Crescent Bank & Trust Forms Debt Purchasing Company and Collection Agency

NEW ORLEANS, LA – Crescent Bank & Trust, a leading purchaser and servicer of sub-prime auto loans, announced today that it has formed a wholly-owned subsidiary, Crescent Recovery, LLC, to purchase and service non-performing debt. It was also announced that Robert Fox has joined the bank’s loan acquisition team to spearhead the purchasing for Crescent Recovery, LLC, and that Delma Ambrose has been named Senior Vice-President, and will oversee the servicing and collection efforts.

“We intend for Crescent Recovery to be a steady and aggressive player in the purchase of charged-off debt, just as Crescent Bank is and has been on the performing and non-performing side,” said Edward J. Bourgeois, Executive Vice-President and Chief Operating Officer of New Orleans-based parent, Crescent Bank & Trust. “It is our intention for Rob to purchase between $200 and 400 million of charged-off credit card and automobile accounts over the next year, which will allow Crescent to expand our niche in the sub-prime market. We will then be able to leverage Delma’s years of collections experience with non-performing accounts to help take us to the next level.” There are currently no plans to offer these accounts for resale.

Crescent Recovery, LLC will operate out of Chesapeake, Virginia. Ambrose, most recently with The Finance Company in Norfolk, Virginia, will oversee the subsidiary. Fox, formerly with EXterra Credit recovery in Youngstown, Ohio, will be responsible for non-performing acquisitions.

About Crescent Bank & Trust
Crescent Bank & Trust, based in New Orleans, is an FDIC-insured bank specializing in the origination, purchase, and collection of sub-prime auto loans. In operation for over 11 years, Crescent Bank & Trust continues to be an active presence in the performing and non-performing sub-prime market. During the past 18 months, Crescent has purchased in excess of $250 million in sub-prime auto loans. For more information, contact Edward Bourgeois at (504) 293-7217.