EXHIBIT 99.1

                                  PRESS RELEASE
                              For Immediate Release

Atlantic BancGroup, Inc. announces year-end results.

JACKSONVILLE BEACH, FLORIDA, January 29, 2004

Atlantic  BancGroup,  Inc.  the parent  company  of  Oceanside  Bank,  with four
locations in the Jacksonville Beaches and East Jacksonville,  Florida, announces
year-end results.

Atlantic  BancGroup,  Inc. reports that it posted net income of $318,000 for the
fourth quarter of 2003, or $0.25 per fully diluted share.  For the twelve months
of 2003,  net income of $987,000 was recorded as compared  with $853,000 for the
same period in 2002, an increase of $134,000 or 15.7%.  Fully  diluted  earnings
per share for the twelve months of 2003 totaled $0.79 as compared with $0.83 for
the same period of 2002 (adjusted for the June 2003 20% stock dividend).  During
2002 Atlantic  BancGroup's  shareholders  exercised  warrants,  which  increased
capital and the number of common  shares  outstanding.  Without the  increase in
common shares from the warrants exercised,  the fully diluted earnings per share
on a pro forma basis would have been $0.96 per share, an increase of 15.7%.

Consolidated  total assets at December  31, 2003,  reached  $145.6  million,  an
increase of 29.7% over the period end December 31, 2002.  Consolidated  deposits
and  consolidated  net loans grew 35.7% and 25.8%,  respectively,  over the same
period, with consolidated  deposits at $113.4 million and consolidated net loans
at $98.3 million at December 31, 2003.

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