Georgia Department of Banking and Finance Takes Possession of Crescent Bank and Trust Company, Jasper, Georgia

The Georgia Department of Banking and Finance (“Department”) took possession of Crescent Bank and Trust Company, Jasper, Georgia on July 23, 2010. The Superior Court of Pickens County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of Crescent Bank and Trust Company.

The Department took possession of Crescent Bank and Trust Company pursuant to the Official Code of Georgia, Section 7-1-150(a) which authorizes the Department in its discretion to take possession of the business and property of any state chartered financial institution whenever such financial institution is either insolvent or operating in an unsafe or unsound condition to transact its business, is operating in violation of any court order, statute, rule or regulation, or requests the Department to take possession of its business and property.

Through an agreement with the FDIC, Crescent Bank and Trust Company will be acquired by Renasant Bank, Tupelo, Mississippi.

All deposit accounts of Crescent Bank and Trust Company have been transferred to Renasant Bank and will be available immediately. Depositors will be able to access their accounts at the former main office and branch locations of Crescent Bank and Trust Company during regular business hours. Additionally, the former depositors of Crescent Bank and Trust Company can continue to access their accounts through automated teller machine transactions, checks and debit transactions.

All deposits will be transferred to Renasant Bank and, therefore, it is not anticipated that there will be any loss exposure to former Crescent Bank and Trust Company depositors that have deposits exceeding the FDIC Deposit Insurance amounts.

The Department’s Commissioner, Robert M. Braswell, reminds depositors that deposits of all Georgia banks are insured by the FDIC up to $250,000. Special rules are in place for accounts held in trust status and joint accounts that may further expand deposit insurance coverage. You can find additional information on FDIC Deposit Insurance at www.fdic.gov.

The FDIC has established a website and a toll-free phone number to answer questions from depositors, creditors and other interested parties regarding the receivership of Crescent Bank and Trust Company. Please refer to the FDIC’s website for further information regarding the details of the purchase and assumption transaction. The website is www.fdic.gov and the toll-free phone number is 1-800-523-8177. The phone number is operational this evening until 9 p.m. Eastern Standard Time, on Saturday from 9 a.m. until 6 p.m. on Sunday from noon to 6 p.m. and thereafter from 8 a.m. to 8 p.m.

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Cherry Blossom Announces Grant and New Leadership and Executive Search

/PRNewswire/ -- Since its founding 27 years ago, the Macon Georgia's International Cherry Blossom Festival has been a tremendous boost to the Central Georgia economy. Its success this past spring once again demonstrated the strength and durability of this award-winning festival to draw thousands of visitors from across the southeast and the nation.

"Almost 99 percent of the events and activities held this year were sold out," Festival Chairman Steve Jukes said at a press conference today. "The number of sponsorships and grants was especially strong, enabling many of our events to be offered free of charge. The Festival Board is pleased to announce a $50,000 grant awarded by the Fickling Family Foundation. This grant is a match grant stemming from a fundraising campaign the board launched in June of 2008."

Jukes directly attributed much of the success of the annual festival to the business leaders, foundations and government officials who understand the significant role the Cherry Blossom Festival has in building community, increasing the city's national visibility, attracting tourists and generating business revenue.

"We express our appreciation to all of our partners for their generous support and cooperation that made the 2009 Festival a great and memorable event," he said. "This festival is the finest example of success through the cooperation of the many different public and private sectors of Central Georgia."

Indicative of the enduring support the Festival receives from the local community, Bill Fickling III, who is a past Board Chair and Festival Chair, announced that the Fickling Family Foundation has awarded a $50,000 matching grant to the Cherry Blossom Festival.

"We are indeed appreciative and fortunate to have this generous gift from this very civic-minded family," Jukes stated. "This gift from the Fickling Family Foundation is a matching grant based on the fundraising success of the Legacy Fund, which received generous support from past and present board members, trustees and friends to meet this match."

Plans are already underway for the 2010 Festival, which Jukes said he expects to be one of its best. The event is scheduled for March 19-28.

"Through ongoing sponsorships of corporations, businesses and foundations and cooperation from city and county boards, agencies and departments, we are going to once again present the best in talent, shows and activities," he promised. "We will infuse those 10 days in March with great family fun and tremendous excitement."

The 2010 festival leadership was elected at Thursday's Board of Directors meeting. Jukes will exchange his responsibilities as Festival Chairman for those as the Chair of the Board of Directors. Lee Robinson, who was the 2009 Board Chair, will serve as the 2010 Festival Chairman. Steve Farr and Thomas Wicker are moving to the Board of Directors and several new members have been added to the Board of Trustees including Renee Bumpus, Patricia Combes, Tiffany Farrow, Colonial Brian Grady, George Greer, Rhonda Levy, Allen London, David Rosenberg, David Thompson, Janie Hawk Wilhoit, and Garrett Williams.

Festival Chairman Lee Robinson also announced that the Board of Directors is seeking a new President and CEO for the Cherry Blossom Festival and Keep Macon-Bibb Beautiful. The Board is seeking candidates who can take these two well-established organizations to an even higher level of success. It has a consulting service to assist with the search.

"We are looking for a dynamic and creative individual who can build on the festival's foundation of success while drawing broader support and higher attendance," said Robinson.

The Festival expects to fill the leadership post this summer. Information on the opportunity is available on the Cherry Blossom web site: www.cherryblossom.com.

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