Exhibit 99
Southern Financial Bancorp, Inc
37 E. Main Street
Warrenton, VA 20186
SOUTHERN FINANCIAL BANCORP ANNOUNCES STOCK
REPURCHASE PROGRAM.
FOR IMMEDIATE RELEASE
Thursday, June 29, 2000
Contact: Georgia Derrico, Chairman / R. Roderick Porter, President
Southern Financial Bancorp., Inc. NASDAQ Symbol "SFFB"
Website: www.southernfinancialbank.com
Phone: (540) 349-3900 Fax: (540) 349-3904
Warrenton, VA - Southern Financial Bancorp, Inc. (NASDAQ: SFFB) announced that
its board of directors approved today the purchase of up to 100,000 shares of
its common stock. Purchases may be made over an undesignated period of time in
market transactions from brokers and dealers and in private transactions
directly with shareholders. Based on approximately 2.7 million shares
outstanding, the share buyback represents slightly less than 4% of all
outstanding shares.
Commenting on the share purchase announcement, Georgia S. Derrico, Southern
Financial's Chairman and Chief Executive Officer stated, "Our stock price has
been under the same pressure that other community banks have faced recently and
we consider our stock to be an attractive investment. Purchases of the Company's
stock at or about current market prices would be accretive to earnings per
share."
Southern Financial Bancorp is a bank holding company with approximately $428
million in assets. Southern Financial is the holding company for Southern
Financial Bank with 17 branch offices in Fairfax, Fauquier, Frederick, Loudoun,
and Prince William Counties and the cities of Fredericksburg and Winchester,
Virginia including its main office in Warrenton. The company also owns 70% of
SouthernWebTech.com, Inc.
This press release may contain "forward-looking statements," within the meaning
of federal securities laws, that involve risks and uncertainties. Statements
herein are based on certain assumptions and analyses by the company and other
factors it believes are appropriate in the circumstances. However, the company's
expectations are subject to a number of risks and uncertainties and other
factors that could cause actual results, events and developments to differ
materially from those contemplated by any forward-looking statements herein.
Consequently, all forward-looking statements made herein are qualified by these
cautionary statements and cautionary language in the company's most recent Form
10-K report and other documents filed with the Securities and Exchange
Commission.
