FONT-SIZE Plus   Neg

Heritage Financial Inks Pact To Acquire Single Branch From AB&T National Bank

Heritage Financial Group Inc (HBOS) Wednesday announced that it has signed a definitive agreement with the AB&T National Bank to purchase its single branch located at 1943, East Glenn Avenue, Auburn, Alabama.

The company did not divulge any other financial terms of the transaction.

The holding company for HeritageBank of the South, however, stated that the transaction is expected to close in the second quarter of 2012, subject to regulatory approval and other customary closing conditions.

The company further added that the employees currently working in the branch would be retained. The acquisition would result in the transfer of approximately $13 million in loans and approximately $20 million in deposits, including all demand deposits, savings accounts, money market accounts and certificates of deposit to the HeritageBank of the South.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
comScore (SCOR), a global media measurement and analytics company, reported U.S. desktop retail e-commerce spending for the first 27 days of the November-December 2015 holiday season. For the holiday season-to-date, $23.4 billion has been spent online, marking a 5-percent increase versus the corresponding... Cricket Wireless Monday said it is adding to the Cyber Monday excitement by offering new and existing customers 50 percent off Samsung Galaxy S4, S5, and S6 today through December 3 with activation on a smartphone plan. The offer can be combined with the Black Friday offer where customers switching... Global watch maker, Swatch Group will be launching "pay by the wrist" watches early next year in partnership with Visa Inc.
comments powered by Disqus
Follow RTT