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Exhibit 99.1
Southern Community Bancorp and Peninsula Bancorp Announce Affiliation
September 25, 2000
Souther Community Bancorp ("Southern"), parent company of Southern Community
Bank, headquartered in Orlando, Florida and Peninsula Bancorp, Inc.
("Peninsula"), parent company of Peninsula Bank of Central Florida,
headquartered in Daytona Beach, Florida, today jointly announced the signing of
a letter of intent to merge their banking companies. Under the proposed terms of
the transaction, this will be a stock for stock merger of equals. The merger of
equals combination will create a multi-bank company with a presence in two of
Florida's fastest growing regions, Central Florida and Southwest Florida.
Southern recently received regulatory permission to charter a new bank in the
Bonita Springs/Naples market. Southern Community Bank of Southwest Florida is
expected to open later this year. Consummation of the merger is expected to
occur in the first quarter of 2001. The combined entity currently has over $200
million in assets, with eight banking facilities.
Both Southern Community Bank and Peninsula Bank of Central Florida will continue
operating under their respective management and employees, with their current
names as wholly-owned subsidiaries of Southern. Each bank will be managed by its
own board of directors, and each bank's customers will see no change in day to
day operations.
Tom Dargan, President of Peninsula said of the affiliation, "We couldn't be more
excited about this partnership. The increased resources of the combined
organization, both in management and lending power, will allow us to provide our
customers a wider variety of services." Mr. Dargan was recently elected
President elect of The Florida Banker's Association.
Charlie Brinkley and John Squires, Chairman and President of Southern Community
Bank, said, "The strength of Peninsula's management and board was critical in
our decision to become affiliated with them. It is our strategy to become
affiliated with other banks because of the quality of the management team
running them. Both Southern and Peninsula are committed to providing the highest
customer service that we believe only community banks can effectively deliver.
By maintaining a separate presence in each community, we can continue to offer
the personalized service that each bank is known for. We anticipate that this
affiliation will form the beginning of a community-based, multi-bank financial
services organization."
The transaction is subject to the negotiation of a definitive agreement and
shareholder and regulatory approval.
For more information, please contact Charlie Brinkley at (407) 648-1844, or Tom
Dargan at (904) 252-2265.
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