PEACHTREE CITY, Ga., Aug. 12, 2011 (GLOBE NEWSWIRE) -- Daniel W. Brinks, Chairman of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today the appointment of Kenneth H. Maloy as Chief Executive Officer, subject to any necessary regulatory non-objections. Mr. Maloy will replace Larry T. Kuglar, who is retiring as CEO after serving seven years with SouthCrest and 27 years as the CEO of First National Bank of Polk County, a subsidiary of SouthCrest. Mr. Kuglar will remain a member of the Board of Directors of the Company, and will be involved in the transition and execution of the new strategy cooperatively set by the Board and Mr. Maloy.
Mr. Maloy, age 52, has more than 25 years of regional and community banking experience, with the last 15 years in executive management, including seven successful years as CEO and President of a $600 million community bank in east Tennessee. He has resided in Georgia for the last three years as an independent investor focused on identifying attractive investment opportunities in the Georgia community bank market.
"The Board of Directors of SouthCrest Financial Group has made the decision to move the Company forward with a strategy built on taking advantage of the growth opportunities that exist in the current banking environment in Georgia and Alabama," said Brinks. "We began a search several months ago to find someone with strong community bank ties and values, a disciplined approach to managing the loan portfolio and the ability to take us to the next level through enhanced profitability. Ken's background and successful track record make him the ideal candidate for SouthCrest."
"On behalf of the Board, I want to thank Larry for his leadership and dedication to SouthCrest." Brinks said. "He will remain an integral member of the Board of Directors as we continue to build the franchise and enhance profitability for all the shareholders, customers and employees of SouthCrest. I also want to thank the Board of Directors for making this long-term and forward thinking commitment to the Company. I am confident that the time is right to make this move as the banking industry begins to evolve from this economic downturn."
SouthCrest Financial Group, Inc. is a $600 million asset bank holding company headquartered in Peachtree City, Georgia. The company operates a 14-branch network throughout Georgia and Alabama under the names SouthCrest Bank, Bank of Upson, Meriwether Bank & Trust, The First National Bank of Polk County, Peachtree Bank and Bank of Chickamauga. The banks provide retail and commercial banking services, mortgage banking, investment management, and online banking services.