Welcome to our dedicated page for Heritage news (Ticker: HRGG), a resource for investors and traders seeking the latest updates and insights on Heritage stock.
Heritage NOLA Bancorp, Inc. (HRGG) is the holding company for Heritage Bank of St. Tammany, a federally chartered savings bank headquartered in Covington, Louisiana. Heritage Bank, founded in 1924, is described as a community bank providing financial services to residents and businesses in and around St. Tammany Parish, Louisiana. News about HRGG often centers on corporate transactions, regulatory developments and strategic decisions affecting this local savings institution.
Recent coverage highlights a definitive purchase and assumption agreement among Heritage NOLA Bancorp, Heritage Bank and OnPath Federal Credit Union. Under this agreement, OnPath Federal Credit Union is expected to acquire substantially all of the assets and assume substantially all of the liabilities, including all deposit account liabilities, of Heritage Bank in an all-cash P&A Transaction. Follow-up news explores the implications of this transaction, including the planned liquidation of Heritage Bank and the dissolution of Heritage NOLA Bancorp with cash distributions to shareholders.
Earlier news items documented a proposed all-cash merger with MC Bancshares, Inc., the holding company for M C Bank & Trust Company, and the subsequent withdrawal of applications to acquire Heritage NOLA Bancorp, shareholder approval of the merger, and the eventual mutual termination of that merger agreement. These developments illustrate how regulatory reviews, shareholder actions and strategic evaluations shape the future of a regional savings institution.
On this news page, readers can review announcements related to merger agreements, terminations of proposed transactions, purchase and assumption agreements, shareholder approvals and other corporate actions involving Heritage NOLA Bancorp and Heritage Bank of St. Tammany. Investors and community members can use this historical and ongoing news flow to understand how HRGG’s strategic decisions affect its status as a holding company and the future of its community banking operations.
Heritage NOLA Bancorp (OTC Pink: HRGG) has announced that OnPath Federal Credit Union will acquire substantially all assets and liabilities of Heritage Bank of St. Tammany in an all-cash transaction valued at $26 million, with additional reimbursements up to $3 million.
Shareholders of Heritage NOLA Bancorp are estimated to receive between $20.00 and $20.75 per share, though final amounts may vary. The transaction, expected to close in Q2 2026, will be followed by Heritage Bank's liquidation and Heritage NOLA Bancorp's dissolution, with shareholder distributions anticipated in Q4 2026.
The agreement includes provisions for eligible depositors from Heritage Bank's 2017 mutual-to-stock conversion to receive liquidation account payments. The transaction has received unanimous board approval from all parties involved.
On June 14, 2024, MC Bancshares and Heritage NOLA Bancorp announced the termination of their proposed merger. Originally agreed upon on July 6, 2023, the merger was called off due to regulatory uncertainties and the merger approval process. The termination was mutually approved by the boards, with both parties agreeing to bear their own costs without penalties. Heritage announced on March 13, 2024, that MC Bancshares had withdrawn its acquisition applications. Both companies expressed confidence in their future prospects post-termination.
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