**Exhibit 99**

 

**Certification of the ChiefExecutive Officer and Chief Financial Officer**

**Pursuant to Section 111(b)(4) ofthe Emergency Economic Stabilization Act of 2008.**

 

Theundersigned, CharlieT. Lovering, Chief Executive Officer and Chief Financial Officer, certifies, basedon his knowledge, that:

 

(i) Thecompensation committee of Congaree Bancshares, Inc. (“Congaree”) hasdiscussed, reviewed, and evaluated with senior risk officers at least every sixmonths during the period beginning on the later of September 14, 2009, orninety days after the closing date of the agreement between Congaree andTreasury and ending with the last day of Congaree’s fiscal year containing thatdate (the applicable period), the senior executive officer (SEO) compensationplans and the employee compensation plans and the risks these plans pose toCongaree;

 

(ii) Thecompensation committee of Congaree has identified and limited during theapplicable period any features of the SEO compensation plans that could leadSEOs to take unnecessary and excessive risks that could threaten the value ofCongaree, and during that same applicable period has identified any features ofthe employee compensation plans that pose risks to Congaree and has limitedthose features to ensure that Congaree is not unnecessarily exposed to risks;

 

(iii) Thecompensation committee has reviewed, at least every six months during theapplicable period, the terms of each employee compensation plan and identifiedany features of the plan that could encourage the manipulation of reportedearnings of Congaree to enhance the compensation of an employee, and haslimited any such features;

 

(iv) Thecompensation committee of Congaree will certify to the reviews of the SEOcompensation plans and employee compensation plans required under (i) and (iii) above;

 

(v) Thecompensation committee of Congaree will provide a narrative description of howit limited during any part of the most recently completed fiscal year thatincluded a TARP period the features in

 

(A) SEOcompensation plans that could lead SEOs to take unnecessary and excessive risksthat could threaten the value of Congaree;

 

(B) Employeecompensation plans that unnecessarily expose Congaree to risks; and

 

(C) Employeecompensation plans that could encourage the manipulation of reported earningsof Congaree to enhance the compensation of an employee;

 

(vi) Congareehas required that bonus payments, as defined in the regulations and guidanceestablished under section 111 of EESA (bonus payments), of the SEOs and twentynext most highly compensated employees be subject to a recovery or “clawback”provision during any part of the most recently completed fiscal year that was aTARP period if the bonus payments were based on materially inaccurate financialstatements or any other materially inaccurate performance metric criteria;

 

(vii) Congareehas prohibited any golden parachute payment, as defined in the regulations andguidance established under section 111 of EESA, to an SEO or any of the nextfive most highly compensated employees during the period beginning on the laterof the closing date of the agreement between the TARP recipient and Treasury orJune 15, 2009 and ending with the last day of the TARP recipient’s fiscalyear containing that date;

 

(viii) Congareehas limited bonus payments to its applicable employees in accordance withsection 111 of EESA and the regulations and guidance established thereunderduring the period beginning on the later of the closing date of the agreementbetween the TARP recipient and Treasury or June 15, 2009 and ending withthe last day of the TARP recipient’s fiscal year containing that date;

 

(ix) Theboard of directors of Congaree has established an excessive or luxuryexpenditures policy, as defined in the regulations and guidance establishedunder section 111 of EESA, by the later of September 14, 2009, or ninetydays after the closing date of the agreement between the TARP recipient andTreasury; this policy has been provided to Treasury and its primary regulatoryagency; Congaree and its employees have complied with this policy during theapplicable period; and any expenses that, pursuant to this policy, requiredapproval of the board of directors, a 

 

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committeeof the board of directors, an SEO, or an executive officer with a similar levelof responsibility were properly approved;

 

(x) Congareewill permit a non-binding shareholder resolution in compliance with anyapplicable Federal securities rules and regulations on the disclosuresprovided under the Federal securities laws related to SEO compensation paid oraccrued during the period beginning on the later of the closing date of theagreement between Congaree and Treasury or June 15, 2009 and ending withthe last day of Congaree’s fiscal year containing that date;

 

(xi)Congaree will disclose the amount, nature, and justification for the offeringduring the period beginning on the later of the closing date of the agreementbetween Congaree and Treasury or June 15, 2009 and ending with the lastday of Congaree’s fiscal year containing that date of any perquisites, asdefined in the regulations and guidance established under section 111 of EESA,whose total value exceeds $25,000 for any employee who is subject to the bonuspayment limitations identified in paragraph (viii);

 

(xii)Congaree will disclose whether Congaree, the board of directors of Congaree, orthe compensation committee of Congaree has engaged during the period beginningon the later of the closing date of the agreement between Congaree and Treasuryor June 15, 2009 and ending with the last day of Congaree’s fiscal yearcontaining that date, a compensation consultant; and the services thecompensation consultant or any affiliate of the compensation consultant providedduring this period;

 

(xiii)Congaree has prohibited the payment of any gross-ups, as defined in theregulations and guidance established under section 111 of EESA, to the SEOs andthe next twenty most highly compensated employees during the period beginningon the later of the closing date of the agreement between Congaree and Treasuryor June 15, 2009 and ending with the last day of Congaree’s fiscal yearcontaining that date;

 

(xiv)Congaree has substantially complied with all other requirements related toemployee compensation that are provided in the agreement between Congaree andTreasury, including any amendments;

 

(xv)Congaree has submitted to Treasury a complete and accurate list of the SEOs andthe twenty next most highly compensated employees for the current fiscal yearand the most recently completed fiscal year, with the non-SEOs ranked indescending order of level of annual compensation, and with the name, title, andemployer of each SEO and most highly compensated employee identified; and

 

(xvi)I understand that a knowing and willful false or fraudulent statement made inconnection with this certification may be punished by fine, imprisonment, orboth.

 
| /s/  Charlie T. Lovering                             |   |
|------------------------------------------------------|--------|
| Charlie T. Lovering                                  |   |
| Chief  Executive Officer and Chief Financial Officer |   |
| March 31,  2010                                 |   |

 

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