New directors for GB&T Bancshares, GB&T boards; earnings, dividends declared

GAINESVILLE - The Board of Directors of GB&T Bancshares, Inc. and Gainesville Bank & Trust announce that new directors have joined the boards of both organizations.

A member of the Gainesville Bank & Trust Board since 1998, Gainesville insurance executive James H. (Jim) Moore has been elected to the GB&T Bancshares Board and area real estate executive Douglas A. (Doug) Carter was elected to the Board of Gainesville Bank & Trust.

"Jim Moore and Doug Carter are both successful professionals in their respective fields and have long been active in civic and professional organizations in the community and across the state," commented Philip Wilheit, Chairman of both the Board of GB&T Bancshares and Gainesville Bank & Trust.

Moore is president of Sidney O. Smith Insurance Company in Gainesville. He currently serves on the North Georgia Community Foundation board and was recently appointed to the board of the University of Georgia Alumni Association. He has also served as chairman of the Hall County Chapter of the American Red Cross, the Brenau University Advisory Board, the Chattahoochee District of The Boy Scouts of America and president of the Kiwanis Club of Gainesville.

President of Don Carter Realty Co., a local Real Estate Development and Sales Company, Carter currently serves as vice chairman of the Industrial Development Authority, vice chairman of the Gainesville Planning and Zoning Commission, and board member of the Georgia Chamber of Commerce, serving as co-vice chairman of Administrative Services.

Having served as president of the Quinlan Arts Center, he continues to serve as trustee. He also serves as board secretary of the North Georgia Community Foundation and is a board member for Main Street Gainesville. A graduate of Leadership Georgia, he served as president of the organization in 1998 and chairman of the board in 1999. Recognized in 2002 as one of Georgia Trend's "Forty Under Forty", Carter is a two-time recipient of the Greater Hall Chamber's Silver Shovel award, and was named Jaycee Young Man of the Year in 1997. He was also the Quinlan Arts Center Medallion recipient in 1999.

DIVIDENDS

In addition, GB&T Bancshares reported second quarter net income of $1.7 million, an increase of 17.2 percent over the same period a year ago. Diluted per share earnings were 31 cents, up 3.3. percent from the second quarter 2002.

The board declared a cash dividend of nine cents per share, based on second quarter earnings, and representing a 5.9 percent increase over the same period a year ago.