Monday, May 21, 2018
SouthCrest Financial Group Reports Significant OREO Sale
ATLANTA, GA – Brian D. Schmitt, Chief Executive Officer of SouthCrest Financial Group, Inc. (SCSG:PK), is pleased to announce that the Company has closed a sale of its largest OREO property, a former bank building, at a small gain this week. This sale reduced its OREO balances to $1.0MM from 1Q18 levels of $2.6MM. Based on 1Q18 balances, including the impact of this sale, NPA levels would fall to under 1.1% of total assets. “We continue to be pleased with the pace and results of our ongoing projects to enhance shareholder value,” Schmitt commented.
In addition, SouthCrest also has achieved its recent goal of having 50% of its total loans and 30% of total deposits in the Atlanta MSA market. Schmitt stated, “We have made significant progress in leveraging our great deposit base through our recent lending hires in Atlanta. We expect this trend to continue and we are moving our Atlanta loan and deposit targets to 60% and 40% of total loans and deposits respectively.”
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.
Chief Financial Officer