Exhibit 99 to Lamar Capital Corporation Form 8-K
LAMAR CAPITAL CORPORATION
FOR IMMEDIATE RELEASE FOR MORE INFORMATION
--------------------- --------------------
August 23, 2000 Kenneth M. Lott, President & Chief Operating Officer
(601) 794-1130, Email: [email protected]
--------------------
Donna T. Rutland, Chief Financial Officer
(601) 794-1126, Email: [email protected]
----------------------
-------------------------------------------------------------------------------
LAMAR CAPITAL CORPORATION ANNOUNCES STOCK REPURCHASE PROGRAM
AND DECLARES QUARTERLY DIVIDEND
PURVIS, MS (August 23, 2000) - Lamar Capital Corporation (Nasdaq:LCCO)
today announced that its Board of Directors has authorized a stock repurchase
program allowing the Company to repurchase up to 2.5% of its outstanding common
stock. The Company also declared a quarterly cash dividend of $0.05 per common
share, or $0.20 per share on an annualized basis, payable on October 13, 2000,
to shareholders of record on September 29, 2000.
The shares would be purchased from time to time in the open market at
prevailing market prices, or in privately negotiated transactions. The
repurchase program is expected to be completed within the next 12 months. Shares
purchased under this program will be held for general corporate purposes as
determined by the Company's Board of Directors. As of June 30, 2000, the Company
had 4.3 million common shares outstanding and a book value per share of $7.86.
Commenting on the announcement, Kenneth M. Lott, President and Chief
Operating Officer of Lamar Capital Corporation, said, "Due to current market
conditions and weakening loan demand, the Board of Directors considers the
Stock Repurchase Program an appropriate action."
Lamar Capital Corporation is a bank holding company headquartered in
Purvis, Mississippi, with assets of over $406 million at June 30, 2000, and
locations in six southeastern Mississippi counties. Through its subsidiaries,
the Company offers a broad line of banking and financial
<PAGE>
products and services with the personalized focus of a community banking
organization. The subsidiaries are Lamar Bank, a state chartered commercial
bank with nine offices; Southern Financial Services, Inc., a consumer
finance company with seven offices; and Lamar Data Solutions, Inc., a
company providing data processing, disaster recovery, and other
professional consulting services to community banks. Lamar Bank also
provides stock and other securities trading services through an arrangement
with Raymond James Financial Services, Inc.
Information contained in this press release, other than historical
information, may be considered forward-looking in nature and is subject to
various risks, uncertainties and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or
expected. Among the key factors that may have a direct bearing on Lamar Capital
Corporation's operating results, performance or financial condition are
competition and the demand for Lamar Capital's products and services, our
ability to expand into new markets, and numerous other factors as set forth in
filings with the Securities and Exchange Commission.
<PAGE>
