Question and Answer Guide
Crescent Bank and Trust Company, Jasper, GA
The FDIC has put together some responses to frequent issues or questions bank customers may have following a bank failure. These should assist you in understanding what is happening at your bank.
On Friday, July 23, 2010, Crescent Bank and Trust Company, Jasper, GA, was closed by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Renasant Bank, Tupelo, MS entered into a purchase and assumption agreement to acquire all the deposits, substantially all of the assets, and certain liabilities of Crescent Bank and Trust Company from the FDIC as Receiver. Share price does not trigger a bank closing and was not the reason for Crescent Bank and Trust Companys failure. All shares of stock were owned by the holding company, which was not involved in this transaction.
YOUR MONEY IS SAFE! No one lost any money on deposit as a result of the closure of this institution.
ACCESS TO YOUR MONEY: The total balance in your account(s), including checking, savings, money market, non-brokered Certificates of Deposit, and retirement accounts, has been transferred to the new bank and will be available for transactions during regular business hours at the former bank branches. You may continue to use your outstanding checks and they will clear up to the balance in your account. Your ATM/Debit card will continue to work as usual.
DIRECT DEPOSITS: All direct deposits, for example, social security checks, payroll, veteran’s benefits, welfare and/or disability, unemployment or any payment you receive electronically will continue as usual.
AUTOPAYMENTS/BILLPAY: These services will continue as usual.
INTEREST RATES: Interest on deposits accrued through close of business the day the bank was closed will be paid at your same rate. Current rates will be reviewed by the acquiring institution and may be lowered; however, you may withdraw funds from any transferred account without early withdrawal penalty until you renew your Certificate of Deposit.
BROKERED DEPOSITS: As an All-Deposits Transfer transaction, the total of all deposit accounts, excluding the Cede & Co deposits or including brokered deposits, have been assumed by Renasant Bank. If you are a customer who has a Crescent Bank and Trust Company deposit through a broker, you must contact your broker with any questions.
SAFE DEPOSIT BOXES: You may continue to access your safe deposit box during normal business hours. Any changes will be communicated by the new bank.
OVERDRAFT LINES OF CREDIT: These lines have been transferred to the assuming bank. Please contact the new bank if you have additional questions regarding your accounts.
LOAN PAYMENTS: You should continue to make your payments according to the terms of your written contract. You may continue to make your payments at the branch office or send it to the same payment address with checks made payable to the old institution.
ESCROW PAYMENTS: All services previously performed related to your loan will continue. Should you receive notification that any portion of your taxes or insurance were not paid, notify your loan officer immediately.
LOANS IN PROCESS: Please contact your current loan officer directly.
SHARES OF STOCK: All shares of stock were owned by the holding company, Crescent Banking Company, Jasper, GA. The holding company was not included in the closing of the bank or the resulting receivership. If you are a shareholder of the holding company, please do not contact or file a claim with the receiver. You may contact the holding company directly for more information:
Crescent Banking Company
7 Caring Way
Jasper, GA 30143
CLAIMS: Please send claims for unpaid bills to the following address:
FDIC as Receiver for Crescent Bank and Trust Company
1601 Bryan Street
Dallas, TX 75201-3430
Attention: Claims Agent
DEPOSIT INSURANCE INFORMATION: If you have accounts in both the failed and the assuming institution, they will be insured separately for at least six months following the merger of the institutions. This will allow you time to restructure your accounts if necessary.
ADDITIONAL QUESTIONS: You may contact the FDIC Call Center at the number provided below with any additional questions:
FDIC Call Center
Toll free number 1-800-523-8177
Hours of Operation – Eastern Time
Friday, July 23, 2010: Until 9:00 p.m.
Saturday, July 24, 2010: 9:00 a.m. – 6:00 p.m.
Sunday, July 25, 2010: Noon – 6:00 p.m.
Thereafter: 8:00 a.m. – 8:00 p.m.
SCAMS: Be watchful for and resistant to any scams to obtain information from you by individuals or entities stating that they are acting on behalf of either the failed bank, new bank, or the FDIC. Should you be contacted by anyone requesting private information from you related to this event, please contact the call center above and you will be directed to the appropriate person.
For more information: www.fdic.gov/bank/individual/failed/crescentga.html