-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DYCAgWtAjD9F8399/iYSoWZtFXdhdTM7/H/h1yq9UpatWhDcK1zGzj3PxxRtunvs eIi1Yx3VkT9uY8AAgD8fvg== 0001140361-08-021842.txt : 20080924 0001140361-08-021842.hdr.sgml : 20080924 20080924144921 ACCESSION NUMBER: 0001140361-08-021842 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080924 ITEM INFORMATION: Other Events FILED AS OF DATE: 20080924 DATE AS OF CHANGE: 20080924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHCREST FINANCIAL GROUP INC CENTRAL INDEX KEY: 0001279756 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 580601113 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51287 FILM NUMBER: 081086418 BUSINESS ADDRESS: STREET 1: 108 SOUTH CHURCH STREET CITY: THOMASTON STATE: GA ZIP: 30286 BUSINESS PHONE: 706-647-5426 MAIL ADDRESS: STREET 1: 108 SOUTH CHURCH STREET CITY: THOMASTON STATE: GA ZIP: 30286-4104 FORMER COMPANY: FORMER CONFORMED NAME: UPSON BANKSHARES INC DATE OF NAME CHANGE: 20040211 8-K 1 form8k.htm SOUTHCREST FINANCIAL GROUP, INC. 8-K 9-24-2008 form8k.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


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)
September 24, 2008
  

SouthCrest Financial Group, Inc.
(Exact Name of Registrant as Specified in its Charter)


Georgia
000-51287
58-2256460
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)


600 North Glynn Street, Suite B, Fayetteville, GA
30214
(Address of Principal Executive Offices)
(Zip Code)


Registrant's telephone number, including area code
(770) 461-2781
  


 
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
  o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

Item 8.01.  Other Events.

In connection with the recent action taken by the United States Treasury Department and the Federal Housing Finance Agency with respect to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), SouthCrest Financial Group, Inc. (the Company) announced today that it will record, for the third quarter, an other-than-temporary impairment and take a non-cash charge to earnings for its investments in perpetual preferred securities issued by Fannie Mae. The Company’s perpetual preferred investments in Fannie Mae are included in securities available for sale at a cost of $640,000. These investment securities currently trade at five to ten percent of par value. The amount of the charge to earnings will not be known until a final determination is made in connection with the preparation of the Company’s financial statements for the third quarter Form 10-Q.  The Company does not hold any common or any other equity securities issued by Fannie Mae or Freddie Mac.

The Company’s management has evaluated the capital condition of both the Company and its subsidiary banks, and has concluded that all would remain “well capitalized” under any valuation scenario involving the Fannie Mae perpetual preferred stock investment securities.


SIGNATURES


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.

 
 
SOUTHCREST FINANCIAL GROUP, INC.
       
       
Dated:
September 24, 2008
By:
/s/ Douglas J. Hertha
     
Douglas J. Hertha
     
Senior Vice President, Chief Financial Officer
 
 
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