Heritage Financial Group Inc (HBOS: Quote) 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
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