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SouthCrest Financial Group Exits FDIC Loss Share Agreement

ATLANTA, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Brian D. Schmitt, Chief Executive Officer of SouthCrest Financial Group, Inc. (SCSG:PK) announced today that the Company has executed an agreement with the FDIC to exit the loss share agreement associated with a prior failed bank purchase.  The financial impact to SouthCrest as a result of the termination was marginally negative, and was accrued for in the third quarter.  This was the only loss sharing agreement that SouthCrest entered into during the recent cycle.

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: Andrew Bowen, APR  
  ab@clearviewcom.com  
  404-822-3309  
     
  Andy Borrmann  
  Chief Financial Officer  
  678.734.3505  

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