FAYETTEVILLE, Ga., June 27, 2005 (PRIMEZONE) -- SouthCrest Financial Group, Inc. (the "Company") (OTCBB:SCSG) announced today that its Board of Directors has approved a stock repurchase program (the "Repurchase Program") authorizing the Company to repurchase up to 100,000 shares, or approximately 2.8%, of its outstanding common stock. Up to 32,000 shares repurchased will be reserved for subsequent issuance to the Company's Employee Stock Ownership Plan. The Repurchase Program will commence following this announcement and will continue until the Repurchase Program is completed or December 31, 2005, whichever comes first. The repurchases, which will be conducted through either open market or privately negotiated purchases, will be made from time to time, subject to market conditions, at the discretion of management of the Company.
SouthCrest Financial Group, Inc. is the parent company of two bank subsidiaries operating a total of nine branch offices. Bank of Upson, based in Thomaston, Ga., has two branches in Upson County, three branches in Meriwether County operating as Meriwether Bank & Trust, and one branch in Fayette County operating as SouthCrest Bank; while the First National Bank of Polk County, based in Cedartown, Ga., operates three branches in Polk County.