68 in 2002. |
Southeastern Banking Corporation (the Company), with assets of $370 million, is a financial services company with operations in southeast Georgia and northeast Florida. Southeastern Bank (SEB), the Company’s principal subsidiary, offers a full line of commercial and retail services to meet the financial needs of its customer base through its fifteen branch locations, loan production office in Brunswick, Georgia, and ATM network. Services offered include traditional deposit and credit services, long-term mortgage originations, and credit cards. SEB also offers 24-hour delivery channels including internet and telephone banking. The Company’s insurance subsidiary, SBC Financial Services, Inc., provides insurance and investment brokerage services. In addition to traditional insurance, products offered include fixed and indexed annuities, mutual funds, retirement plans, and long-term care policies. The Company is headquartered in Darien, Georgia. More information on the Company and its subsidiaries can be obtained through SEB’s website atwww.southeasternbank.com or through periodic filings with the Securities & Exchange Commission atwww.sec.gov.
Media Contact: Alyson G. Beasley, Vice President, Southeastern Banking Corporation at 912.437.4141.
