The SouthCrest Financial Group out of Atlanta, Georgia sold it's largest foreclosed property, according to a recent report. The sale has reportedly caused a 62% decrease in the balance of foreclosed properties for the company.
“We continue to be pleased with the pace and results of our ongoing projects to enhance shareholder value,” Brian Schmitt, SouthCrest's CEO, said in the release, according to AmericanBanker.
"SouthCrest also noted that it had reached a milestone where half of its loans and nearly a third of its deposits are in the Atlanta area. The company has been hiring local commercial bankers."
For any company, sub-50% level for foreclosed properties is pretty impressive. Overall, Schmitt says his company is looking to have a totally of 60% in total loans and 40% of total deposits.
To learn more about the major sale and how much space it frees up for SouthCrest, click on the image above.