Monday, September 11, 2017
SouthCrest Financial Group announces closing on sale of two Alabama branches to Guardian Credit Union
ATLANTA, GA – Brian D. Schmitt, Chief Executive Officer of SouthCrest Financial Group, Inc. (SCSG:PK), announced today that the company has completed the sale of its two branches in Alabama and all related deposits and assets to Guardian Credit Union, a respected Alabama consumer financial services cooperative.
The sale, which closed Friday, Sept. 8, 2017, strengthens SouthCrest Financial Group’s strategic plan to grow its commercial, business and private banking operations in the Atlanta region. “It’s a win-win for the two financial institutions and the markets in which they focus their operations,” said Schmitt.
Schmitt, a veteran banker known for planning and executing successful growth initiatives, said the sale of the two branches is a key element of SouthCrest Financial Group’s long-term strategy to become a dominant provider of commercial banking services in the core 13-county Atlanta MSA. Alston & Bird and FIG Partners advised SouthCrest with this transaction.
SouthCrest Financial Group, Inc. is a $540 million asset bank holding company headquartered in Atlanta, GA. The company operates 11-offices in 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.
ABOUT GUARDIAN CREDIT UNION
Established in 1958, Guardian Credit Union is a member-owned financial cooperative open to anyone that lives, works, or worships in the 13 counties Guardian serves. Guardian holds $403 million in assets and has more than 41,504 members with a total of 12 locations spanning Montgomery, Prattville, Tallassee, Troy, and Greenville. For more information visit www.myguardiancu.com or call (334) 244-9999 or (800) 239-7366.
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.
Andrew Bowen, APR