CCF Holding Company Announces Authorization of Stock Repurchase Program by Board.

JONESBORO, Ga.--(BUSINESS WIRE)--July 2, 1997--CCF Holding Company, the holding company of Heritage Bank ("Bank"), previously announced on June 12, 1997, that it had requested regulatory nonobjection to repurchase up to 41,215 shares (5% of its 824,310 outstanding shares) of the Company's common stock.

Approval of such stock repurchases by the Company to be made within three years of the mutual-to-stock conversion of the Bank is required in accordance with the regulations of the Office of Thrift Supervision ("OTS"). The OTS has indicated that in view of the Company's previous repurchases, it would not approve the Company's request to repurchase stock at this time. Accordingly, the Company has withdrawn its request to repurchase stock. No assurances may be given as to whether or when such repurchase program will again be pursued or whether such program would receive OTS approval at a later date.

Heritage Bank is headquartered in Jonesboro, and operates through its main office and four branch offices. The Bank's deposits are insured up to maximum legal limits by the Federal Deposit Insurance Corporation (FDIC). At March 31, 1997, the company had total assets and stockholders' equity of $86.9 million and $12.4 million, respectively. The Company's common stock is listed on the Nasdaq Small Cap Market under the symbol "CCFH."

CONTACT: CCF Holding Company

David B. Turner, 770/478-8881