CCF Holding Company Announces Quarterly Earnings For the Quarter Ended March 31, 2002.

Business Editors

JONESBORO, Ga.--(BUSINESS WIRE)--April 17, 2002

CCF Holding (NASDAQ: CCFH):

March 31, 2002 March 31, 2001

-------------- -------------- Total Assets $252,801,235 $243,417,628

CCF Net Income(Loss)

for the Quarter $364,294 ($37,807)(1)

Basic Earnings per Share $0.37 ($.04)

(1) Earnings reflect a one-time pre-tax charge of approximately $492,000 for the acceleration of principal payments on CCF's internally leveraged ESOP plan. Refer to press release dated February 2, 2001 for further information.

CCF Holding Company, the holding company of Heritage Bank, announces earnings for the quarter ending March 31, 2002.

Net income for the quarter was $364,294 or $0.37 per share based on outstanding shares of 979,456. This compares to a loss for the quarter ending March 31, 2001, of ($37,807) or ($0.04) per share based on outstanding shares of 979,206. The loss for 2001 included a one-time pre-tax charge of approximately $492,000 due to the acceleration of principal payments associated with the Company's internally leveraged Employee Stock Ownership Plan. The net income for the quarter ending March 31, 2001, would have been approximately $282,000 or $0.29 per share if not for the one-time charge. This would indicate a 29% increase in normal operating net income for the quarter ending March 31, 2002 over the quarter ending March 31, 2001.

The primary source of income for the company is its wholly owned subsidiary Heritage Bank which had net income of $413,796 for the quarter ended March 31, 2002, compared to net income of $340,793 for the quarter ended March 31, 2001. This represents a 21% increase in net income for Heritage Bank. Included in the bank's net income figures was an increase in the loan loss reserve allocation of $150,195 during the period ending March 31, 2002 over the period ending March 31, 2001.

The Company's assets increased to approximately $253 million at March 31, 2002 from approximately $243 million for the period ended March 31, 2001 and $248 million at December 31, 2001.

On February 4, 2002, the Company issued a press release to announce that it had completed the private placement of $4,000,000 of floating rate trust preferred securities through its wholly owned subsidiary, CCF Capital Trust I. The Capital Securities have a maturity date of March 31, 2032 and bear interest at the prime rate plus 75 basis points, reset quarterly. CCF Holding Company used the proceeds from this offering to reduce its short-term debt and for general corporate purposes, including providing capital to its subsidiary, Heritage Bank. Please refer to the press release dated February 4, 2002 for further information.

CCF Holding Company is the parent company of Heritage Bank, a state chartered commercial bank serving in the southern market of greater Atlanta, Georgia. The bank has five full service offices. The Company's stock is traded on the Nasdaq small caps market under the symbol "CCFH." The information contained in this press release should be reviewed in conjunction with the Company's 10-QSB filing when available on the EDGAR system.