Exhibit 99.1
October 26, 2006
Dear Shareholder:
On October 25, 2006, El Banco Financial Corporation and NBOG
Bancorporation, Inc. mutually agreed to terminate their pending merger
agreement. The parties concluded that receipt of regulatory approval would not
be forthcoming on a timely enough basis to satisfy each side's business
requirements. Under the terms of a termination agreement, both parties agreed to
release any claims they may have against the other and that no termination fee
would be paid by either party.
NBOG has engaged Xxxxxxx & Company to identify a strategic partner to
acquire or recapitalize The National Bank of Gainesville. NBOG has also asked
Xxxxx Xxxxx, and Xxxxx has agreed, to serve as President of the Bank and as
NBOG's principal executive officer.
The 2006 Annual Meeting of Shareholders will be held on Thursday,
December 14, 2006. We hope that you will be able to join us to discuss our plans
for the future. We will be mailing you a proxy statement and 2006 Annual Report
in the coming weeks.
In the meantime, please do not hesitate to contact either of us at
(000) 000-0000.
Sincerely,
/s/ X. Xxxxx Xxxxx /s/ Xxx Xxxxxxx
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X. Xxxxx Xxxxx Xxx Xxxxxxx
President & Chief Executive Officer Chairman
