Renasant Bank, a wholly-owned subsidiary of Renasant Corporation, has acquired the banking operations of Crescent Bank and Trust of Jasper, in a Federal Deposit Insurance Corporation (FDIC) assisted transaction.
Under the terms of the transaction, Renasant Bank acquired approximately $1bn in assets, including approximately $600m of loans and other real estate and approximately $50m of investment securities, and assumed approximately $900m in deposits.
Renasant Bank and the FDIC entered into a loss sharing arrangement covering substantially all of the acquired loans and other real estate.
According to Renasant Bank by adding Crescent’s locations to Renasant Bank, the company will expand its financial services footprint into North Georgia with 11 full service locations in the markets of Jasper, Marble Hill, Cartersville, Adairsville, Canton, Woodstock and Cumming.
Robinson McGraw chairman and CEO of Renasant, said: “As a company with over 105 years of experience in conservative and sound banking practices, we are excited to provide our new clients in North Georgia with the first class service that is the foundation of our success. We welcome all of Crescent Bank’s customers and employees to the Renasant family.
”Banking clients of Crescent Bank can be at ease that, with Renasant Bank, your deposits are fully accessible and safe, and continue to be insured by the FDIC to the fullest extent permitted. We look forward to serving our new North Georgia clients and providing all the products of a large regional bank combined with the personal service of a hometown community bank.”