ATLANTA, April 12, 2017 (GLOBE NEWSWIRE) -- Brian D. Schmitt, Chief Executive Officer of SouthCrest Bank and SouthCrest Financial Group, Inc. (SCSG:PK), announced today that the bank has received approval from the Federal Reserve to retire the remaining $5.555 million of Series A and Series B Preferred shares issued under the Treasury Department’s TARP program. To complete this transaction, SouthCrest Bank NA has distributed $3.9 million of capital to the holding company.
The Company expects to complete the redemption on May 15, 2017. When complete, the approximately $500,000 per year of preferred dividends will no longer be due to the preferred shareholders. In addition, this transaction will occur with no impact on tangible book value per share.
“Completion of the process of redeeming all TARP shares is a testament to the strength and resilience of SouthCrest Bank and SouthCrest Financial Group,” said Schmitt. “I could not be more proud of our company’s executives and associates whose smart work, dedication and professionalism helped us to reach this important milestone.”
ABOUT SOUTHCREST
SouthCrest Financial Group, Inc. is a $550 million asset bank holding company headquartered in Atlanta, Ga. The company operates a 10 branch network throughout Georgia and Alabama through its subsidiary bank, SouthCrest Bank, N.A. The bank provides a full suite of retail 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.