Florida Bank Group

May 1, 2007
Reporters May Contact:
Christina Beyer
Florida Bank Group, Inc.
813-334-8036
cbeyer@floridabankgroup.com

Florida Bank Group, INC. Closes the Bank of Tallahassee Acquisition

TAMPA -- Florida Bank Group, Inc. (FBG), a Tampa-based bank holding company, today announced it has closed its purchase of The Bank of Tallahassee of Tallahassee, Florida. The merger, which was granted regulatory approvals in March, was approved by shareholders at April 17 and April 18 Annual Shareholder Meetings.

The Bank of Tallahassee currently operates three full-service banking offices and has total assets of approximately $81 million. As an FBG subsidiary, it will maintain its current name and charter. The bank will continue to operate as a community bank with a local board of directors and management team.

In accordance with the terms of the merger agreement, The Bank of Tallahassee shareholders could elect to receive either cash or FBG stock. The demand for FBG shares from The Bank of Tallahassee greatly exceeded the maximum amount contemplated under the merger agreement, representing approximately 30% of the total consideration, Consistent with its strategy of developing strong stockholder representations in each of its markets, FBG accommodated the oversubscription by accepting all of the subscriptions.

Robert Rothman, executive chairman of FBG stated, "We are excited to have added The Bank of Tallahassee as our newest subsidiary operating independently in a major Florida growth market. We will continue to grow in our existing markets and expand into new markets in Florida."

Nick Nixon, president and chief executive officer of The Bank of Tallahassee added, "We plan a seamless transition that will be visible to our current clients only in the enhanced services that our new alliance will provide through deeper and broader resources at the corporate level. Our commitment to our clients, our employees and our community will remain unchanged as core business values."

Florida Bank Group, Inc.
Florida Bank Group, Inc. is a bank holding company headquartered in Tampa, Florida, which currently conducts banking operations through three wholly-owned subsidiaries, Bank of St. Petersburg, Bank of North Florida and Bank of Tallahassee. Bank of St. Petersburg was founded in 1985 and operates seven branches located in Hillsborough and Pinellas counties. Chartered in December 2006, Bank of North Florida is headquartered in downtown Jacksonville, with one bank office. Bank of Tallahassee operates three banking offices in Leon County. FBG had $557 million in assets and $100 million in capital at March 31, 2007.

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