PEACHTREE CITY, Ga., Jan. 6, 2014 (GLOBE NEWSWIRE) -- Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG:PK) announced today that the Company has received regulatory approval from the OCC to move forward with merging its four sister banks, SouthCrest Bank, First National Bank of Polk County, Bank of Chickamauga, and Peachtree Bank, into a single charter under OCC regulation.
"Consolidating our charters provides us with the scalability to leverage technology and tailor the banking experience to our customers' needs and lifestyles," stated Mr. Maloy. "It also drastically reduces our regulatory burden and administrative overhead, creating greater value for our shareholders." Management expects the profitability improvements over the next six to twelve months will reach 0.20% ROAA.
Mr. Maloy described the merger as part of SouthCrest's overarching growth strategy. "We've raised capital, we're consolidating, and we have superb products and service. We're on the path to becoming the best community bank in the Southeast." The Company expects to complete the legal consolidation by the end of the first quarter of 2014, with operational consolidation to occur sometime during the third quarter.
As a result of the approval and to account for various merger-related operational expenses, the Company expects to incur charges in 4Q13 that will approach $1 million.
SouthCrest Financial Group, Inc. is a $560 million asset bank holding company headquartered in Peachtree City, Georgia. The company operates a 14 branch network throughout Georgia and Alabama through its four subsidiary banks: SouthCrest Bank, The First National Bank of Polk County, Peachtree Bank and Bank of Chickamauga. The banks provide retail and commercial banking services, mortgage banking, investment management, and online banking services.
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.
Andy Borrmann, 678-734-3505 SVP Finance, SouthCrest Financial Group