Approval of proposal by Protective Life

The following press release was published by the Board of Governors of the Federal Reserve System on Jan. 15, 2009. It is reproduced in full below.

The Federal Reserve Board on Thursday announced its approval of the proposal under section 3 of the Bank Holding Company Act by Protective Life Corporation, Birmingham, Alabama, to become a bank holding company by acquiring Bonifay Holding Company, Inc. and its subsidiary bank, The Bank of Bonifay, both of Bonifay, Florida.

Attached is the Board's Order relating to this action.

Source: Board of Governors of the Federal Reserve System