SouthCrest Financial Group Exits FDIC Loss Share Agreement

SouthCrest Financial Group Exits FDIC Loss Share Agreement

  • Posted: 10/22/2018
  • Castle Creek

ATLANTA, Ga.–(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.

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