Southeastern Banking (SEBC) 8-K Southeastern Banking Corporation Reports Fourth Quarter and Year-End 2006 Earnings

Exhibit 99.1

News Release

Southeastern Banking Corporation Reports Fourth Quarter and Year-End 2006 Earnings

DARIEN, Ga, March 2, 2007/ — Southeastern Banking Corporation (OTC Bulletin Board: SEBC) today announced earnings for the quarter and year ended December 31, 2006.

• Net income for the 2006 fourth quarter totaled $1,568,000 or $0.49 per share, down $264,000 or 14% from December 31, 2005.

• For the year, net income grew $100,000 or 2% to $6,575,000 in 2006 from $6,475,000 in 2005. On a per share basis, net income improved $0.07 to $2.04 in 2006 from $1.97 in 2005.

Southeastern Banking Corporation (the Company), with assets of $410 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 seventeen branch locations 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, and provides insurance and investment brokerage services. 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 & Treasurer, Southeastern Banking Corporation at 912.437.4141.