AB&T Commits to Fair and Equal Sale Process, Citizens Bank Responds by Terminating Offer For AB&T Shares.

Business Editors

FROSTPROOF, Fla.--(BUSINESS WIRE)--Sept. 9, 2003

Citizens Bank of Frostproof:

Highlights:

-- In a letter to shareholders, American Banking Corporation, the

parent of American Bank & Trust, announced that it will pursue

a sale of the bank, and that it has engaged an investment

banker to lead that process.

-- American assured Citizens Bank of Frostproof that it will

participate in the sale process on an equal basis with other

interested parties.

-- In response, Citizens Bank has terminated its offer to

purchase all outstanding shares of American. Citizens' offer

expired at midnight, September 8, 2003, on its terms. Citizens

will seek a negotiated purchase of American.

-- Citizens will promptly return all stock certificates to

American shareholders who tendered shares.

In a letter to its shareholders dated September 3, 2003, American Banking Corporation ("American"), the parent of American Bank & Trust, announced that it will pursue a sale of the bank over coming months. American noted that it has engaged an investment banker to assist its Board of Directors in this process, and that it will soon begin soliciting and assessing buyers' expressions of interest. American separately assured Citizens that it will participate equally with other interested parties in the process of American's sale. In response to these developments, Citizens Bank of Frostproof ("Citizens") yesterday allowed its offer for American's shares to expire on its terms.

"Citizens remains interested in acquiring American," said Greg Littleton, president of Citizens Bank of Frostproof. "We look forward to working with American's financial advisors to participate in this process on an equal footing with any other interested parties."

"We have long sought an opportunity to pursue a negotiated purchase of American, and therefore are very pleased with this development," Littleton continued. "We believe that American, its customers, and our community would be best served by combining American and Citizens to form a single strong institution that competes well with much larger bank holding companies headquartered outside of Florida and that serves our community for years to come. Such a transaction squarely serves American's long-stated objective of retaining local community ownership and control."

"We sincerely appreciate the patience of the many American shareholders who participated in our tender offer," Littleton added. "We will promptly return stock certificates to those shareholders who tendered shares, so that those shareholders have a full opportunity to participate in the sale, at whatever price is negotiated."

About Citizens Bank of Frostproof

Now in its third generation of family ownership, Citizens Bank of Frostproof has served its communities for over 80 years, and remains locally owned and operated. Citizens Bank was started in 1920 by Latt Maxcy and a group of local citizens, and managed for nearly five decades by his brother, John Maxcy. This community-based, industry-driven bank is one of the forces that has pulled many family businesses through tough times in Polk County for over eight decades. Citizens Bank is primarily engaged in banking and lending services, originating primarily one- to four-family residential mortgage loans, home equity loans, consumer loans, commercial and multi-family real estate, and commercial business loans. Its deposits are insured up to applicable limits by the FDIC. As of May 31, 2003, Citizens Bank had total assets of $115,719,655, deposits of $87,054,444, and shareholders' equity of $18,397,551.

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares. The solicitation and the offer to buy American's common stock are made pursuant to an Offer to Purchase and related materials that Citizens has furnished to shareholders. Shareholders should read these materials carefully because they contain important information, including the terms and conditions of the offer.