January 15, 2009

Approval of proposal by Protective Life

For immediate release

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.

Last Update: January 15, 2009