GABA Georgia Bancshares Inc (CE)

Georgia Bancshares, Inc. (OTCBB: GABA.OB) the parent company of The Bank of Georgia, today announced that it would suspend payment of a fourth quarter dividend to shareholders of both common and preferred stock. �The decision by the Board of Directors to suspend the payment of a cash dividend was made in light of the current credit situation facing the banking industry as a whole. The Bank of Georgia remains well capitalized and we feel that it is in the best interest of our shareholders to retain a strong capital position as we work through these difficult times. We have aggressively worked our problem credits which have for the most part been associated with the single family residential housing situation in the markets from which we operate. Until such time when prices stabilize in the housing market, we feel the need to maintain our current capital position,� said Pat Shepherd, President and Chief Executive Officer. For more information about Georgia Bancshares, Inc., visit our Investors Relations website at www.georgiabancshares.com.