logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alphabet Inc. (GOOG, GOOGL), the parent company of Google, Monday reported a surge in profit for the first quarter, primarily reflecting strong revenue growth in search and advertising. Alphabet's first-quarter profit surged to $9.40 billion or $13.33 per share from $5.43 billion or $7.73 per share... Canadian restaurant chain Tim Hortons woes seem to be only mounting. However, most of the company's troubles seem to be self-inflicted amid a public feud with its aggrieved franchisees, alleged deterioration in food quality, and falling share prices. Tim Hortons was acquired by Brazilian private equity firm 3G Capital for $12.5 billion in 2014. An unruly passenger was tasered, arrested and forcibly removed from an American Airlines flight on Sunday evening after he allegedly touched a female passenger inappropriately. Prior to takeoff, the boyfriend of the female passenger on the plane contacted authorities after the unruly passenger, Jacob Garcia, began touching her. Garcia was subsequently arrested by the police.
Follow RTT