PEACHTREE CITY, Ga.–(GLOBE NEWSWIRE)–Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. announced today that the company has redeemed $8 million of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, formerly “TARP” shares. “We are excited to be able to redeem these shares and improve the potential value creation for our common shareholders in the future. This redemption will increase the earnings available to our common and common equivalent shareholders by about $60,000 per month through the reduction of cumulative dividends. This is another important and positive step in the history of SouthCrest Bank.”
After this redemption, the Company has a combined $5.56 million remaining in Series A and Series B “TARP” shares.
SouthCrest Financial Group, Inc. (OTCBB:SCSG) is a $570 million asset bank holding company headquartered in Peachtree City, Georgia. The company operates 15 offices throughout Georgia and Alabama through its subsidiary bank, SouthCrest Bank, N.A. The bank provides retail and commercial banking services, SBA lending, mortgage banking, and online banking services.