EXHIBIT
99.1
Press
Release
Capital
City Bank Group, Inc. Announces New Share Repurchase Program and Adoption of
10b5-1 Trading Plan
TALLAHASSEE,
Fla. -
March
22, 2007 - Capital City Bank Group, Inc. (NASDAQ:CCBG) announced today
that
its
Board of Directors authorized an increase of one million shares of common stock
in its previously authorized share repurchase program. This program, together
with previously available amounts, provides a total authorization of 2,171,875
shares to be repurchased. Since 2000, the Company has repurchased approximately
1,165,938 shares.
The
shares will be purchased from time to time in open market transactions or
solicited
or unsolicited privately negotiated transactions at the Company’s discretion,
subject to factors such as stock
price, general economic and market conditions and the Company's available
cash.
The
Company also announced today that it has adopted a stock trading plan in
accordance with guidelines specified under Rule 10b5-1 of the Securities and
Exchange Act of 1934. Rule 10b5-1 allows public companies to adopt written,
pre-arranged stock trading plans when they do not have material, non-public
information in their possession. The adoption of this stock trading plan will
allow the Company to repurchase its shares during periods when it otherwise
might be prevented from doing so under insider trading laws or because of
self-imposed trading blackout periods.
William
G. Smith, Jr., Chairman, President and Chief Executive Officer, stated
"increasing the repurchase authorization, and adopting the stock trading plan
will enable us to continue to manage our capital and to respond to changing
market and business conditions, as appropriate.”
The
share
repurchase program does not obligate the Company to acquire any particular
amount of shares and the share repurchase program may be suspended or
discontinued at any time at the Company’s discretion. Shares of stock
repurchased under the program will be cancelled.
About
Capital City Bank Group, Inc.
Capital
City Bank Group, Inc. (Nasdaq: CCBG) is one of the largest financial services
companies headquartered in Florida and has $2.6 billion in assets. The Company
provides a full range of banking services, including traditional deposit and
credit services, asset management, trust, mortgage banking, merchant services,
bankcards, data processing and securities brokerage services. The Company's
bank
subsidiary, Capital City Bank, was founded in 1895 and now has 69 banking
offices, four mortgage lending offices, and 78 ATMs in Florida, Georgia and
Alabama. In 2006, Mergent, Inc., a leading provider of information on publicly
traded companies, named the Company as a Dividend Achiever, a list of public
companies that have increased their regular cash dividends for at least 10
consecutive years. Of all publicly traded U.S. companies that pay dividends,
less than three percent made this list. Capital City Bank Group was also named
to this list in 2005. For more information about Capital City Bank Group, Inc.,
visit http://www.ccbg.com.
Safe
Harbor Statement under the Private Securities Litigation
Reform
Act
of
1995: Forward-looking statements in this press release are based on current
plans and expectations that are subject to uncertainties and risks, which could
cause our future results to differ materially. The following factors, among
others, could cause our actual results to differ: our ability to integrate
acquisitions;
the
strength
of the U.S. economy and the local economies where we conduct operations; harsh
weather conditions; fluctuations in inflation, interest rates, or monetary
policies; changes in the stock market and other capital and real estate markets;
legislative or regulatory changes; customer
acceptance of third-party products and services; increased
competition and its effect on pricing; technological
changes; changes
in consumer spending and savings habits;
our
growth
and profitability; changes
in accounting;
and our
ability to manage the risks involved in the foregoing.
Additional factors can be found in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2005, and our other filings with the SEC, which are
available at the SEC’s internet site (http://www.sec.gov). Forward-looking
statements in this press release speak only as of the date of the press release,
and we assume no obligation to update forward-looking statements or the reasons
why actual results could differ.
Contact:
J.
Kimbrough Davis,
Executive
Vice President and Chief Financial Officer
Office:
(850) 671-0610