SouthCrest Financial Group redeems $85 million of series A preferreds

By Angela McDaniels

Tacoma, Wash., April 2 – SouthCrest Financial Group, Inc. redeemed $8 million of series A fixed-rate cumulative perpetual preferred stock, according to a company news release.

The preferreds were issued under the Troubled Asset Relief Program.

The redemption of the preferreds will increase the earnings available to the company’s common and common equivalent shareholders by about $60,000 per month through the reduction of cumulative dividends, president and chief executive officer Kenneth Maloy said in the news release.

After this redemption, the company has a combined $5.56 million remaining of series A and series B TARP preferreds.

SouthCrest is the bank holding company for SouthCrest Bank, NA. It is based in Peachtree City, Ga.

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