Friday, September 15, 2017

Guardian CU Buys Two Branches from SouthCrest Financial Group

SouthCrest Financial Group, Inc. (Atlanta, GA) announced that the company has completed the sale of its two branches in Alabama and all related deposits and assets to Guardian Credit Union (Montgomery, AL).

The sale closed on September 8.

The two branches are located in Chilton County.

According to an earlier press release, Guardian CU would pay a 5 percent deposit premium on the total deposits transferred, which as of June 2016 were about $45.7 million, and purchase over $6 million worth of loans.

As of June 2016, the Summary of Deposit data reported that SouthCrest Bank had a deposit market share of 12.33 percent in Chilton County.

Read the press release.
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