Charter Financial's Founder and Chairman to Retire
November 29 2007 - 1:14PM
PR Newswire (US)
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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