Southeastern Banking Corporation Reports Third Quarter 2009 Earnings

DARIEN, Ga., Oct. 27  /PRNewswire-FirstCall/ -- Southeastern Banking Corporation (OTC:SEBC) (BULLETIN BOARD:  SEBC)  today announced its net income results for the quarter and nine months ended September 30, 2009 compared to the corresponding periods last year.

  --  Net income for the 2009 third quarter approximated $273,000, down
      $869,000 from September 30, 2009.

  --  Year-to-date, net income declined $2,610,000 to $1,015,000 at
      September 30, 2009 from $3,625,000 in 2008.  On a per share basis, net
      income for the nine-month period fell $0.82 to $0.32 at September 30,
      2009 from $1.14 in 2008.



The decline in net income year-to-date was primarily attributable to increases in the provision for loan losses and FDIC assessments and a reduction in net interest margin.

Southeastern Banking Corporation (the Company), with assets of $409 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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