Latest Southcrest Fin Grp (SCSG) Headlines
SouthCrest Financial Group Announces Completion of Charter Consolidation
GlobeNewswire - Mon Mar 03, 1:50PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company has completed the consolidation of its four bank charters as of February 28, 2014. "We are very pleased to announce we are now one bank, SouthCrest Bank, N.A., and all of our customers in Georgia and Alabama now have high-touch service over a much larger footprint," stated Mr. Maloy. "This success is the result of countless hours of dedication and hard work by our employees. Their commitment has been herculean, given the fact that the difficulty of this task has been compounded by two snow and ice storms during the past four weeks."
Stephenie Frazier Whitfield Joins SouthCrest Bank as Senior Vice-President of SBA Lending
GlobeNewswire - Wed Feb 19, 11:26AM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG), announced today that Stephenie Frazier Whitfield has joined the company as Senior Vice-President of SBA Lending of SouthCrest Bank. "Stephenie is a recognized visionary in small business lending," said Mr. Maloy. "The experience she brings to the table will galvanize our efforts to meet the financial needs of businesses in our communities."
SouthCrest Financial Group Reports Charter Consolidation Progress With Preliminary 4Q13 Financial Results
GlobeNewswire - Wed Feb 05, 4:52PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG
K) announced today that the company reported preliminary results for the fourth quarter of 2013, and provided additional information regarding the consolidation of the Company's four banking charters. "We are currently right on schedule to consolidate into an OCC charter named SouthCrest Bank NA on February 28," said Mr. Maloy. "Our teams are thrilled to have the opportunity to work more efficiently as one bank and pass that value on to our customers and shareholders. We're working hard at bringing the best we have to offer to every corner of our footprint."
SouthCrest Financial Group Reports Regulatory Approval of Charter Consolidation to Form SouthCrest Bank, N.A.
GlobeNewswire - Mon Jan 06, 4:00PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSGK) 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.
SouthCrest Financial Group Reports Closure of $17.5 Million Capital Raise and Charter Consolidation Application With Preliminary 3Q13 Financial Results
GlobeNewswire - Thu Oct 24, 3:30PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSGK) announced today that the company reported preliminary results for the third quarter of 2013, as well as the completion of the previously disclosed $17.5 million capital raise. On September 27, SouthCrest funded investments with affiliates of Castle Creek Capital and other institutional investors that total $17.5 million in a mix of voting common and non-voting preferred securities at a price of $5.05 per share. "We are beyond enthusiastic about our partnership with Castle Creek Capital and our other new investors," stated Mr. Maloy. "Their experience and involvement enables us to capitalize on our already building momentum and internal loan growth. We look forward to taking the fundamental dynamics we've developed into future growth opportunities in our Georgia and Alabama markets."
SouthCrest Financial Group Reports All Consent Orders Released
GlobeNewswire - Mon Aug 19, 4:24PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCQB:SCSG) announced today that the company is now operating without any consent orders. The OCC terminated First National Bank of Polk County's Consent Order on July 8, due to the accomplishments of President Laron Maloney and his team. Additionally, the FDIC terminated SouthCrest Bank's Consent Order on July 12, due to Chief Risk Officer Becky Bell's efforts, which resulted in SouthCrest exiting the Consent Order in less than one year. "Laron and Becky are to be commended for their tremendous work and operational excellence," stated Mr. Maloy. "With the lifting of these consent orders, SouthCrest is now positioned to move forward. Honing our operational and asset quality areas has paved the way for us to completely focus on profitability. By leveraging our lending staff and in-house technology position for unprecedented growth, we can effectively provide our customers with the best community banking experience in the Southeast."
Photo Release -- Russ Holland Joins SouthCrest Financial Group as Chief Credit Officer
GlobeNewswire - Mon Aug 19, 10:03AM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc., announced today that Russ Holland has joined the company as Chief Credit Officer. "We are excited to have Russ join us as the leader to drive our credit culture during a time of re-energized loan growth," said Mr. Maloy. "We believe the proficiency he has achieved through both positive and negative credit cycles will be highly accretive to the future of SouthCrest."
SouthCrest Financial Group Reports Preliminary 2Q13 Financial Results and $17.5 Million Capital Raise
GlobeNewswire - Thu Aug 01, 3:00PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG), announced today that the company reported preliminary results for the second quarter of 2013, as well as progress on a significant capital raise. SouthCrest has entered securities purchase agreements with Castle Creek Capital affiliates and other institutional investors. The agreements total $17.5 million in a mix of voting common and non-voting preferred securities, at a price of $5.05 per share. The offering will close pending Federal Reserve non-objection and other conditions. "We are extremely excited about partnering with the team from Castle Creek as we continue to drive towards company goals," stated Mr. Maloy. "They are one of the most experienced and active community bank investors today, and we look forward to leveraging their experience to make SouthCrest the best community bank in the Southeast." The company intends to use the proceeds for general corporate purposes, including strategic initiatives such as the potential redemption of the TARP preferred shares.
Eddie Wilson Joins SouthCrest Bank as New President
GlobeNewswire - Tue Jul 30, 3:20PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc., announced today that Eddie Wilson will be joining the company as President of SouthCrest Bank. Eddie will be replacing Doug Head, whose expertise will be further utilized as SouthCrest's Regional Senior Commercial Officer. "Eddie will be instrumental in crafting the long-term plan for SouthCrest Bank's growth in the southern part of our footprint" said Mr. Maloy. "We are extremely fortunate to be able to transition Doug's leadership and skills to where they are most needed, and we are confident that Eddie's prodigious experience in the area will continue to expand SouthCrest's service to these communities."
SouthCrest Financial Group Reports Preliminary 1Q13 Financial Results
GlobeNewswire - Wed May 01, 3:30PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the Company reported preliminary results for the first quarter of 2013, including a net loss of $1.1 million. Total assets grew from $558.3 million to $559.6 million in the quarter, with non-interest bearing checking balances increasing 12% on a linked quarter annualized (LQA) basis from $110.8 million to $114.1 million. The increase in other low cost, transaction account balances drove the cost of funds down to 0.40% for 1Q13 from 0.45% in 4Q12.
Joseph Rheaves Joins SouthCrest Bank as Head of Commercial Banking Team
GlobeNewswire - Mon Mar 04, 8:22AM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc., announced today that Joseph V. Rheaves has joined the company as Senior Vice President and head of the Commercial Banking team. "Joseph has spent the past 20 years lending, and developing commercial lenders and sales teams throughout Atlanta and the southeastern U.S.," said Mr. Maloy. "The addition of Joseph to the SouthCrest team better positions the bank to capitalize on the opportunities in the Fayette and Coweta markets, as well as surrounding counties."
SouthCrest Financial Group Completes Capital Raise and Reports Preliminary 2012 Financial Results
GlobeNewswire - Tue Jan 22, 7:02AM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSGK) announced today that the company has closed a preferred equity offering of over $5.3 million. Approximately $1.3 million of the capital was issued in 2013.These funds have been used to eliminate holding company debt and were a component of the strategic troubled asset sale the company completed in September 2012.Future uses of the funds include providing the capital base for organic growth.
SouthCrest Financial Group Announces Completion of Charter Consolidation
GlobeNewswire - Mon Mar 03, 1:50PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company has completed the consolidation of its four bank charters as of February 28, 2014. "We are very pleased to announce we are now one bank, SouthCrest Bank, N.A., and all of our customers in Georgia and Alabama now have high-touch service over a much larger footprint," stated Mr. Maloy. "This success is the result of countless hours of dedication and hard work by our employees. Their commitment has been herculean, given the fact that the difficulty of this task has been compounded by two snow and ice storms during the past four weeks."
Stephenie Frazier Whitfield Joins SouthCrest Bank as Senior Vice-President of SBA Lending
GlobeNewswire - Wed Feb 19, 11:26AM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG), announced today that Stephenie Frazier Whitfield has joined the company as Senior Vice-President of SBA Lending of SouthCrest Bank. "Stephenie is a recognized visionary in small business lending," said Mr. Maloy. "The experience she brings to the table will galvanize our efforts to meet the financial needs of businesses in our communities."
SouthCrest Financial Group Reports Charter Consolidation Progress With Preliminary 4Q13 Financial Results
GlobeNewswire - Wed Feb 05, 4:52PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG
K) announced today that the company reported preliminary results for the fourth quarter of 2013, and provided additional information regarding the consolidation of the Company's four banking charters. "We are currently right on schedule to consolidate into an OCC charter named SouthCrest Bank NA on February 28," said Mr. Maloy. "Our teams are thrilled to have the opportunity to work more efficiently as one bank and pass that value on to our customers and shareholders. We're working hard at bringing the best we have to offer to every corner of our footprint." SouthCrest Financial Group Reports Regulatory Approval of Charter Consolidation to Form SouthCrest Bank, N.A.
GlobeNewswire - Mon Jan 06, 4:00PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG
K) 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. SouthCrest Financial Group Reports Closure of $17.5 Million Capital Raise and Charter Consolidation Application With Preliminary 3Q13 Financial Results
GlobeNewswire - Thu Oct 24, 3:30PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG
K) announced today that the company reported preliminary results for the third quarter of 2013, as well as the completion of the previously disclosed $17.5 million capital raise. On September 27, SouthCrest funded investments with affiliates of Castle Creek Capital and other institutional investors that total $17.5 million in a mix of voting common and non-voting preferred securities at a price of $5.05 per share. "We are beyond enthusiastic about our partnership with Castle Creek Capital and our other new investors," stated Mr. Maloy. "Their experience and involvement enables us to capitalize on our already building momentum and internal loan growth. We look forward to taking the fundamental dynamics we've developed into future growth opportunities in our Georgia and Alabama markets." SouthCrest Financial Group Reports All Consent Orders Released
GlobeNewswire - Mon Aug 19, 4:24PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCQB:SCSG) announced today that the company is now operating without any consent orders. The OCC terminated First National Bank of Polk County's Consent Order on July 8, due to the accomplishments of President Laron Maloney and his team. Additionally, the FDIC terminated SouthCrest Bank's Consent Order on July 12, due to Chief Risk Officer Becky Bell's efforts, which resulted in SouthCrest exiting the Consent Order in less than one year. "Laron and Becky are to be commended for their tremendous work and operational excellence," stated Mr. Maloy. "With the lifting of these consent orders, SouthCrest is now positioned to move forward. Honing our operational and asset quality areas has paved the way for us to completely focus on profitability. By leveraging our lending staff and in-house technology position for unprecedented growth, we can effectively provide our customers with the best community banking experience in the Southeast."
Photo Release -- Russ Holland Joins SouthCrest Financial Group as Chief Credit Officer
GlobeNewswire - Mon Aug 19, 10:03AM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc., announced today that Russ Holland has joined the company as Chief Credit Officer. "We are excited to have Russ join us as the leader to drive our credit culture during a time of re-energized loan growth," said Mr. Maloy. "We believe the proficiency he has achieved through both positive and negative credit cycles will be highly accretive to the future of SouthCrest."
SouthCrest Financial Group Reports Preliminary 2Q13 Financial Results and $17.5 Million Capital Raise
GlobeNewswire - Thu Aug 01, 3:00PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG), announced today that the company reported preliminary results for the second quarter of 2013, as well as progress on a significant capital raise. SouthCrest has entered securities purchase agreements with Castle Creek Capital affiliates and other institutional investors. The agreements total $17.5 million in a mix of voting common and non-voting preferred securities, at a price of $5.05 per share. The offering will close pending Federal Reserve non-objection and other conditions. "We are extremely excited about partnering with the team from Castle Creek as we continue to drive towards company goals," stated Mr. Maloy. "They are one of the most experienced and active community bank investors today, and we look forward to leveraging their experience to make SouthCrest the best community bank in the Southeast." The company intends to use the proceeds for general corporate purposes, including strategic initiatives such as the potential redemption of the TARP preferred shares.
Eddie Wilson Joins SouthCrest Bank as New President
GlobeNewswire - Tue Jul 30, 3:20PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc., announced today that Eddie Wilson will be joining the company as President of SouthCrest Bank. Eddie will be replacing Doug Head, whose expertise will be further utilized as SouthCrest's Regional Senior Commercial Officer. "Eddie will be instrumental in crafting the long-term plan for SouthCrest Bank's growth in the southern part of our footprint" said Mr. Maloy. "We are extremely fortunate to be able to transition Doug's leadership and skills to where they are most needed, and we are confident that Eddie's prodigious experience in the area will continue to expand SouthCrest's service to these communities."
SouthCrest Financial Group Reports Preliminary 1Q13 Financial Results
GlobeNewswire - Wed May 01, 3:30PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the Company reported preliminary results for the first quarter of 2013, including a net loss of $1.1 million. Total assets grew from $558.3 million to $559.6 million in the quarter, with non-interest bearing checking balances increasing 12% on a linked quarter annualized (LQA) basis from $110.8 million to $114.1 million. The increase in other low cost, transaction account balances drove the cost of funds down to 0.40% for 1Q13 from 0.45% in 4Q12.
Joseph Rheaves Joins SouthCrest Bank as Head of Commercial Banking Team
GlobeNewswire - Mon Mar 04, 8:22AM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc., announced today that Joseph V. Rheaves has joined the company as Senior Vice President and head of the Commercial Banking team. "Joseph has spent the past 20 years lending, and developing commercial lenders and sales teams throughout Atlanta and the southeastern U.S.," said Mr. Maloy. "The addition of Joseph to the SouthCrest team better positions the bank to capitalize on the opportunities in the Fayette and Coweta markets, as well as surrounding counties."
SouthCrest Financial Group Completes Capital Raise and Reports Preliminary 2012 Financial Results
GlobeNewswire - Tue Jan 22, 7:02AM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (SCSG
K) announced today that the company has closed a preferred equity offering of over $5.3 million. Approximately $1.3 million of the capital was issued in 2013.These funds have been used to eliminate holding company debt and were a component of the strategic troubled asset sale the company completed in September 2012.Future uses of the funds include providing the capital base for organic growth. 
