Heritage Financial Group, Inc. Agrees to Purchase Metro Atlanta Branch from The PrivateBank
October 08 2014 - 6:30AM
Business Wire
Heritage Financial Group, Inc. ("Heritage" or the "Company,")
(NASDAQ: HBOS), the holding company for HeritageBank of the
South ("HeritageBank"), today announced that it has signed a
definitive agreement to purchase a branch in Norcross, Georgia,
from The PrivateBank, a wholly owned subsidiary of Chicago-based
PrivateBancorp, Inc. (NASDAQ: PVTB). The branch is located at 3169
Holcomb Bridge Road, which is in the northeast area of metro
Atlanta, approximately four miles north of the perimeter (I-285).
This location provides ease of access throughout metro Atlanta and
is home to a significant population of small- and medium-sized
businesses, which fits well into Heritage's operating model.
The transaction, which is expected to close in the fourth
quarter of 2014, subject to regulatory approval and other customary
conditions, is expected to result in the transfer of approximately
$40 million in fully performing loans, at 99% of the outstanding
balance at closing, and approximately $129 million in deposits,
with a deposit premium of 3.8%. In addition to purchasing the
branch, HeritageBank also expects to retain the employees currently
working in that location. An investor presentation outlining key
information about the transaction is available online under the
"Investors" tab of the Company's website,
www.eheritagebank.com.
Commenting on the announcement, Leonard Dorminey, President and
Chief Executive Officer of Heritage Financial Group, Inc., said,
"This branch acquisition, when completed, will allow us to pursue a
niche-focused commercial bank model and will provide the footing
for possible future expansion in metro Atlanta. For several years,
we have enjoyed a growing business in the Atlanta area, serviced
from our mortgage banking locations around the city, so we
understand the banking environment in Atlanta and know the
opportunities it holds for community banks like HeritageBank. We
are excited by the prospects of having a physical branch in metro
Atlanta, which we believe will increase our visibility in the
market and enhance our ability to recruit high-performing
commercial bankers and better serve our customers."
About Heritage Financial Group
Heritage Financial Group, Inc. is the holding company for
HeritageBank of the South, a community-oriented bank serving
Georgia, Florida and Alabama through 36 banking locations,
20 mortgage offices, and 5 investment offices. With the recent
completion of the purchase of Alarion Financial Services, Inc.,
Heritage has approximately $1.8 billion in assets, $1.0 billion in
loans, and $1.5 billion in deposits. For more information
about the Company, visit HeritageBank of the South on the Web at
www.eheritagebank.com under the "Investors" tab.
About PrivateBancorp
PrivateBancorp, Inc., through its subsidiaries, delivers
customized business and personal financial services to
middle-market companies, as well as business owners, executives,
entrepreneurs and families in all of the markets and communities it
serves. As of June 30, 2014, the Company had 33 offices in 10
states and $14.6 billion in assets. The Company's website is
www.theprivatebank.com.
Except for historical information contained herein, the matters
included in this news release and other information in the
Company's filings with the Securities and Exchange Commission may
contain certain "forward-looking statements," within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements can be identified by the fact that they do not relate
strictly to historical or current facts and often use words or
phrases "opportunities," "prospects," "will likely result," "are
expected to," "will continue," "is anticipated," "estimate,"
"project," "intends" or similar expressions. The forward-looking
statements made herein represent the current expectations, plans or
forecasts of the Company's future results and revenues. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Reform Act of 1995 and includes this statement
for purposes of these safe harbor provisions. These statements are
not guarantees of future results or performance and involve certain
risks, uncertainties and assumptions that are difficult to predict
and are often beyond the Company's control. Actual outcomes and
results may differ materially from those expressed in, or implied
by, any of these forward-looking statements. Investors should not
place undue reliance on any forward-looking statement and should
consider the uncertainties and risks, discussed under Item 1A.
"Risk Factors" of the Company's 2013 Annual Report on Form 10-K and
in any of the Company's subsequent SEC filings. Further information
concerning the Company and its business, including additional
factors that could materially affect the Company's financial
results, is included in its other filings with the SEC.
Heritage Financial Group, Inc.T. Heath Fountain,
229-878-2055Executive Vice President andChief Financial Officer
Heritage Financial (NASDAQ:HBOS)
Historical Stock Chart
From May 2024 to Jun 2024
Heritage Financial (NASDAQ:HBOS)
Historical Stock Chart
From Jun 2023 to Jun 2024