First Coweta Bank Announces 1st Quarter Financial Information 

NEWNAN, Ga., May 13 /PRNewswire-FirstCall/ -- First Coweta Bank (OTC Bulletin Board: FCWT), based in Newnan, Georgia, on May 13, 2008 reports a net loss of ($227,132) or ($0.08) per share for the quarter ended March 31, 2008 as compared to net income of $378,888 or $0.12 per share for the same quarter in 2007.

   "These are trying times in the banking business" said Mike Barber, the Bank's President and Chief Executive Officer. "Like a number of other community banks, the nation-wide economic downturn has negatively affected our earnings. "However", Mr. Barber went on, "it has not dampened the enthusiasm of our Staff, Senior Management and Directors. We are all focused and working very hard to meet and overcome these challenges, to protect and enhance the investments of our eleven hundred shareholders and preserve the relationships that we've established with our customers and our community."

   Mr. Barber went on to say: "This is a rapidly growing and changing market. Georgia is the sixth-fastest growing state in the country. Coweta County ranks as the 17th largest county in population in Georgia. When the Bank opened for business in July 2004, our goal was to serve the citizens, old and new, and to provide state-of-the-art banking and financial services to all segments of the local economy. We have -- in the space of less than four years -- opened a Main Office in Newnan and three branches, in Whitesburg (Carroll County), Summer Grove (Coweta County) and our newest in Hogansville (Troup County), Georgia. New accounts opened in these offices totaled 1,025 during first quarter 2008, a significant increase in number as compared to the same period in 2007."

"   We are very proud of our progress", Mr. Barber continued. "Our total assets have increased from our start of business in July, 2004 to $180.5 million at March 31, 2008. But, we can't ignore that difficult economic conditions have played a significant role on our current earnings. Our Bank's income has decreased significantly when compared to the same period last year. First quarter 08 earnings were impaired by a $500, 000 'provision for loan losses' and the reduction of net interest margin from 4.68 per cent for the first quarter of 2007 to 3.16 per cent for the first quarter of 2008. Our non-performing assets and credit losses have also increased -- reflecting, and, in large part, resulting from, the deterioration in economic conditions. We expect problem assets to continue to rise until the residential real estate markets begin to improve."

   The bank's stock is publicly traded over the counter under the symbol "FCWT". For further information, log on to our website at http:// www.firstcowetabank.com / .