ATLANTA, April 16 /PRNewswire/ -- Premier Bancshares, Inc. (AMEX: PMB),
has reported that it will increase its minority interest in Net.B@nk, Inc.,
holding company of the Atlanta Internet Bank, as a result of extending the
term of the agreement to sell the thrift charter of Premier Bank, FSB, along
with a nominal amount of assets and liabilities.  The sale of the thrift will
close subsequent to the initial public offering of Net.B@nk's shares which is
expected to be completed by the end of May.  The agreement to extend the term
also included an additional sum of cash to be paid to Premier Bancshares, Inc.
as part of the consideration.
    Darrell D. Pittard, Chairman and Chief Executive Officer of Premier
Bancshares, Inc., said, "We had planned from the very beginning of our
negotiations with the Net.B@nk to move the bulk of the thrift's assets and
liabilities into our commercial bank.  The delay in closing the sale of the
thrift has resulted in some disruption of our marketing plans.  However, we
feel it was a positive move to put our marketing plans on hold in order to
increase our interest in what we believe to be a very good investment,
Net.B@nk."
    As previously announced, Premier Bancshares, Inc. plans to change the name
of its commercial bank from First Alliance Bank to Premier Bank.  The
commercial bank has received regulatory approval to establish a branch banking
office in Marietta, Georgia, located one block south of the Marietta square on
Atlanta Street.  This branch will open in early- to mid-summer.
    Premier Bancshares, Inc. previously reported record earnings of
$1,151,000 for the first quarter of 1997.  Included in these first quarter
earnings were utilization of previous years' net operating loss carry forwards
of $346,000.  In addition, expenses related to the pending merger with Central
and Southern Holding Company were approximately $80,000 for the quarter.
    Earnings in the first quarter of 1996 were $763,000, which included an
after tax gain on sale of securities of $94,000.  Excluding the above noted
unusual items, earnings would have been $885,000 in the first quarter of 1997
and $669,000 in the first quarter of 1996.  This represents an increase of
$.05 per share.
    On a per share basis, net income for the first quarter of 1997 was
$.27 per share, as compared to $.18 for the first quarter of 1996.  This
represents an increase of 51 percent over last year's first quarter.  For
purpose of comparison, the 1996 per share earnings have been restated to
reflect the impact of the March 1997 stock split.
    During the first quarter of 1997, the Company announced a definitive
agreement to merge with The Central and Southern Holding Company, a bank and
thrift holding company headquartered in Milledgeville, Georgia, subject to
shareholder and regulatory approval.  After the merger, which is scheduled to
close in June of this year, Premier Bancshares, Inc. will have total assets in
excess of $535,000,000.  Other notable first quarter events included the
listing of Premier Bancshares' common stock on the American Stock Exchange
(symbol PMB), the payment of a $.30 cash dividend, and a 1.8055-for-1 stock
split.
    Premier Bancshares, Inc. is a bank and thrift holding company with four
subsidiaries serving the greater metropolitan Atlanta area.  Subsidiaries
include First Alliance Bank; Premier Bank, FSB; Premier Lending Corporation,
and Alliance Finance, Inc.
    Additional financial information is available from Frank H. Roach,
Executive Vice President and Chief Financial Officer at 404-814-3090.

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