SouthCrest Bank Agrees to Strategic In Market Branch Acquisition

ATLANTA, Sept. 11, 2020 (GLOBE NEWSWIRE) -- SouthCrest Financial Group (SCSG:PK), the holding company for SouthCrest Bank, N.A., announced an agreement to acquire the Thomaston branch of Colony Bank. 

CEO Brian D. Schmitt stated “We are extremely excited to be adding to our position as the leading bank in Thomaston and Upson County.  We look forward to giving the same great service to our new customers that we have provided in Upson County for nearly 70 years.”

The agreement includes the purchase of almost $40 million in deposits and approximately $3 million of loans from Colony as of the announcement date.  The parties expect to close the transaction at the end of the fourth quarter pending the standard regulatory approval process.  Janney Montgomery Scott acted as an advisor to SouthCrest in this transaction.

ABOUT SOUTHCREST
SouthCrest Financial Group, Inc. is a bank holding company with over half a billion dollars in assets, headquartered in Atlanta, GA. The company operates a 9 branch network throughout Georgia through its subsidiary bank, SouthCrest Bank, N.A. The bank provides a full suite of retail, private, entrepreneurial, high-net-worth and commercial banking services, and online banking services.

FORWARD LOOKING STATEMENTS
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
Chief Financial Officer
678.734.3505