Southcrest Fin Grp (SCSG) 6.8100 $SCSG
SouthCrest Financial Group Reports Preliminary 1Q16 Earnings
GlobeNewswire - Mon Apr 25, 2:09PM CDT
Andrew Borrmann, Chief Financial Officer of SouthCrest Financial Group, Inc. (PinkSheets:SCSG) announced today that the company reported preliminary net income of $913,000 or $0.11/share. "The ongoing cost control initiatives continued to bear fruit with an expense run rate of $19.3 million/year in March vs. a run rate of just under $22 million/year in December. We continue to be confident with the Company's earlier guidance of a 3Q16 run rate of under $18 million/year." Borrmann continued, "The efforts of all our employees during this period of expense rationalization have been critical to the profitability that occurred in the first quarter. As a result this profitability improvement, we expect to reverse the valuation allowance on our deferred tax asset sometime in the next few months."
SouthCrest Financial Announces Management Change
GlobeNewswire - Fri Dec 18, 10:41AM CST
SouthCrest Financial Group, Inc. (OTCBB:SCSG) announces a mutual separation with Kenneth W. Maloy as Chief Executive Officer of the company and SouthCrest Bank, N.A. and his resignation as a member of the Boards of Directors effective Friday, December 18, 2015.
SouthCrest Financial Group Reports Preliminary 2Q15 Results
GlobeNewswire - Fri Jul 24, 4:26PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company reported preliminary net income for the second quarter of 2015 of $479,000. "We are happy to announce earnings of nearly half a million dollars for the second quarter. While these are the best results the company has had on a core basis since prior to the financial crisis, we continue to strive for increased loan balances and cost efficiencies. We have cut non-interest expenses by over $3 million per year over the past six months, and expect to achieve similar additional savings over the next 12 months. Our focus has been on right-sizing our institution after consolidation last March. This has been a difficult but necessary process to achieve appropriate returns on equity and assets and long term shareholder value."
SouthCrest Financial Group Pays Dividends on Former TARP Shares
GlobeNewswire - Fri Jan 02, 2:03PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company is paying dividends on its Series A and Series B Perpetual Cumulative Preferred Stock. These shares were issued under the TARP program and were auctioned by the Treasury in March 2013. With this payment the dividends will be current through the most recent scheduled payment date of November 15, 2014.
SouthCrest Financial Group Reports Preliminary 1Q16 Earnings
GlobeNewswire - Mon Apr 25, 2:09PM CDT
Andrew Borrmann, Chief Financial Officer of SouthCrest Financial Group, Inc. (PinkSheets:SCSG) announced today that the company reported preliminary net income of $913,000 or $0.11/share. "The ongoing cost control initiatives continued to bear fruit with an expense run rate of $19.3 million/year in March vs. a run rate of just under $22 million/year in December. We continue to be confident with the Company's earlier guidance of a 3Q16 run rate of under $18 million/year." Borrmann continued, "The efforts of all our employees during this period of expense rationalization have been critical to the profitability that occurred in the first quarter. As a result this profitability improvement, we expect to reverse the valuation allowance on our deferred tax asset sometime in the next few months."
SouthCrest Financial Announces Management Change
GlobeNewswire - Fri Dec 18, 10:41AM CST
SouthCrest Financial Group, Inc. (OTCBB:SCSG) announces a mutual separation with Kenneth W. Maloy as Chief Executive Officer of the company and SouthCrest Bank, N.A. and his resignation as a member of the Boards of Directors effective Friday, December 18, 2015.
SouthCrest Financial Group Reports Preliminary 2Q15 Results
GlobeNewswire - Fri Jul 24, 4:26PM CDT
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company reported preliminary net income for the second quarter of 2015 of $479,000. "We are happy to announce earnings of nearly half a million dollars for the second quarter. While these are the best results the company has had on a core basis since prior to the financial crisis, we continue to strive for increased loan balances and cost efficiencies. We have cut non-interest expenses by over $3 million per year over the past six months, and expect to achieve similar additional savings over the next 12 months. Our focus has been on right-sizing our institution after consolidation last March. This has been a difficult but necessary process to achieve appropriate returns on equity and assets and long term shareholder value."
SouthCrest Financial Group Pays Dividends on Former TARP Shares
GlobeNewswire - Fri Jan 02, 2:03PM CST
Kenneth H. Maloy, President and CEO of SouthCrest Financial Group, Inc. (OTCBB:SCSG) announced today that the company is paying dividends on its Series A and Series B Perpetual Cumulative Preferred Stock. These shares were issued under the TARP program and were auctioned by the Treasury in March 2013. With this payment the dividends will be current through the most recent scheduled payment date of November 15, 2014.
