At a glance
• The two former Crescent Bank and Trust Company branches in Forsyth County are 500 Canton Road in Cumming and 5395 Atlanta Highway in Alpharetta.
• The acquisition includes branches in Canton, Woodstock, Adairsville, Cartersville and Jasper.
• Customers who have questions about the transaction can call the FDIC between 8 a.m. and 8 p.m. at (800) 523-8177.
• More information can also be found online at www.fdic.gov/bank/individual/failed/crescentga.html.
• The two former Crescent Bank and Trust Company branches in Forsyth County are 500 Canton Road in Cumming and 5395 Atlanta Highway in Alpharetta.
• The acquisition includes branches in Canton, Woodstock, Adairsville, Cartersville and Jasper.
• Customers who have questions about the transaction can call the FDIC between 8 a.m. and 8 p.m. at (800) 523-8177.
• More information can also be found online at www.fdic.gov/bank/individual/failed/crescentga.html.
Jasper-based Crescent Bank and Trust Company closed its doors for the final time Friday.
By Monday, all 11 locations, including two in Forsyth County, had reopened as Renasant Bank.
“We are really excited about being here,” said Mark Williams, Renasant president of operations for the Georgia branches. “We think these markets are strong for us. We think we can enhance what Crescent had done.”
The 11 branches are Renasant’s first in Georgia. The Mississippi-based company has 75 locations between its home state and Georgia, Tennessee and Alabama.
After acquiring more than $1 billion in assets as part of the Crescent transaction, Renasant has about $4.6 billion in assets.
The Federal Deposit Insurance Corporation assisted in the matter, which included a loss-share transaction on $617.4 million of Crescent’s assets.
According to the FDIC, Renasant will share in the losses on the asset pools covered under the loss-share agreement. The projection is to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers.
Williams said Crescent customers can continue to use their checks, ATM and debit cards and bank online via the Crescent Web site.
But within the next six months, customers will be integrated with Renasant, which Williams said will mean more services.
“Crescent didn’t have a lot of treasury management, cash management, trust, annuities, life insurance,” he said. “We’re going to bring that to the table. We thought the Georgia markets with Crescent bank were a mirror image of our [markets].
”We know how to bank in that type of community, with that clientele. We just think it’s a perfect fit for us.”
Some of the new services will be available within the next two months, he said, and customers will be informed as they are brought to the Georgia locations.
“We’ll keep everybody in the loop,” he said.
The Friday acquisition was Renasant’s fourth expansion outside Mississippi since 2004.
Robinson McGraw, Renasant chairman and CEO, pointed to the company’s track record with past expansions into Tennessee and Alabama.
“This new partnership represents a logical expansion as a financial services leader in the Mid-South,” McGraw said in a statement. “In looking at and researching FDIC-assisted transactions, we saw Crescent Bank as a tremendous opportunity to enhance our franchise while at the same time giving us access to new markets what would have otherwise been more difficult to enter.”
While new services are on their way, Williams said customers are unlikely to see new faces at their local branch.
“Our goal in all of our acquisitions is to retain as many people as we need,” Williams said. “We didn’t have a presence in Georgia, so what better place to start than existing employees?
“Employees here have been great to work with. They’re excited, they see the expanded opportunities, so we think it’s a win for our employees and a win for the current Crescent clients and a win for the future ones to come.”
By Monday, all 11 locations, including two in Forsyth County, had reopened as Renasant Bank.
“We are really excited about being here,” said Mark Williams, Renasant president of operations for the Georgia branches. “We think these markets are strong for us. We think we can enhance what Crescent had done.”
The 11 branches are Renasant’s first in Georgia. The Mississippi-based company has 75 locations between its home state and Georgia, Tennessee and Alabama.
After acquiring more than $1 billion in assets as part of the Crescent transaction, Renasant has about $4.6 billion in assets.
The Federal Deposit Insurance Corporation assisted in the matter, which included a loss-share transaction on $617.4 million of Crescent’s assets.
According to the FDIC, Renasant will share in the losses on the asset pools covered under the loss-share agreement. The projection is to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers.
Williams said Crescent customers can continue to use their checks, ATM and debit cards and bank online via the Crescent Web site.
But within the next six months, customers will be integrated with Renasant, which Williams said will mean more services.
“Crescent didn’t have a lot of treasury management, cash management, trust, annuities, life insurance,” he said. “We’re going to bring that to the table. We thought the Georgia markets with Crescent bank were a mirror image of our [markets].
”We know how to bank in that type of community, with that clientele. We just think it’s a perfect fit for us.”
Some of the new services will be available within the next two months, he said, and customers will be informed as they are brought to the Georgia locations.
“We’ll keep everybody in the loop,” he said.
The Friday acquisition was Renasant’s fourth expansion outside Mississippi since 2004.
Robinson McGraw, Renasant chairman and CEO, pointed to the company’s track record with past expansions into Tennessee and Alabama.
“This new partnership represents a logical expansion as a financial services leader in the Mid-South,” McGraw said in a statement. “In looking at and researching FDIC-assisted transactions, we saw Crescent Bank as a tremendous opportunity to enhance our franchise while at the same time giving us access to new markets what would have otherwise been more difficult to enter.”
While new services are on their way, Williams said customers are unlikely to see new faces at their local branch.
“Our goal in all of our acquisitions is to retain as many people as we need,” Williams said. “We didn’t have a presence in Georgia, so what better place to start than existing employees?
“Employees here have been great to work with. They’re excited, they see the expanded opportunities, so we think it’s a win for our employees and a win for the current Crescent clients and a win for the future ones to come.”