Southwest Georgia Financial Completes Acquisition of Sylvester Banking Company

Business Wire, March 1, 2004

Business Editors

MOULTRIE, Ga.--(BUSINESS WIRE)--March 1, 2004

Southwest Georgia Financial Corporation (AMEX: SGB), the parent company of Southwest Georgia Bank, a community bank serving Colquitt County, Georgia and surrounding regions, announced today that on Friday, February 27, 2004, it completed the previously announced acquisition of First Bank Holding Company and its sole subsidiary, Sylvester Banking Company. The approval of the shareholders of First Bank Holding Company and the required regulatory approvals have been obtained.

Southwest Georgia Financial has acquired all of the common shares of First Bank Holding Company and Sylvester Banking Company for $4.2 million in cash and 240,000 shares of Southwest Georgia Financial common stock. The approximate total value of the transaction is $9.7 million.

DeWitt Drew, President and CEO of Southwest Georgia Financial, noted, "Southwest Georgia Bank and Sylvester Banking Company share cultures and goals. We believe in being partners with our customers to help them achieve their objectives. The addition of the Worth County market allows us to extend our offerings to a broader geographic market while continuing to maintain our strong community banking culture through Sylvester Banking Company."

Sylvester Banking Company, which has been in business since 1898, has about $45 million in assets. It is a one office, full service community bank that holds approximately 25% of the deposits of Worth County, Georgia. Sylvester Banking Company is located in Worth County, Georgia, contiguous with Colquitt County.

ABOUT SOUTHWEST GEORGIA FINANCIAL CORPORATION

Southwest Georgia Financial Corporation is a state-chartered bank holding company with approximately $246 million in assets headquartered in Moultrie, Georgia. Its primary subsidiary, Southwest Georgia Bank, offers comprehensive financial services to consumer, business, and governmental customers. The current banking facilities include the main office located in Colquitt County, branch offices located in Baker County and Thomas County, and automated teller machine (ATM) facilities conveniently located in the surrounding cities of Doerun, Newton, and Pavo, as well as the main office. The bank provides, in addition to conventional banking services, investment planning and management, trust management, mortgage banking and commercial and individual insurance products. Insurance products and advice are provided by Southwest Georgia Insurance Services which has offices in Colquitt and Mitchell Counties. Mortgage banking for primarily commercial properties is provided by Empire Financial Services, Inc., a mortgage banking services firm.

More information on Southwest Georgia Financial Corp. and Southwest Georgia Bank can be found at its website: www.sgfc.com.

This news release contains certain brief forward-looking statements concerning the Company's outlook. The Company cautions that any forward-looking statements are summary in nature, involve risks and uncertainties and are subject to change based on various important factors, many of which may be beyond the Company's control. Accordingly, the Company's future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. The following factors, among others, could affect the Company's actual results and could cause actual results in the future to differ materially from those expressed or implied in any forward-looking statements included in this release: that the integration of the acquired business will be effective, that the strategy for growth will be successful, that benefits will accrue to the customer, community and employees of Sylvester, GA . Additional information regarding these risks and other factors that could cause the Company's actual results to differ materially from our expectations is contained in the Company's filings with the Securities and Exchange Commission. Except as otherwise required by federal securities laws, Southwest Georgia Financial undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.