FIs closed: Crescent Bank and Trust Company, Jasper, Georgia, USA
On Friday, 23 July, 2010, Crescent Bank and Trust Company, Jasper, Georgia, USA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Renasant Bank, Tupelo, Mississippi, to assume all of the deposits of Crescent Bank and Trust Company.
The 11 branches of Crescent Bank and Trust Company reopened under normal business hours beginning Saturday as branches of Renasant Bank.
As of 31 March, 2010, Crescent Bank and Trust Company had approximately USD1,010 million in total assets and USD965.7 million in total deposits.
Renasant Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Crescent Bank and Trust Company.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD242.4 million.
Crescent Bank and Trust Company is the 98th FDIC-insured institution to fail in the USAthis year and the tenth in Georgia.
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