Tupelo, Miss.-based Renasant Bank is the new owner of a Jasper-based bank with locations in Cartersville and Adairsville after entering into a purchase and assumption agreement with the Federal Deposit Insurance Corporation.

The Georgia Department of Banking and Finance closed the bank on Friday and entered into the agreement with Renasant, who will be assuming all of the deposits of Crescent Bank and Trust Company, based in Jasper.

In addition to assuming deposits, Renasant Bank agreed to purchase essentially all of the assets.

Crescent Bank – which had two locations in Cartersville at 880 Joe Frank Harris Pkwy. and 420 Old Mill Road, along with a location in Adairsville at 21 Eagle Pkwy. - reopened Saturday morning under normal business hours as branches of Renasant, according to a press release from the FDIC.

The release also stated that “Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage.”

“Customers of Crescent Bank and Trust Company should continue to use their existing branch until they receive notice from Renasant Bank that it has completed systems changes to allow other Renasant Bank branches to process their accounts as well,” the release stated.

The FDIC reported that as of March 31, 2010, Crescent Bank and Trust Company had approximately $1.01 billion in total assets and $965.7 million in total deposits.

Renasant Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Crescent Bank and Trust Company.

The FDIC and Renasant Bank entered into a loss-share transaction on $617.4 million of Crescent Bank and Trust Company's assets. Renasant Bank will share in the losses on the asset pools covered under the loss-share agreement.

The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-523-8177.

According to the release, Crescent Bank and Trust Company is the 98th FDIC-insured institution to fail in the nation this year, and the tenth in Georgia. The last FDIC-insured institution closed in the state was First National Bank, Savannah, on June 25, 2010.