The parent company of South Carolina Bank & Trust has expanded into Georgia, the result of a FDIC-engineered deal to take over Community Bank & Trust, of Cornelia, Ga.
Columbia-based SCBT Financial Corp. announced late Friday that subsidiary South Carolina Bank & Trust had entered into an agreement the Federal Deposit Insurance Corporation to assume the deposits and certain assets of Community Bank & Trust.
Community Bank & Trust, founded in 1900, had 36 branches in Georgia. Based on the June 2009 FDIC summary of deposits, Community Bank & Trust ranked 7th in Georgia state deposit market share among Georgia-based institutions.
As of Sept. 30, 2009, Community Bank & Trust had approximately $1.2 billion in total assets and $1.1 billion in total deposits.