Deal Overview
Deal Summary
Tupelo, Miss.-based Renasant Corporation unit Renasant Bank has agreed to assume certain deposits and to purchase all the assets of Jasper, Ga.-based Crescent Bank & Trust Company. Crescent Bank & Trust Company had total core deposits of approximately $871.17 million as of March 31, 2010. Crescent Bank and Trust Company is the 98th FDIC-insured institution to fail in the nation this year, and the tenth in Georgia.
Deal Terms
Description of Consideration
Renasant Corporation paid the FDIC a premium of 1.00% to assume certain deposits of Crescent Bank & Trust Company. Renasant Corporation also purchased essentially all of the assets of the failed bank at a certain discount.
| Assets Sold in Resolution ($ 000) | 974,900 |
| Deposits Transferred ($ 000) | 890,000 |
| Deposits Liquidated ($ 000) | 42,809 |
| Premium Paid ($ 000) | 7518.000 |
Deal Advisers
Financial Advisers
| Party Advised | Adviser Hired? | Firm Name |
|---|---|---|
| Buyer | Yes | Keefe Bruyette & Woods Inc. |