Company Release – 09/11/2020 07:00
ATLANTA, Sept. 11, 2020 (GLOBE NEWSWIRE) — SouthCrest Financial Group (SCSG:PK), the holding company for SouthCrest Bank, N.A., announced an agreement to acquire the Thomaston branch of Colony Bank.
CEO Brian D. Schmitt stated “We are extremely excited to be adding to our position as the leading bank in Thomaston and Upson County. We look forward to giving the same great service to our new customers that we have provided in Upson County for nearly 70 years.”
The agreement includes the purchase of almost $40 million in deposits and approximately $3 million of loans from Colony as of the announcement date. The parties expect to close the transaction at the end of the fourth quarter pending the standard regulatory approval process. Janney Montgomery Scott acted as an advisor to SouthCrest in this transaction.