WEST POINT, Ga., Nov. 29 /PRNewswire-FirstCall/ -- Charter Financial Corporation (OTC:CHFN) (BULLETIN BOARD: CHFN) today announced John W. "Bubber" Johnson, Jr., 87, founder of CharterBank and its chairman since 1954, will retire effective November 30, 2007. Johnson has served as chairman of the board of Charter Financial Corporation, the holding company for CharterBank, since its inception in 2001. Johnson's retirement has been planned for months, and the board has appointed Robert L. Johnson as chairman to succeed him as of December 1, 2007. Johnson served as the bank's president from 1954 to 1996, when Robert L. Johnson, now the company's president and CEO, succeeded him. "John W. Johnson, Jr. leaves us with a vibrant legacy of exceptional customer service, a culture of excellence for Charter's employees, and performance for our stockholders," said Robert L. Johnson. "We are committed to maintaining the high standards he has set. "In addition to building Charter into a well known banking presence in west central Georgia and east central Alabama, he had the vision to lead the company into making a significant investment in Freddie Mac 20 years ago. This past year, Charter sold 23 percent of its Freddie Mac holdings for an after-tax gain of more than $41 million. His decision to invest in Freddie Mac long before it became the major force it is today is just one example of the vision he has shown for more than a half century." William B. Hudson, a director of CharterBank since 1975 and of the holding company since its inception, noted: "It has been a privilege serving side-by-side with someone of Bubber's talent and integrity. In addition to his commitment to the company's constituents, Bubber has supported many public and charitable activities. He has always kept sight of the fact that we are a community bank, and with that comes a special responsibility to support the communities that support us." In addition to CharterBank's active community role through contributions and employee volunteerism, the Charter Foundation, established in 1994 by Johnson and CharterBank officials, provides funds to local nonprofit organizations to help them carry out unique, innovative projects in specific fields of interest. In 2006, the Charter Foundation made grants totaling $425,000 to fund initiatives in social, cultural, artistic, and economic endeavors. In addition to his duties to the bank and his civic and charitable activities, John W. Johnson, Jr. practiced law in Lanett, Ala. for more than 50 years and served in the Alabama State Senate from 1950 to 1954. He graduated from the University of Alabama and the University of Alabama School of Law. He served as First Lieutenant in the United States Army during World War II. Charter Financial also announced the election of Curt M. Johnson to its board. Mr. Johnson has practiced law for twenty years and is a partner in the law firm of Johnson, Caldwell & McCoy, Lanett, Alabama. About Charter Financial Corporation Charter Financial Corporation is a savings and loan holding company and the parent company of CharterBank, a full-service community bank and a federal savings institution. Charter Financial Corporation and subsidiary CharterBank are in a mutual holding company structure. CharterBank is headquartered in West Point, Georgia, and operates ten branches on the I-85 corridor from LaGrange, Georgia to Auburn, Alabama. CharterBank's deposits are insured by the Federal Deposit Insurance Corporation. Forward-Looking Statements This release may contain "forward-looking statements" that may be identified by use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition and results of operation and business that are subject to various factors that could cause actual results to differ materially from these estimates. These factors include but are not limited to general and local economic conditions; changes in interest rates, deposit flows, demand for mortgages and other loans, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products, and services. Any or all forward-looking statements in this release and in any other public statements we make may turn out to be wrong. They can be affected by inaccurate assumptions we might make or known or unknown risks and uncertainties. Consequently, no forward-looking statements can be guaranteed. The Company disclaims any obligation to subsequently revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. DATASOURCE: Charter Financial Corporation CONTACT: Robert L. Johnson, CEO, , or Curt Kollar, CFO, , both of Charter Financial Corporation, +1-706-645-1391; or Woody Wallace of The Investor Relations Company, +1-312-245-2700, , for Charter Financial Corporation

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