SAVANNAH, Ga., Nov. 21, 2006 (PRIMEZONE) -- The Savannah Bancorp, Inc. (Nasdaq:SAVB) announced today that G. Mike Odom, Jr. will resign as Chief Executive Officer and as a Director effective November 30, 2006. At the same time the Company announced that John C. Helmken II, the current President, will become President and CEO, effective December 1, 2006.
Odom will continue to serve as a director of the company's Bryan Bank & Trust subsidiary and will assist the company in a transitional capacity through February, 2007.
In announcing his decision, Odom informed the Board of Directors that he has had a strong desire to develop other business interests for several months. He plans to expand his existing real estate investment activities and to develop a bank management advisory practice focused on community banks.
"It has been a privilege to partner with Mike to lead The Savannah Bancorp over the past 2 1/2 years. With guidance from our board and the assistance of our leadership team, we have made strategic and tactical decisions from which SAVB has enjoyed, and will continue to enjoy, many successes. I know that Mike will be equally successful in his personal pursuits. I look forward to his continued support of our Company as a director of our Bryan Bank subsidiary," said John Helmken II, President of The Savannah Bancorp.
Wiley Ellis, Chairman of the SAVB board of directors added, "Mike Odom deserves tremendous credit for the Company's outstanding success during his service as our CEO. We are delighted that John Helmken has accepted the additional responsibilities of CEO. We have complete confidence in John and his ability to lead our Company to even greater success."
Mr. Helmken, age 43, has served as President and director of SAVB, President and CEO and a director of The Savannah Bank, N.A. (the "Bank") since January 2003. Mr. Helmken served as President of the Bank in 2002, Executive Vice President in 2001 and Senior Vice President in the commercial lending area from 1997 through 2000. He is also a director of Bryan Bank & Trust and Harbourside Community Bank.
Helmken has served the community through his involvement on numerous boards including Hospice Savannah (President), The Rotary Club of Savannah (President), Hospice Savannah Foundation (Chair), Savannah Community Foundation, Telfair Museum of Art, Georgia Historical Society Endowment, Community Housing Services Agency, Bethesda Home for Boys, Savannah Area Chamber of Commerce as well as many others throughout his career.
He is a member of the Vestry of St. John's Episcopal Church in Savannah and a graduate of the University of Georgia, Leadership Savannah and Leadership Georgia.
The Savannah Bancorp, Inc. (SAVB), a bank holding company for The Savannah Bank, N.A., Bryan Bank & Trust (Richmond Hill, Georgia) and Harbourside Community Bank, FSB (Hilton Head Island, SC), is headquartered in Savannah, Georgia. SAVB began operations in 1990. Its primary businesses include deposit, credit, trust and mortgage origination services provided to local customers.
This press release may contain forward-looking statements as defined by federal securities law which involve significant risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. The Savannah Bancorp, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Any such statements are made in reliance on the safe harbor protections provided under the Private Securities Act of 1995.