Heritage Financial Group Inc declared that it has inked a definitive agreement with the AB&T National Bank to acquire its single branch.
The group stated that the branch is situated at 1943, East Glenn Avenue, Auburn, Alabama, but didn’t reveal the financial terms of the acquisition.
The transaction is subject to the regulatory approval and other customary closing conditions.
Meanwhile, the holding company for HeritageBank of the South noted that the acquisition is estimated to be completed in the Q2 of 2012.
The group also added that the current staff working in the branch would be continued.
It is expected that the acquisition will result in the transfer of about $13 million in loans and approximately $20 million in deposits, along with all demand deposits, savings accounts, money market accounts and certificates of deposit to the HeritageBank of the South.
The group stated that the branch is situated at 1943, East Glenn Avenue, Auburn, Alabama, but didn’t reveal the financial terms of the acquisition.
The transaction is subject to the regulatory approval and other customary closing conditions.
Meanwhile, the holding company for HeritageBank of the South noted that the acquisition is estimated to be completed in the Q2 of 2012.
The group also added that the current staff working in the branch would be continued.
It is expected that the acquisition will result in the transfer of about $13 million in loans and approximately $20 million in deposits, along with all demand deposits, savings accounts, money market accounts and certificates of deposit to the HeritageBank of the South.