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North Georgias Crescent Bank fails
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Crescent Bank & Trust, a Jasper-based bank with branches in Forsyth County, became the 10th Georgia bank to fail in 2010 on when it was seized Friday by the Georgia Department of Banking and Finance.

Some of Crescent's branches reopened Saturday as branches of Renasant Bank, based in Tupelo, Miss. The remaining branches will reopen Monday.

In a news release, Renasant said it had acquired nearly $1 billion in assets as part of the deal, including $600 million of loans and other real estate. It has also assumed about $900 million in deposits.

"As a company with over 105 years of experience in conservative and sound banking practices, we are excited to provide our new clients in North Georgia with the first-class service that is the foundation of our success," said E. Robinson McGraw, Renasant's chairman and CEO.

Renasant said all clients will continue to be able to conduct banking business as usual, including accessing their money by writing checks and using ATM or debit cards. All outstanding checks will be processed as usual, and customers can continue using their Crescent Bank checks.

Renasant and the Federal Deposit Insurance Corp. entered into a loss-share transaction on $617.4 million of Crescent assets, the FDIC said in a news release. The remaining $242.4 million will be covered by the FDIC.

Crescent had 11 branches in Forsyth, Fulton, Cobb, Cherokee, Bartow and Pickens counties. It was the largest bank on the FDIC's troubled bank list when it failed.

U.S. bank failures this year reached 103 as regulators shut down seven banks in Georgia and six other states Friday.

The pace of bank closures this year is well ahead of that of 2009, which saw a total 140 banks shuttered amid the recession and mounting loan defaults.

The Associated Press contributed to this story.