PRESS RELEASE
                              For Immediate Release

Atlantic BancGroup, Inc. announces first quarter financial information.

JACKSONVILLE BEACH, FLORIDA, April 29, 2004

Atlantic BancGroup, Inc., the parent company of Oceanside Bank, with four
locations in the Jacksonville Beaches and East Jacksonville, Florida, announces
first quarter 2004 financial results.

Atlantic BancGroup reports that it posted net income of $194,000 for the first
quarter of 2004, compared to net income of $198,000 for the same period of 2003.
The slight decrease is attributed primarily to start-up costs and opening
expenses of the Bank's fourth location at 1790 Kernan Blvd. South in
Jacksonville.

Fully diluted earnings per share in the first quarter of 2004 remained at $.16,
as was the case in the first quarter of 2003.

Consolidated assets reflect 13% quarterly growth to $164,515,000, 16% growth in
deposits to $131,550,000, and 7.8% growth in consolidated net loans to
$105,971,000.

Atlantic BancGroup is a publicly-traded bank holding company, trading on the
NASDAQ Small Cap Market, symbol ATBC.