SouthCrest Financial Group Announces Closing on Sale of Two Alabama Branches to Guardian Credit Union
ATLANTA, Ga.–(GLOBE NEWSWIRE)–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.