ATLANTA, July 10 /PRNewswire/ -- Premier Bancshares, Inc. (AMEX: PMB)
announced its preliminary results for the second quarter 1997.  The Company
reported record net earnings of $2,224,000, or $.28 per share for the quarter.
This compares to net earnings of $1,454,000, or $.18 per share for the same
period in 1996.  This is an increase of 53% over the comparable period.
    Included in the net earnings for the quarter was an after tax gain of
$500,000 on the sale of Premier's majority interest in its consumer finance
subsidiary, Alliance Finance.  Also in the net earnings were merger related
expenses of $366,000 associated with the recent acquisition of Central and
Southern Holding Company.
    Darrell D. Pittard, Chairman and Chief Executive Officer of Premier
Bancshares, Inc., said, "We are optimistic about our continued operating
efficiencies and market share growth resulting from our recent merger with
Central and Southern Holding Company which closed on June 23."
    Year to date the Company reported earnings of $4,089,000, or $.52 per
share, compared to $2,959,000, or $.37 per share for the six months ended June
30, 1996.  This is an increase of 38% over the comparable period.  Premier
Bancshares, Inc. has current assets of $587,000,000.
    Robert C. Oliver, Chief Operating Officer of Premier Bancshares, Inc.,
said, "Our proposed merger with Citizens Gwinnett Bankshares, Inc. will make
Premier the fifth largest thrift and bank holding company in Georgia.  As we
continue to grow, we are differentiating our organization from the huge,
multi-state bank holding companies by remaining locally focused.  Our
continued earnings improvement indicates to us that Georgians want to bank
where they are known but can still obtain competitive, diversified financial
services which smaller community banks cannot provide."
    On June 24, 1997, Premier Bancshares, Inc. and Citizens Gwinnett
Bankshares, Inc. jointly announced that they had executed a definitive
agreement for Premier Bancshares, Inc. to acquire all of the outstanding
shares of stock of Citizens Gwinnett Bankshares, Inc.  Citizens Gwinnett
Bankshares, Inc. is a single bank holding company operating the third largest
community bank doing business in Gwinnett County, the Citizens Bank of
Gwinnett.  Citizens Gwinnett Bankshares, Inc. has assets of approximately
$155 million, and equity of approximately $11 million.
    The acquisition of Citizens Gwinnett Bankshares, Inc., which is expected
to close before the end of the year, is subject to shareholder and regulatory
approvals and other conditions including, but not limited to, that the
transaction will qualify for "pooling of interests" accounting treatment.  The
acquisition will bring the assets of Premier Bancshares, Inc. to approximately
$700 million.  Premier Bancshares, Inc. is a bank and thrift holding company
with five subsidiaries operating 27 offices located in the state of Georgia.

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