FIRST DEPOSIT BANCSHARES, INC.
                                   ANNOUNCES
                                   ---------
                       OTS APPROVAL OF STOCK REPURCHASE


Douglasville, Georgia, March 15, 2000 /PRNewswire/ -- First Deposit Bancshares,
Inc. (OTC Bulletin Board: FDBI) ("First Deposit") reported today that the Office
of Thrift Supervision has approved a proposal whereby First Deposit may
repurchase up to 5%, or 72,450 shares, of the currently outstanding common stock
of First Deposit. The stock repurchase program was previously approved by First
Deposit's Board of Directors on January 18, 2000.

The repurchases will be made from time to time, depending upon market
conditions, in open market transactions subject to the availability of such
shares until either July 7, 2000 or until 72,450 shares have been repurchased,
whichever is first to occur. Repurchased shares will become authorized but
unissued shares and will be utilized for general corporate and other purposes.

First Deposit is a thrift holding company with consolidated assets of $117.9
million and shareholders' equity of $23.3 million as of December 31, 1999, and
offices in Douglasville and Lithia Springs, Georgia. First Deposit began
operations in July, 1999, following an initial public offering of its common
stock and the acquisition of its wholly-owned subsidiary, Douglas Federal Bank.
First Deposit's common stock is traded on the Over the Counter Bulletin Board
under the trading symbol FDBI. The closing price of First Deposit's common stock
on March 14, 2000 was $11.8125 per share.

For additional information about First Deposit's products and services, please
visit their web site at www.douglasfederal.com. Additional financial information
regarding First Deposit is available from John L. King, First Deposit's Chief
Financial Officer, at (770) 942-5108.