Corporate
Headquarters
217
North
Monroe Street
Tallahassee,
FL 32301
News
Release
For
Immediate Release: November 29, 2007
For
Information Contact:
J.
Kimbrough Davis
Executive
Vice President and Chief Financial Officer
850.402.7820
Capital
City Bank Group, Inc. Announces Increase to
Share
Repurchase Program and Majority Voting in Director
Elections
TALLAHASSEE,
Fla.,
November 29, 2007 -- Capital City Bank Group, Inc. (NASDAQ: CCBG) announced
today that its Board of Directors has authorized an increase to its share
repurchase program and an amendment to the Company’s Bylaws to implement a
majority voting standard for the election of directors.
Increase
to Share Repurchase Program
The
Board
of Directors of the Company has authorized the repurchase of an additional
500,000 shares of common stock under its previously authorized share repurchase
program. This increase, together with previously available amounts, provides
a
total authorization of 2,671,875 shares to be repurchased. Since 2000, the
Company has repurchased approximately 2,106,586 shares under this program.
The
shares may be purchased under the program from time to time in open market
transactions or in 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.
William
G. Smith, Jr., Chairman, President and Chief Executive Officer, stated "This
additional increase to the repurchase authorization 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 program may be suspended or discontinued at any time
at the Company’s discretion. Any shares of stock repurchased under the program
will be cancelled.
Majority
Voting for Directors
The
Board
of Directors has approved an amendment to the Company’s Bylaws to implement a
majority voting standard for electing directors and a resignation requirement
for director nominees who fail to receive the required majority
vote.
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more --
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TWO/ Capital City Bank Group
The
new
standard, which became effective on November 29, 2007 and will apply to the
2008
Annual Meeting of Shareowners, provides that a director nominee will be elected
only if the number of votes cast "for" exceeds the number of votes "against"
his
or her election. Previously, directors were elected under a plurality voting
standard that elected nominees receiving the most votes regardless of whether
those votes constituted a majority of the shares voted at the meeting. In
accordance with best practices, the plurality voting standard will be retained
only in the case of contested elections.
To
support the Company's majority voting standard, the amended Bylaws require
a
director nominee who fails to receive a majority vote when standing for election
to tender his or her resignation to the Board. The Board will determine within
90 days whether to accept the resignation and will publicly disclose its
decision.
William
G. Smith, Jr. stated “The new majority voting policy is the latest in a series
of enhancements adopted by the Board to improve Capital City’s governance
standards.”
The
Bylaw
amendment is included in a Current Report on Form 8-K filed today with the
SEC.
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 $2.4 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 71 banking
offices, four mortgage lending offices, and 79 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, 2006, 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.
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