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Press Release - September 2005

Magnolia State Hope Fund for Jasper, Jones, and Smith Counties

BAY SPRINGS, MS – Thomas E. Brown, Chairman of the Board for Magnolia State Bank, announces the launch of a tax-deductible* fund to benefit victims of Hurricane Katrina in Jasper, Jones, and Smith counties – the Magnolia State Hope Fund.

“In the aftermath of the worst national disaster in United States history we must do our part to help the people of Jasper, Jones and Smith counties,” said Brown. “In many ways we are the untold story. It is my hope that the establishment of the Magnolia State Hope Fund will give us all the opportunity to help each other in this time of great need.”

The Magnolia State Hope Fund allows contributors to choose not only which county should receive their contribution but they can even specify a point of interest within that county.

“What is special about the Magnolia State Hope Fund is we give the contributor a great deal of say,” said Brown. “The contributor gets to decide whether the contribution goes to Jasper, Jones, or Smith county. The contributor can even specify where their contribution goes within that county – whether it is a church, organization, or another point of interest, we will put their contribution where they want it to be.”

The Magnolia State Hope Fund will be managed by a board of directors comprised of civic, religious and business representatives of equal number from each county. They will coordinate efforts with area churches, Departments of Human Services, County Civil Defense agencies, County EDA’s and charities such as the Pine Belt Chapter of the American Red Cross and The Salvation Army, in order to determine the areas in most need of the funds. Any donations not specifically designated for a certain county or point of interest will be placed into a general fund that will be dispersed equally throughout Jasper, Jones and Smith Counties. Magnolia State Bank is absorbing all administrative costs, allowing 100% of the funds to be paid out to disaster relief.

“The Magnolia State Hope Fund has a very specific focus,” said Brown. “We are going to do everything possible to help the victims of Jasper, Jones and Smith Counties. We believe strongly that people will want to give to a disaster relief fund that will stay right here at home.”

The fund has already received its first major donation of $5,000 from the First National Bank of South Florida, located in Homestead, Florida, an area severely damaged by Hurricane Andrew in 1992. “This bank understands what it takes to recover from a hurricane like Katrina,” said Brown. “Most of their employees lost their homes. We are thankful for their contribution.”

To donate to the Magnolia State Hope Fund go to any Magnolia State Bank office located in Bay Springs, Heidelberg, Laurel or Taylorsville. If you would like to mail a contribution please make your check out to Magnolia State Hope Fund care of Magnolia State Bank, P.O. Box 508, Bay Springs, MS 39422. You can also call Magnolia State Bank at 601-764-BANK (2265).

*Application for tax-exempt status has been filed and do not foresee any problems with being approved.

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