SouthCrest Bank, provider of movie production fund

ATLANTA, Feb. 06, 2017 (GLOBE NEWSWIRE) -- Atlanta-based SouthCrest Bank  (SCSG:PK), a leading provider of funding for film productions under the Georgia Entertainment Industry Investment Act, is urging the business community to support the Georgia Entertainment Gala this weekend at the Georgia World Congress Center.

The gala, set for Saturday, Feb. 11 at 5 p.m. at the Georgia World Congress Center’s Sidney Marcus Auditorium, recognizes the work of Georgia entertainment industry professionals and provides support for worthy charities.

“Our fifth annual celebration will include a night of elegance showcasing the immense talent that Georgia has to offer the entertainment industry,” said Autumn Bailey, CEO/Producer of Autumn Bailey Entertainment and Founder of the Georgia Entertainment Gala. “This black tie event and awards ceremony will once again bring together the most prestigious and celebrated of the Georgia entertainment industry as we honor the excellence of Georgia’s film, television and music industry professionals.”

A portion of the evening’s proceeds will also benefit two charities Camp Dream and Kate's Club. For more information, visit the gala’s website.

SouthCrest Bank, which is a sponsor of the gala and also a supporter of the Atlanta Film Festival, is providing production funding for qualified movie-makers under the Georgia Entertainment Industry Investment Act, which gives limited tax credits to production houses shooting in Georgia. SouthCrest Bank provides advance loans against those credits to enhance the studios’ cash flow during shooting.

“SouthCrest urges businesses in the Atlanta metro region to support the gala or have representatives attend,” said Brian D. Schmitt, President and CEO of SouthCrest Financial Group and SouthCrest Bank. “Together, we can help strengthen the film industry in Georgia, which is estimated to have more than a $6 billion impact on the state’s economy. That’s a win-win for everyone.”

SouthCrest intends to increase its exposure to the film industry by originating additional loans against Entertainment Tax Credits. The bank also will provide treasury management services to the productions it finances, and also will solicit banking products and services to the businesses supporting the film industry in its markets.

“As a Georgia business, we want to do all we can to help grow jobs and stimulate the Georgia economy,” said H. Russell Holland, Chief Credit Officer at SouthCrest, who launched the bank’s special funding program under the Act. “I personally love to go to the movies and see Georgia featured on the silver screen!”

ABOUT SOUTHCREST

SouthCrest Financial Group, Inc. (SCSG:PK) is a $550 million asset bank holding company headquartered in Atlanta. The company operates a 10 branch network throughout Georgia and Alabama through its subsidiary bank, SouthCrest Bank, N.A.  The bank provides a full suite of retail and commercial banking services, and online banking services. 

FORWARD LOOKING STATEMENTS

This presentation may contain certain “forward-looking statements” that are subject to risks, uncertainties, and other factors that could cause actual results and shareholder values to differ materially from those projected.  Factors that could cause or contribute to such differences include economic conditions, government regulation and legislation, changes in interest rates, credit quality, competition, and other risk factors.

For more information on SouthCrest Financial Group, please contact Andy Borrmann, Chief Financial Officer, at 678.734.3505.

Media Contact: Andrew Bowen, APR 404-822-3309 ab@clearviewcom.com