Southeastern Banking Corporation Reports Second Quarter 2008 Earnings

DARIEN, Ga., July 14  /PRNewswire-FirstCall/ -- Southeastern Banking Corporation (OTC:SEBC) (BULLETIN BOARD: SEBC)  today announced its net income results for the quarter and six months ended June 30, 2008 compared to the corresponding periods last year.

-- Net income for the 2008 second quarter approximated $1,274,000, down $379,000 or 22.94% from June 30, 2007.

-- Year-to-date, net income declined $841,000 or 25.30% to $2,483,000 at June 30, 2008 from $3,324,000 in 2007.  On a per share basis, net income for the six-month period fell $0.26 to $0.78 at June 30, 2008 from $1.04 in 2007.

The decline in net income was primarily attributable to reductions in net interest margin.

Southeastern Banking Corporation (the Company), with assets of $439 million, is a financial services company with operations in southeast Georgia and northeast Florida.  Southeastern Bank (SEB), the Company's principal subsidiary, offers a full line of commercial and retail services to meet the financial needs of its customer base through its seventeen branch locations and ATM network.  Services offered include traditional deposit and credit services, long-term mortgage originations, and credit cards.  SEB also offers 24-hour delivery channels, including internet and telephone banking, and provides insurance and investment brokerage services.  The Company is headquartered in Darien, Georgia.  More information on the Company and its subsidiaries can be obtained through SEB's website at http://www.southeasternbank.com/ or through periodic filings with the Securities & Exchange Commission at http://www.sec.gov/. 

DATASOURCE: Southeastern Banking Corporation



CONTACT:  Alyson G. Beasley, Vice President & Treasurer, Southeastern

Banking Corporation, [phone]



Web site:  http://www.southeasternbank.com/ 

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