TAMPA -- Florida Bank Group, Inc. (FBG), a Tampa-based bank holding company, today announced it has closed its acquisition of Cygnet Financial Corporation (Cygnet) and its wholly owned subsidiary, Cygnet Private Bank of Ponte Vedra Beach, Florida, effective September 1, 2007. The merger, which was granted regulatory approvals in August, has also been approved by Cygnet’s shareholders. The consideration in the transaction was predominantly FBG stock.

As of June 30, 2007, Cygnet had total assets of $104 million and operated one office in Ponte Vedra Beach. Cygnet Private Bank will continue to operate as a separate FBG subsidiary, under its existing name and bank charter, for an interim period, after which, the banking operations of Cygnet Private Bank will be combined with those of FBG’s existing subsidiary, Bank of North Florida, which is headquartered in downtown Jacksonville. On a pro forma basis, the combined banks will have assets of approximately $150 million.

Corey J. Coughlin, FBG president and CEO, commented, “We are excited to bring Cygnet into the family of banks we are building across the state.” He added, “The northeast Florida market continues to be an attractive growth market and we look forward to expanding our business and consumer relationships.”

Stew Baker, Bank of North Florida president and CEO added, “We are very pleased to welcome Cygnet’s management, employees, and shareholders to the team.” Baker continued, “I am excited about the opportunity to achieve greater scale and convenience within the northeast Florida market.”

Ed Stinson, president and CEO of Cygnet Private Bank, commented, “We plan a seamless transition that will be visible to our clients only in the enhanced services that our new partnership will offer. Our commitment to our clients, our employees and our community will remain unchanged as core business values.”

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 The Bank of Tallahassee. Bank of St. Petersburg was founded in 1985 and operates seven offices in Hillsborough and Pinellas counties. Chartered in December 2006, Bank of North Florida is headquartered in downtown Jacksonville. Acquired by FBG in May, 2007, The Bank of Tallahassee operates three banking offices in Leon County. Consolidated, FBG had $641 million in assets and $104 million in total equity as of June 30, 2007.

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