PEACHTREE CITY, Ga., March 3, 2014 (GLOBE NEWSWIRE) -- Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company has completed the consolidation of its four bank charters as of February 28, 2014. "We are very pleased to announce we are now one bank, SouthCrest Bank, N.A., and all of our customers in Georgia and Alabama now have high-touch service over a much larger footprint," stated Mr. Maloy. "This success is the result of countless hours of dedication and hard work by our employees. Their commitment has been herculean, given the fact that the difficulty of this task has been compounded by two snow and ice storms during the past four weeks."
The consolidation closely follows SCFG's $17.5MM capital raise and its reduction of the company's NPAs to under 2% of average assets in 4Q13. "With this added agility, SouthCrest can now begin to focus on profitability and growth in our primary markets, as well as increasing activity in contiguous metro areas such as Chattanooga, Birmingham, and Montgomery," stated Mr. Maloy. "We have already seen some savings in our operational expenses, and we are optimistic that we will exceed the 0.20% of assets of our original estimated cost savings through enhanced efficiencies."
SouthCrest Financial Group, Inc. is a $560 million asset bank holding company headquartered in Peachtree City, Georgia. The company operates a 13 branch network throughout Georgia and Alabama through its subsidiary bank, SouthCrest Bank N.A. The bank provides retail and commercial banking services, mortgage banking, investment management, and online banking services.
This presentation may contain certain "forward-looking statements" that are subject to risks, uncertainties, and other factors that could cause actual results and shareholder values to differ materially from those projected. Factors that could cause or contribute to such differences include economic conditions, government regulation and legislation, changes in interest rates, credit quality, competition, and other risk factors.
CONTACT: Andy Borrmann, (678) 734-3505 SVP Finance, SouthCrest Financial Group
Source:SouthCrest Financial Group, Inc.