Bank Failure Friday

And while Florida and Illinois are trying to catch up with Georgia in number of failed banks since the crisis began, Georgia added one more to the loss column today.

Regulators on Friday shut down Jasper-based Crescent Bank & Trust, the 10th Georgia bank to fail in 2010, and the 40th since the banking crisis started two years ago.

Crescent, like other failed Peach State lenders, succumbed to the collapse of the real estate market. It is the first bank to fail in Georgia since June 25, and the first metro Atlanta lender to be shut down since March 26.

Renasant Bank, of Tupelo, Miss., acquired Crescent in a loss-share transaction with the Federal Deposit Insurance Corp. and will reopen Crescent branches on Saturday. The deal marks Renasant’s entry into the Georgia market.

In addition to the HQ in Pickens County, the bank had branches in the northern Atlanta suburbs and exurbs of Bartow, Cherokee, Cobb, Forsyth, and Fulton counties.

One comment

  1. Jawgadude says:

    I guess GOP St. Rep Paul Battles from Cartersville is happy this happened 3 days after his reelection. Battgles is a Crescent bank director and retired a couple of years ago as a VP. He was active during the time so may of their bad loans were originated.

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