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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 30, 1999
CRESCENT BANKING COMPANY
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(Exact Name of Registrant as Specified in Charter)
Georgia 0-20251 58-1968323
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
251 Highway 515, Jasper, Georgia 30143
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(Addresses of Principal Executive Offices, including Zip Code)
(706) 692-2424
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(Registrant's Telephone Number, including Area Code)
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Item 5. Other Events.
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On June 30, 1999, Crescent Banking Company's (the "Company") wholly-owned
banking subsidiary, Crescent Bank & Trust Company ("Crescent Bank"), acquired
the branch (the "Branch Acquisition") of Tucker Federal Bank ("Tucker") located
at 4475 Towne Lake Parkway, Woodstock, Georgia 30181 (the "Branch") pursuant to
the Branch Purchase and Assumption Agreement executed on April 22, 1999. As
part of the Branch Acquisition, Crescent Bank assumed approximately $12.6
million of deposits from Tucker. Crescent Bank paid Tucker a deposit premium
equal to 6.0% of the Branch's deposit, or approximately $756,000.
The Company's Press Release, dated June 30, 1999, announcing the completion
of the Branch Acquisition is filed as an exhibit herewith and is incorporated by
reference herein.
Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits.
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(c) Exhibits.
The following exhibit is filed herewith:
Exhibit No. Description
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99 Press Release, dated June 30, 1999, announcing the completion of
the Branch Acquisition.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CRESCENT BANKING COMPANY
/s/ J. Donald Boggus, Jr.
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J. Donald Boggus, Jr.
President and Chief Executive Officer
Date: June 30, 1999
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INDEX TO EXHIBITS
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Exhibit No. Description
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99 Press Release, dated June 30, 1999, announcing the completion
of the Branch Acquisition.
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Exhibit 99
PRESS RELEASE
FOR IMMEDIATE RELEASE
June 30, 1999
Contact: Michele Walters, Crescent Bank and Trust (706) 692-2424
CRESCENT BANKING COMPANY
P.O. Box 668, 251 Hwy 515, Jasper, GA 30143,
(706) 692-2424, (800) 872-7941, Fax (706) 692-6820
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CRESCENT BANKING COMPANY
ACQUIRES TOWNE LAKE BRANCH
OF TUCKER FEDERAL BANK
Crescent Banking Company announced today that Crescent's wholly-owned
banking subsidiary, Crescent Bank & Trust Company, has completed its acquisition
of the Tucker Federal Bank branch located at 4475 Towne Lake Parkway, Woodstock,
Georgia. The transaction closed on June 30, 1999 at 2:00 PM EST. The purchase
includes deposit accounts of approximately $12.6 million. Crescent Bank paid a
6.0% premium for the branch's deposits.
Crescent Bank now has four full-service branches. In addition to the new
Woodstock location, Crescent bank has two branches in Pickens County, Georgia
and one branch in Bartow County, Georgia. The purchase of the Woodstock branch
was part of Crescent Bank's expansion into Cherokee County. Crescent Bank
expects to convert its Loan Production Office in Canton, Georgia into an
additional full-service branch during 1999.
Don Boggus, Jr., President and Chief Executive Officer of Crescent Bank,
said, "The acquisition of the Woodstock branch continues our growth in Cherokee
County. Crescent Bank welcomes the opportunity to serve the residents of
Cherokee County with our broad array of services. Following this acquisition,
the branch employees have become employees of Crescent Bank and will continue to
provide friendly, high quality service to branch customers. In addition, we feel
the expansion into the Cherokee County market will continue to enhance
shareholder value."
Crescent Banking Company is a bank holding company located in Jasper,
Georgia with assets of approximately $221 million. The Company's common stock is
listed for quotation on the Nasdaq SmallCap Market under the symbol "CSNT".
