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Exhibit 99.1: Press release dated December 29, 2000.
STOCK REPURCHASE PLAN
COMMUNITY FINANCIAL GROUP, INC.
EXTENDS AND INCREASES CURRENT PLAN
FOR IMMEDIATE RELEASE
Contact: Joan B. Marshall (615) 271-2015
Anne B. Livingston (615) 271-2049
NASHVILLE, Tenn., December 29, 2000--The Board of Directors of
Community Financial Group, Inc. (Nasdaq: CFGI) today announced, effective
immediately, the extension and increase of the March 15, 2000 Stock Repurchase
Plan, which expires December 31, 2000. The extended plan expires December 31,
2001, and provides for the acquisition of the remaining 16,000 shares and an
additional 400,000 shares, for a total of up to 416,000 shares of common stock.
Under the March 2000 plan the Company was authorized to purchase up to 500,000
shares, and to date 484,000 shares have been purchased. Since beginning its
Stock Repurchase program in March 1999, the company has repurchased a total of
884,000 shares. Purchases will be made in the open market or in privately
negotiated transactions as conditions warrant.
The repurchase of shares will allow the Company to continue to manage
its capital position more effectively and enhance future earnings per share.
This action is part of the Company's continuing strategy to employ the
additional capital generated as a result of the exercise of warrants at the end
of 1998. Management and the Board continue to review other strategic
opportunities for the effective utilization of these funds.
At December 28, 2000, Community Financial Group, Inc had 3,425,850
shares issued and outstanding. CFGI, a $341 million asset bank holding company,
is headquartered in Nashville, Tennessee and provides banking services to
residents of Davidson, Williamson and Sumner counties, Tennessee, through its
wholly owned subsidiary, The Bank of Nashville, and on the Net at
www.bankofnashville.com.
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TO THE EXTENT THAT STATEMENTS CONTAINED HEREIN RELATE TO THE PLANS, OBJECTIVES
OR FUTURE PERFORMANCES OF THE COMPANY, THESE STATEMENTS MAY BE DEEMED TO BE
FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995. SUCH STATEMENTS ARE BASED ON MANAGEMENT'S CURRENT
EXPECTATIONS AND THE CURRENT ECONOMIC ENVIRONMENT WHILE ACTUAL STRATEGIES AND
RESULTS OF FUTURE PERIODS MAY DIFFER MATERIALLY FROM THESE EXPECTATIONS DUE TO
VARIOUS RISKS AND UNCERTAINTIES.
