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SouthCrest Financial Group (SCSG) in Peachtree City, Ga., has raised nearly $18 million and plans to merge its banks.
October 25 -
The $557 million-asset company announced Monday that Holland will become chief credit officer for its SouthCrest Bank unit. He succeeds Kent Berry, who retired this year.
August 19 -
SouthCrest Financial (SCSG) in Peachtree City, Ga., has raised nearly $18 million from a group led by Castle Creek Capital.
August 1
SouthCrest Financial Group (SCSG) in Peachtree City, Ga., has received regulatory approval to merge its four banks into a single charter operating under the name SouthCrest Bank.
The $560 million-asset company will consolidate the charters of SouthCrest Bank, First National Bank of Polk County, Bank of Chickamauga and Peachtree Bank, according to a Monday press release. The Office of the Comptroller of the Currency will act as the new bank's regulator.
The move "provides us with the scalability to leverage technology" and "drastically reduces
our regulatory burden and administrative overhead, creating greater value for our shareholders," SouthCrest President and Chief Executive Kenneth Maloy said in the release.
The company expects to complete the legal consolidation by the end of the first quarter. Operational consolidation will be complete sometime during the third quarter.
SouthCrest expects its fourth-quarter earnings to reflect approximately $1 million in merger-related expenses.
SouthCrest recently completed a