Exhibit 99.1

PRESS RELEASE

LOGO

American Community Bancshares, Inc. Announces

Fourth Quarter and Full Year 2008 Results

Charlotte, NC – February 11, 2009 – American Community Bancshares, Inc. (NASDAQ: ACBA) today announced fourth quarter and year-end 2008 financial results:

Fourth Quarter 2008 Highlights:

 

   

Total annualized loan growth of 6% from the third quarter of 2008

 

   

Net interest margin of 2.76%, a decrease of 62 basis points from 3.38% in the third quarter 2008, and a decrease of 125 basis points from 4.01% in the fourth quarter of 2007

 

   

Nonperforming loans of 1.82% of total loans, compared to 0.93% at the end of the third quarter of 2008 and 0.44% at the end of the fourth quarter of 2007

 

   

Provision for loan losses of $2.8 million, up $1.4 million from the third quarter of 2008, and up $2.4 million from $471,000 in the fourth quarter of 2007

 

   

Allowance for loan losses equal to 2.13% of total loans compared to 1.74% at the end of the third quarter of 2008 and 1.46% at the end of the fourth quarter of 2007

 

   

Net loss of $934,000, or $0.14 per diluted share

Full Year 2008 Highlights:

 

   

Well-capitalized, with Tier 1, total capital, and leverage ratios of 11.38%, 12.64%, and 9.45%, respectively

 

   

Total loans grew 9% on a year-over-year basis, with total deposit growth of 7%

 

   

Net loss of $2.7 million for the full year ended December 31, 2008, or $0.41 per diluted share

The fourth quarter 2008 net loss of $934,000, or $0.14 per diluted share resulted primarily from a $1.4 million increase, to $2.8 million, in the provision for loan losses compared to the third quarter of 2008. Also impacting the results was a 14% decrease in net interest income, mainly due to a decrease in the net interest margin of 62 basis points to 2.76% in the fourth quarter of 2008, compared to 3.38% in the third quarter of 2008. The decrease in the net interest margin was principally the result of the 175 basis point decrease in the Fed Funds rate during the fourth quarter of 2008, which had a more immediate impact on loan yields than on deposit costs. Fourth quarter 2008 results also included a $128,000 other than temporary impairment charge related to investments in Federal home Loan Mortgage Corporation (“Freddie Mac”) and Federal National Mortgage Association (“Fannie Mae”) preferred stock.

The Company’s net loss for the year ended December 31, 2008 was $2.7 million, or $0.41 per diluted share, compared with net income of $5.0 million, or $0.72 per diluted share for the year ended December 31, 2007. The net loss for the full year 2008 was due to several factors, including a $2.9 million other than


The following information was filed by American Community Bancshares Inc on Wednesday, February 18, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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