ATLANTA, Ga.–(GLOBE NEWSWIRE)–Brian D. Schmitt, Chief Executive Officer of SouthCrest Bank and SouthCrest Financial Group, Inc. (SCSG:PK), announced today that the bank has received approval from the Federal Reserve to retire the remaining $5.555 million of Series A and Series B Preferred shares issued under the Treasury Department’s TARP program. To complete this transaction, SouthCrest Bank NA has distributed $3.9 million of capital to the holding company.
The Company expects to complete the redemption on May 15, 2017. When complete, the approximately $500,000 per year of preferred dividends will no longer be due to the preferred shareholders. In addition, this transaction will occur with no impact on tangible book value per share.
“Completion of the process of redeeming all TARP shares is a testament to the strength and resilience of SouthCrest Bank and SouthCrest Financial Group,” said Schmitt. “I could not be more proud of our company’s executives and associates whose smart work, dedication and professionalism helped us to reach this important milestone.”