FAYETTEVILLE, Ga., April 6, 2009 (GLOBE NEWSWIRE) -- SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that it will pay a dividend of 4 cents per share on April 30 to shareholders of record on April 16.
On April 2, 2009, the SouthCrest Board of Directors held a special meeting at which it discussed the Company's dividends in light of 2008 core earnings, estimated 2009 earnings, and the desire to preserve capital given current economic conditions. After reviewing the pertinent considerations, the Board voted to reduce the Company's dividend from $0.13 per share paid in the first quarter to $0.04 per share for the second quarter.
About SouthCrest Financial Group, Inc.
SouthCrest Financial Group, Inc. is the parent company of four bank subsidiaries operating a total of fourteen branch offices. Bank of Upson, based in Thomaston, GA, has two branches in Upson County, three branches in Meriwether County operating as Meriwether Bank & Trust, and two branches in Fayette County operating as SouthCrest Bank; The First National Bank of Polk County, based in Cedartown, GA, operates three branches in Polk County; Peachtree Bank, based in Maplesville, AL, operates two branches in Chilton County, Alabama; and Bank of Chickamauga, located in Chickamauga, Georgia, operates two branches in Walker County, Georgia. SouthCrest is traded on the OTC-Bulletin Board under the symbol "SCSG."
Forward-Looking Statements: This release contains forward-looking statements including statements relating to present or future trends or factors generally affecting the banking industry and specifically affecting SouthCrest's operations, markets and products. Without limiting the foregoing, the words "believes," "anticipates," "intends," "expects," or similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected for many reasons, including, without limitation, changing events and trends that have influenced SouthCrest's assumptions, but that are beyond SouthCrest's control. These trends and events include (i) changes in the interest rate environment which may reduce margins, (ii) not achieving expected growth, (iii) less favorable than anticipated changes in the national and local business environment and securities markets, (iv) adverse changes in the regulatory requirements affecting SouthCrest, (v) greater competitive pressures among financial institutions in SouthCrest's markets and (vi) greater loan losses than historic levels. Additional information and other factors that could affect future financial results are included in SouthCrest's filings with the Securities and Exchange Commission.