PEACHTREE CITY, Ga., Jan. 2, 2015 (GLOBE NEWSWIRE) -- Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company is paying dividends on its Series A and Series B Perpetual Cumulative Preferred Stock. These shares were issued under the TARP program and were auctioned by the Treasury in March 2013. With this payment the dividends will be current through the most recent scheduled payment date of November 15, 2014.
"We are proud that the Company's performance has progressed to the point that we can make this payment and we expect to return to normal quarterly payments going forward," said Maloy. "We continue to progress with our cost savings programs, our loan growth remains on track and we believe that 2015 will be the best year for the Company in the past several."
SouthCrest Financial Group, Inc. is a $560 million asset bank holding company headquartered in Peachtree City, Georgia. The company operates a 12 branch network throughout Georgia and Alabama through its subsidiary bank, SouthCrest Bank, N.A. The bank provides retail and commercial banking services, mortgage banking, SBA lending, 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: For more information, contact: Andy Borrmann, 678-734-3505 Chief Financial Officer, SouthCrest Financial Group
Source:SouthCrest Financial Group, Inc.