The St. Joe Company Announces Plans for a New Capital City Bank Location at Panama City Beach Parkway and North Glades Trail in Panama City Beach, Florida

The St. Joe Company (NYSE: JOE) (“St. Joe”) today announces an executed
lease with Capital City Bank Group for a new banking office to be built
on the corner of Panama City Beach Parkway and North Glades Trail in
Panama City Beach, Florida. This will be its first full-service banking
location in Bay County.

“We are very pleased to welcome an additional financial institution to
Panama City Beach,” said Dan Velazquez, Senior Vice President of
Commercial Real Estate for St. Joe. “For nearly 125 years, Capital City
Bank has had great success in the Southeast and more specifically,
Northwest Florida. This centralized Panama City Beach location gives
them a convenient location to serve customers throughout the market.”

Founded in 1895 and headquartered in Tallahassee, Florida, Capital City
Bank currently has 59 locations in Florida, Georgia and Alabama and
provides a full range of consumer, wealth management, business and
commercial banking services. “Panama City Beach has a strong local
economy and loyal sense of community that aligns well with our corporate
values of community involvement, advocacy and partnership,” said William
G. Smith Jr., Chairman, President and Chief Executive Officer for
Capital City Bank Group. “Our bankers are proud to call Panama City
Beach home, and we look forward to expanding our relationships in the
Florida panhandle.”

Throughout its history, Capital City Bank has repeatedly received the
title of best bank or financial institution in multiple communities
across its footprint including Tallahassee, FL, Crawfordville, FL,
Palatka, FL and Cairo, GA. Additionally the company has been chosen for
Florida Trend Magazine’s annual list of “Best Companies to work for in
Florida” seven years in a row, Georgia Trend Magazine’s “Best Places to
Work” since 2016 and the American Bankers Association’s “Best Banks to
Work For” six consecutive years.

Construction began this spring with plans calling for the bank to be
open to customers in 2020.

Important Notice Regarding Forward-Looking
Statements

This press release contains “forward-looking statements,” within the
meaning of Section 21E of the Exchange Act, including statements
regarding plans to develop a new building, lease to Capital City Bank
and the timing of commencing construction of the new Capital City Bank.
These forward-looking statements are qualified in their entirety by
cautionary statements and risk factors set forth in St. Joe’s filings
with the SEC, including its Annual Report on Form 10-K filed with the
SEC on February 27, 2019, as updated by subsequent current report
filings as well as the following: (1) the ability of St. Joe to
successfully complete the planned project and (2) the continued interest
of prospective customers of a bank in Panama City Beach.

About The St. Joe Company

The St. Joe Company, together with its consolidated subsidiaries, is a
real estate development, asset management and operation company. The
Company owns land concentrated primarily in Northwest Florida and has
significant residential and commercial land-use entitlements in hand or
in process. More information about the Company can be found on its
website at www.joe.com.

About Capital City Bank

Capital City Bank Group, Inc. (NASDAQ:CCBG) is one of the largest
publicly traded financial holding companies headquartered in Florida and
has approximately $2.9 billion in assets. The bank provides a full range
of banking services, including traditional deposit and credit services,
mortgage banking, asset management, trust, merchant services, bankcards,
and securities brokerage services. The company’s subsidiary, Capital
City Bank, was founded in 1895 and now has 59 banking offices and 73
ATMs in Florida, Georgia and Alabama. For more information about Capital
City Bank Group, Inc., visit www.ccbg.com.

©The St Joe Company 2019. “St. Joe^®”, “JOE^®”,
the “Taking Flight” Design^®, “St. Joe (and
Taking Flight Design) ^®”, are registered
service marks of The St. Joe Company or its affiliates.

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