On Friday, the Georgia Department of Banking & Finance closed Crescent Bank and Trust Company, headquartered in Jasper, Georgia, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Renasant Bank, headquartered in Tupelo, Mississippi, to assume all of the deposits of Crescent Bank and Trust Company.
As of March 31, 2010, Crescent Bank and Trust Company had approximately $1.01 billion in total assets and $965.7 million in total deposits. Renasant Bank agreed to pay the FDIC a premium of 1.0% to assume all of the deposits of Crescent Bank and Trust Company and agreed to purchase essentially all of the failed bank’s assets. The FDIC and Renasant Bank entered into a loss-share transaction on $617.4 million of Crescent Bank and Trust Company's assets.