SouthCrest in Georgia sells largest foreclosed property

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SouthCrest Financial Group in Atlanta has unloaded it biggest foreclosed property.

The $560 million-asset company said in a press release that it sold a former bank building at a small gain. The sale also reduced its balance of foreclosed properties by 62%, to $1 million. The company, which has nine branches in Georgia, did not disclose the buyer or the price paid.

“We continue to be pleased with the pace and results of our ongoing projects to enhance shareholder value,” Brian Schmitt, SouthCrest's CEO, said in the release.

SouthCrest also noted that it had reached a milestone where half of its loans and nearly a third of its deposits are in the Atlanta area. The company has been hiring local commercial bankers.

“We have made significant progress in leveraging our great deposit base through our recent lending hires in Atlanta,” Schmitt said, adding that he expects the trend to continue. The company hopes to eventually have 60% of total loans and 40% of total deposits in Atlanta.

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