Take a New Look at Direct Deposit and Direct Payment

BUSINESS WIRE--A financial industry group is encouraging consumers and businesses to take a new look at using Direct Deposit and Direct Payment. Although the two payments options have been around for more than 30 years, the group will use the national awareness month in May to update information on old assumptions about the two payment options.

Three out of four workers who are offered Direct Deposit use it. However, there are still many workers who are not offered this benefit, primarily employees of small businesses.

“Most small business owners still think Direct Deposit is only efficient for large corporations. That’s simply not the case any more,” said Lisa Monroe, EPS manager at Evangelical Christian Credit Union and the chairperson of NACHA’s Marketing Management Group (MMG). “Businesses with fewer than 100 employees can save more than $7000 per year by offering Direct Deposit to employees. The cost savings per employee is approximately $3 per paycheck.”

Not only can small businesses save money, they will also save the time it takes to process checks each pay period. And they will provide a benefit that U.S. employees have come to expect from their companies.

“Direct Deposit programs are easy to set up. Companies should speak with the small-business expert at their financial institutions to find the most cost-effective way to offer this valuable benefit,” said Monroe.

Direct Deposit provides a simple, safe and smart benefit for employees. Consumers who use Direct Deposit to save by splitting their paychecks into more than one account save $25 more per month than those who save by other means. That’s $300 more in savings every year just by using Direct Deposit to save.

Although virtually all large corporations offer Direct Deposit for pay, very few consistently offer Direct Deposit for expense reimbursement, bonus payments and pension payments. Businesses that are using Direct Deposit can include these payments easily into existing Direct Deposit programs to provide even more benefit to employees.

Direct Payment is an option to pay bills electronically without using a computer. The service is set up directly with the companies that send you bills. Once Direct Payment is set up, you don’t have to do anything. Your bills are paid automatically.

“Consumers may have outdated assumptions about Direct Payment. First, it’s very easy to set up,” said George Roach, systems specialist at Con Edison and a member of MMG. “And, it’s one of the safest ways to pay your bills. Direct Payment travels securely from your financial institution to the companies that send you bills. It’s the most private way to pay bills.”

According to a Javelin Strategy & Research study, the majority of identity theft starts with someone seeing your personal information on a check, billing statement or bank account statement. With Direct Payment, far fewer people see your personal financial information.

Like online bill payment, Direct Payment is electronic. However, with Direct Payment, you don’t need a computer to pay your bills and your bills are paid automatically each month to ensure on-time payments.

“Online bill payment is a good option for paying bills electronically too,” said Roach. “However, Direct Payment is often overlooked and it’s the easiest payment option out there.”

Having your bills paid automatically each month could help improve your credit score. About 35% of the FICO score is based on payment history including detail on timely payments and late or missed payments. Direct Payment ensures that you will never have another late or missed payment.

More than half of households use Direct Payment for at least one recurring payment. Almost 3.5 billion payments were made by Direct Payment in 2007.

For more information on how to start using Direct Deposit and Direct Payment, visit www.electronicpayments.org.

National Poll Finds That Corn Products Are Really "Nuts"

Capital Earnings & Research are experts in national polling and targeting consumer language for TV and radio advertisements, conference earnings calls and public relations by using focus groups and "dial-testing" technology for Wall Street and Fortune 5000 companies.

When is it time to call corn and corn products, NUTS? -- When we use them for fuel products.

After conducting a nationwide poll** during April 29-30, 2008 of 483 random consumers, our results revealed that 64% of the respondents thought it's just plain nuts to put our food supply in the gas tanks of cars and trucks. Our poll question was open-ended and simple - 'In one sentence - why would anyone put a gallon of milk in their vehicle's gas tank?' The responses varied after the sample population was explained that, including efficiencies, subsidies, manufacturing and transportation, costs to add ethanol to gasoline were approximately $6/per gallon.

As we followed up with a question line, our consumers left us with the opinion that they thought ethanol was directly responsible for at least some of the costs of food rising and certainly saw how ethanol could increase the cost of gasoline at the pump. Our most notable response came from a lady at the Mall of America in Minnesota. The consumer stated that, "ethanol has to be another of those experiments coming out of Washington;" She added, 'those are the same people who are raising the price of stamps in the next few days that will represent about a 10% increase over the last 2 years. If they can't keep something as simple as the stamp program under control, why should we expect them to do any better with Social Security, Medicare and a proposed Health Care Program.'

So what can consumers expect? As the price of corn and corn products continues to increase, ethanol manufacturers will pass the increases along to the consumer raising the price of gasoline even more. As food prices increase, so will all food related costs including a night out at a favorite restaurant.

Looking out for the consumers interest are U.S. Senator Kay Bailey Hutchison (TX) and Texas Governor, Rick Perry. Both have stepped ahead of their colleagues and asked for some method of relief for consumers. Perry has petitioned a 50% waiver on the renewable fuel standard of ethanol produced from grain since it has already demonstrated a negative impact on the overall economy. Hutchison feels that ethanol, as it is currently mandated, is a mistake according to her article prefaced in 'Capitol Comment' and is requesting a freeze on the bio-fuel mandate. She also has introduced an energy bill that already has numerous co-sponsors.

Corn products for fuel can have contributed to a 200% rise in the price of corn since January, 2007. That gain translates to an increase of 75% in the price of gasoline, 115% in the price of oil, 20% in overall food prices and even an increase of up to 30% in insurance rates. The alternatives are to tap the available energy in the U.S. and harvest our energy for domestic consumption if only for the 'Green Effect.' The use of corn for fuel is one of the greatest pollutants to the Gulf of Mexico that creates larger aquatic dead zones caused by fertilizer runoff.

Our consumers who participated in this poll got it right. The corn for fuel mandate appears to add threats to human existence in some parts of the world. We need to realize that modifying this mandate can produce enough food to feed over 100 million people in the world for the next year. So when is it time to call corn and corn products really "NUTS?" When we use food to fuel our gas tanks!

--- contribution by H. Richard Oprinski, Chief Investment Officer

A Grant Brings Smiles to Clayton State University

The Clayton State University Department of Dental Hygiene recently received a $40,000 grant from the Mary Allen Lindsey Branan Foundation, managed by Wachovia Trust. The grant was recommended to the Clayton State University Foundation by Tamara W. Patridge, assistant vice president of nonprofit and philanthropic services for Wachovia Trust.

“The grant will mean that we can update our dental equipment in areas such as digital radiography and paperless charts and evaluation instruments which will move us into the direction of a paperless clinic,” explains Dr. Susan Duley, head of the Department of Dental Hygiene.

The objective of the grant was to become a source of financial assistance in the renovation of the dental hygiene clinic, which had previously undergone no major renovations since its opening. Aside from updating the clinic with new technology, the clinic is in need of more work stations to accommodate the growing program and increased demand.

The clinic allows students to gain hands-on experience in addition to their classroom training. The clinic is also an important entity serving an underserved population that might not otherwise be able to afford proper dental hygiene care.

With the planned renovations to the dental hygiene clinic, the program anticipates an increase in student enrollment and will be able to admit 40 new students instead of the current 28 each year. Additionally, the number of patients served through the clinic is anticipated to increase from 2,100 to 3,000, a 30 percent increase.

“Updating these two areas, the digital radiography and move to the paperless clinic, will impact the quality of education for the dental hygiene students,” says Duley.

For more information on the Clayton State Dental Hygiene Clinic, or to make an appointment, call (678) 466-4920.

A unit of the University System of Georgia, Clayton State University is an outstanding comprehensive metropolitan university located 15 miles southeast of downtown Atlanta.

Heritage Financial Group to Reduce Its Planned Investment in North Georgia Start-up Bank

(BUSINESS WIRE)--Heritage Financial Group (NASDAQ:HBOS), the mid-tier holding company for HeritageBank of the South, today announced that it will reduce its planned investment in Chattahoochee Bank of Georgia, a new bank being organized in Gainesville, Georgia. In November 2007, the Company announced that it expected to invest up to approximately $3 million in the new bank, which would have given Heritage Financial Group an ownership position of slightly less than 15%. However, in light of regulatory considerations, Heritage Financial Group now expects to limit its investment to slightly less than 5%, representing an investment of approximately $1 million.

Commenting on the Company's announcement, Leonard Dorminey, President and Chief Executive Officer of Heritage Financial Group, said, "We remain excited about the formation of Chattahoochee Bank of Georgia and see it as an opportunity to develop additional loan growth by participating in loans originated with small- to medium-size business owners and professionals in Hall and northern Gwinnett County. However, due to regulatory restrictions that would have been imposed on activities between the two banks, we feel it is best to limit our investment to less than 5%."

Heritage Financial Group's investment in Chattahoochee Bank of Georgia remains subject to several conditions, including the approval of a charter application with state and federal banking regulators, the bank's commencement of operations, the bank meeting a minimum capitalization level and other customary conditions.

Heritage Financial Group is the mid-tier holding company for HeritageBank of the South, a community-oriented bank serving primarily Southwest Georgia and North Central Florida through seven full-service banking offices. As of December 31, 2007, the Company reported total assets of approximately $469 million and total stockholders' equity of approximately $66 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com, and see Investor Relations under About Us.

Heritage, MHC, a mutual holding company formed in 2002, holds approximately 73% of the shares of Heritage Financial Group. The remaining 27% of Heritage Financial Group's shares are held by public stockholders following the Company's June 2005 initial public offering.

Except for historical information contained herein, the matters included in this news release and other information in the Company's filings with the Securities and Exchange Commission may contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and include this statement for purposes of these safe harbor provisions. Further information concerning the Company and its business, including additional factors that could materially affect our financial results, is included in our other filings with the SEC.

The Best Defense-Know Your Score

(NAPSI)-According to a 2006 Pentagon report, nearly one in five military servicemembers turns to predatory lenders for "payday" loans when low on funds. These loans offer the promise of quick cash but they come with a heavy price tag: excessively high interest rates and fees, which can lead to a cycle of increasing debt. To address this problem, the Department of Defense recently issued new rules that cap interest rates for loans to servicemembers and their dependents.

Servicemembers can help themselves secure better rates on loans from traditional financial institutions, such as banks and credit unions, by knowing their credit scores and, if necessary, taking steps to improve them. A low score prevents access to preferred interest rate loans-so you pay more for the money you borrow.

Credit scores-which can range from 300 to 850-may be impacted by:
• Payment history-Make all payments on time.
• Level of debt-Avoid "maxing out" credit cards or maintaining high balances.
• Length of credit history-Aim for a long history of responsible credit management.
• Type of credit-Make sure to use a mix of credit (such as credit cards, retail accounts, or home and car loans) appropriately.
• New credit or inquiries-While shopping for good rates won't hurt a score, opening multiple credit accounts in a short time frame can.

"Since financial success often depends on a person's credit score, managing and improving credit is an important first step servicemembers can take to help achieve their long-term financial goals," said Mary Schapiro, chairman of the FINRA Investor Education Foundation, which launched the Military Financial Education Program in early 2006.

To help the military take this critical step, the FINRA Investor Education Foundation is offering free access for active-duty servicemembers and their spouses to BrightScore, an online credit management tool. BrightScore helps individuals understand what factors have hurt or helped their credit score, creates a custom action plan and provides access to live counselors.

To join the thousands of activeduty servicemembers who have taken advantage of BrightScore, servicemembers can visit their installation Personal Financial Manager for a free access code.

The FINRA Investor Education Foundation is a leader in providing financial and investor information to help Americans better understand the basic principles of saving and investing. Learn more about credit and money management at www.SaveAndInvest.org.

New programs are in place designed to help members of the armed forces do a better job of managing credit.

Consumers can expect higher food prices

By Faith Peppers
University of Georgia

Americans are paying record prices to fuel their cars. They’re paying more to fuel themselves, too, according to the recently released U.S. Bureau of Labor Statistic Consumer Price Index.

“Food prices are going up dramatically,” said John McKissick, an economist with the University of Georgia College of Agricultural and Environmental Sciences. “Prices are already up 6.5 percent compared to February last year.”

The CPI is a measure of the average change in prices over time of goods and services purchased by households.

Energy and commodity prices will likely continue to go up, he said. This will cause food prices to go higher, too, especially meat prices, which have increased 4 percent in the last year.

“On meat, the biggest energy factor is grain being taken out of production for feed to be used for ethanol,” he said. “It has driven all feed prices up including soybean, wheat and corn, due to the short supply. Grain prices are almost double the relatively high prices of a year ago.”
Due to the high price for feed, farmers are spending 40 to 60 percent more this year than last to produce poultry, pork or beef.

According to the CPI report, cereal and bakery products rose almost 2 percent in February alone. That’s the largest jump in a single month since Jan. 1975.

The prices for all processed foods will go up. Fruits and vegetable prices will go up, too, because they typically have to be shipped long distances to reach markets. That takes fuel.

Growing food and getting it to tables takes a lot of energy, McKissick said. That’s why energy is such a big influence on food prices.

“The packaging, processing and production of all our food, plus transporting it have all gone up dramatically due to energy costs,” he said. “The retailer can pass some of that cost on to the consumer.”

But the economic squeeze has caused some major poultry companies to announce poor quarterly earning reports and cutbacks.

The best grocery buys this year will be found close to home.

“Those products that aren’t as energy intensive like local fresh produce, including milk, that also aren’t transported as far will be the cheapest,” McKissick said. “They won’t go up as much, but they will go up because they still have to use energy for production.”
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Michele Norman joins UVEST Financial, a partner with Heritage Bank, as Financial Consultant

Heritage Bank announces the addition of Michele Norman, who will serve as a Financial Consultant with UVEST Financial Services, a partner to Heritage Bank. Ms. Norman will help business owners or anyone experiencing a life change determine their foremost financial goals and challenges, from which she will develop effective financial plans that are tailored for each client’s unique needs.

Ms. Norman has extensive knowledge from a client perspective. She has 11 years in the investment industry with BB&T Investments and Morgan Stanley. Ms. Norman states, “As a baby boomer, I not only have the skill and experience to address issues of retirement, I also have my 90-year-old father who lives with my husband and me. My husband’s parents also live close by. I am personally familiar with the needs of senior citizens and their caregivers. I have experienced one of the worst bear markets in U.S. history during the 1970’s, and I have the experience, skill set, and tools to help my clients weather the financial interest rate changes in times of booms and busts.”

Heritage Bank is committed to the future of its customers and providing the best return possible on their money. “Heritage Bank has always been dedicated to helping its customers reach their business and personal financial goals,” says Leonard Moreland, CEO of Heritage Bank. “By partnering with Michele, we have the experience that will continue to supply the needs of both consumers and businesses. We are fortunate to have her as part of the team.”

For more information on Heritage Bank’s products, Ms. Norman, or how other Heritage Bank members can meet your banking needs, please call 770-478-8881.

Heritage Bank, a state chartered commercial bank, has been serving metro Atlanta’s Southern Crescent since 1955. The independent community bank features a well-rounded offering of commercial and consumer products, and is an active, involved member of the community it serves. The Bank has seven full service offices. The company’s stock is traded on The Nasdaq Small Cap Market under the symbol “CCFH.” For more information, visit the Heritage Bank website at http://www.heritagebank.com/.

Securities are offered by, and Investment Consultants are registered with UVEST Financial Services, member FINRA/SIPC. UVEST and ­­­­­­­­­­­­­­­­­­­­­Heritage Bank are independent entities. Securities, with the exception of Brokerage CDs, (1) are not bank deposits; (2) are not insured or guaranteed by the FDIC, or any other government agency; (3) are not obligations of, or guaranteed by, any financial institution; and (4) involve investment risks, including the potential for fluctuations in investment return and the potential loss of principal.

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BB&T named a top training company in national survey

BB&T Corporation (NYSE: BBT) has been named to Training magazine’s “Training Top 125,” a national survey of organizations that excel at workforce training, for the sixth year in a row.

In its February issue, the magazine ranked BB&T at No. 18, the second highest rating for a U.S.-based financial services company and BB&T’s highest ranking ever.

BB&T was recognized for its “Risk Management Association Diagnostic Assessment” program for business lenders, administered by the company’s training arm known as BB&T University.

“We do everything at BB&T University with desired outcomes in mind, results which will have an impact on the overall corporate mission,” said BB&T University Manager Will Sutton. “It’s certainly rewarding to be recognized for our efforts by a well-respected national publication.”

In compiling the rankings, magazine editors considered factors such as how closely training was tied to business objectives, number of trainers, employee turnover and retention, leadership development, and training budget.

Winston-Salem, N.C.-based BB&T University oversees the organization’s training programs. The division has 132 employees at 29 sites across the company’s footprint.

“Our vision at BB&T is simply to create the best financial institution possible,” said Tim Davis, manager of BB&T’s Human Systems Division. “Through continuing education, BB&T employees learn new concepts and ideas which eventually become habits, or values. These values, in turn, help BB&T transform its vision into reality.”

BB&T University manages virtual and classroom training for, among other curricula, retail and business credit; branch operations; sales and service; office technology; and leadership and personal development. It also manages the organization’s Leadership Development Program, which trains two classes of future leaders for the company each year, and the BB&T Banking School at Wake Forest University, the only school of its kind in the country.

In 2007, BB&T University offered more than 3,200 classes, resulting in more than 79,000 days of employee training and development. Sixty-seven mid-management employees graduated last year from the BB&T Banking School.

BB&T employees also take advantage of the company’s Farr Associates subsidiary for teambuilding activities and advanced leadership classes.

Minneapolis-based Training is a 41-year-old national magazine that advocates training as a business tool. For the complete ranking and report, visit trainingmag.com.

With $132.6 billion in assets, Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) is the nation’s 14th largest financial holding company. It operates nearly 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.
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