Exhibit 99.3

                CHARTER FINANCIAL DECLARES SPECIAL CASH DIVIDEND

WEST POINT, Ga., Aug. 29 /PRNewswire-FirstCall/ -- Charter Financial
Corporation (Nasdaq: CHFN) today announced that its board of directors
has declared a special cash dividend of $1.75 per share. The dividend is
payable on September 26, 2006, to stockholders of record at the close of
business on September 12, 2006.

"Our multi-faceted strategy of expanding our retail banking franchise, making
efficient use of our capital and our equity investment in Freddie Mac stock
continues to generate value for our public shareholders," said Robert L.
Johnson, President and CEO. "The board of directors determined our financial
condition is strong and our capital exceeds the level required to fund further
growth. Accordingly, the board felt it is appropriate to make an additional
distribution to shareholders in the form of a special dividend."

Johnson added that he is optimistic about the future of Charter Financial. "The
combination of our superior customer service and the rebounding economy in the
markets we serve provide opportunities for further growth, due in part to a new
Kia Motors assembly plant presently being built in our area. We believe we are
well-positioned to take advantage of these opportunities by increasing our
market share, expanding our operations and managing our assets, while continuing
to deliver value to our shareholders."

Charter Financial is the majority-owned subsidiary of First Charter, MHC, a
federal mutual holding company, which owns approximately 80 percent of its
outstanding shares. First Charter, MHC, has filed a regulatory notice of its
intent to waive dividends paid on the shares it owns.

Charter Financial Corporation is a savings and loan holding company and the
parent of CharterBank, a full-service community bank and a federal savings
institution. Charter Financial Corporation owns 4.4 million shares of Freddie
Mac common stock with a market value of $253.0 million at June 30, 2006.
CharterBank is headquartered in West Point, Georgia, and operates nine full-
service branches on the I-85 corridor from LaGrange, Georgia, to Auburn,
Alabama. CharterBank's deposits are insured by the Federal Deposit Insurance
Corporation.

SOURCE  Charter Financial Corporation
    -0-                             08/29/2006
    /CONTACT:  Robert L. Johnson, President & CEO, Charter Financial
Corporation, +1-706-645-1391, or bjohnson@charterbank.net ; or at the Investor
Relations Company, Mike Arneth, marneth@tirc.com , or Woody Wallace,
wwallace@tirc.com , or +1-312-245-2700 /
    CO:  Charter Financial Corporation
ST:  Georgia
IN:  FIN
SU:  DIV

CT-CM
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4293 08/29/2006 12:30 EDT http://www.prnewswire.com