HERITAGE NOLA BANCORP, INC., HERITAGE BANK OF ST. TAMMANY AND ONPATH FEDERAL CREDIT UNION SIGN AN AGREEMENT FOR THE ACQUISITION OF THE ASSETS OF HERITAGE BANK
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.
Heritage NOLA Bancorp (OTC Pink: HRGG) ha annunciato che OnPath Federal Credit Union acquisirà sostanzialmente tutti gli attivi e passivi di Heritage Bank of St. Tammany in un accordo interamente in contanti del valore di 26 milioni di dollari, con rimborsi aggiuntivi fino a 3 milioni di dollari.
Si stima che gli azionisti di Heritage NOLA Bancorp riceveranno tra 20,00 e 20,75 dollari per azione, anche se gli importi finali potrebbero variare. L’operazione, che dovrebbe concludersi nel secondo trimestre del 2026, sarà seguita dalla liquidazione di Heritage Bank e dalla dissoluzione di Heritage NOLA Bancorp, con la distribuzione agli azionisti prevista nel quarto trimestre del 2026.
L’accordo prevede inoltre che i depositanti idonei dalla conversione da mutual a stock del 2017 di Heritage Bank riceveranno pagamenti dai conti di liquidazione. L’operazione ha ricevuto l’approvazione unanime del consiglio di amministrazione di tutte le parti coinvolte.
Heritage NOLA Bancorp (OTC Pink: HRGG) ha anunciado que OnPath Federal Credit Union adquirirá sustancialmente todos los activos y pasivos de Heritage Bank of St. Tammany en una transacción en efectivo valorada en 26 millones de dólares, con reembolsos adicionales de hasta 3 millones de dólares.
Se estima que los accionistas de Heritage NOLA Bancorp recibirán entre 20,00 y 20,75 dólares por acción, aunque los montos finales pueden variar. La transacción, que se espera cerrar en el segundo trimestre de 2026, será seguida por la liquidación de Heritage Bank y la disolución de Heritage NOLA Bancorp, con distribuciones a los accionistas previstas para el cuarto trimestre de 2026.
El acuerdo incluye disposiciones para que los depositantes elegibles de la conversión mutua a acciones de Heritage Bank en 2017 reciban pagos de cuentas de liquidación. La transacción ha recibido la aprobación unánime de las juntas directivas de todas las partes involucradas.
Heritage NOLA Bancorp (OTC Pink: HRGG)는 OnPath Federal Credit Union이 Heritage Bank of St. Tammany의 거의 모든 자산과 부채를 2,600만 달러 상당의 전액 현금 거래로 인수할 것이라고 발표했습니다. 추가 환급금은 최대 300만 달러까지 제공됩니다.
Heritage NOLA Bancorp의 주주들은 주당 20.00달러에서 20.75달러 사이를 받을 것으로 예상되나, 최종 금액은 변동될 수 있습니다. 이 거래는 2026년 2분기에 완료될 예정이며, 이후 Heritage Bank는 청산되고 Heritage NOLA Bancorp는 해산되며, 주주 배당금은 2026년 4분기에 지급될 예정입니다.
이 계약에는 2017년 Heritage Bank의 상호조합에서 주식회사로 전환된 자격 있는 예금자들이 청산 계좌 지급을 받을 수 있도록 하는 조항이 포함되어 있습니다. 이 거래는 모든 관련 당사자의 이사회에서 만장일치로 승인되었습니다.
Heritage NOLA Bancorp (OTC Pink : HRGG) a annoncé que OnPath Federal Credit Union acquerra substantiellement tous les actifs et passifs de Heritage Bank of St. Tammany dans une transaction entièrement en espèces d’une valeur de 26 millions de dollars, avec des remboursements supplémentaires pouvant atteindre 3 millions de dollars.
Les actionnaires de Heritage NOLA Bancorp devraient recevoir entre 20,00 et 20,75 dollars par action, bien que les montants finaux puissent varier. La transaction, dont la clôture est prévue au deuxième trimestre 2026, sera suivie par la liquidation de Heritage Bank et la dissolution de Heritage NOLA Bancorp, avec des distributions aux actionnaires attendues au quatrième trimestre 2026.
L’accord inclut des dispositions permettant aux déposants éligibles issus de la conversion mutuelle à actions de Heritage Bank en 2017 de recevoir des paiements de comptes de liquidation. La transaction a reçu l’approbation unanime des conseils d’administration de toutes les parties impliquées.
Heritage NOLA Bancorp (OTC Pink: HRGG) hat bekannt gegeben, dass OnPath Federal Credit Union nahezu alle Vermögenswerte und Verbindlichkeiten der Heritage Bank of St. Tammany in einer bar bezahlten Transaktion im Wert von 26 Millionen US-Dollar übernehmen wird, mit zusätzlichen Rückerstattungen von bis zu 3 Millionen US-Dollar.
Die Aktionäre von Heritage NOLA Bancorp werden voraussichtlich zwischen 20,00 und 20,75 US-Dollar pro Aktie erhalten, wobei die endgültigen Beträge variieren können. Die Transaktion, die voraussichtlich im zweiten Quartal 2026 abgeschlossen wird, wird von der Liquidation der Heritage Bank und der Auflösung von Heritage NOLA Bancorp gefolgt, wobei die Ausschüttungen an die Aktionäre im vierten Quartal 2026 erwartet werden.
Die Vereinbarung enthält Bestimmungen, wonach berechtigte Einleger aus der Umwandlung von Heritage Bank im Jahr 2017 von einer Genossenschaft in eine Aktiengesellschaft Zahlungen aus Liquidationskonten erhalten. Die Transaktion wurde von den Vorständen aller beteiligten Parteien einstimmig genehmigt.
- All-cash transaction valued at $26 million with additional $3 million in potential reimbursements
- Estimated shareholder payout of $20.00-$20.75 per share
- Unanimous board approval from all parties
- Expanded financial services and membership benefits for customers
- Final per share consideration may vary significantly from estimated range
- Extended timeline with closing in Q2 2026 and distributions in Q4 2026
- Potential delays in liquidation and dissolution could further postpone shareholder distributions
- Complex transaction structure involving multiple steps (acquisition, liquidation, and dissolution)
Following the completion of the P&A Transaction and after all of the respective obligations of Heritage NOLA Bancorp and Heritage Bank (including settlement of the liquidation account maintained by Heritage Bank) are settled, Heritage Bank will liquidate and distribute its remaining assets to Heritage NOLA Bancorp (the "liquidation") and then Heritage NOLA Bancorp will dissolve and distribute its remaining assets to its shareholders (the "dissolution").
Heritage NOLA Bancorp's shareholders are currently estimated to receive between
The P&A agreement was unanimously approved by the Boards of Directors of Heritage NOLA Bancorp, Heritage Bank and OnPath Credit Union. The parties expect the P&A Transaction to close in the second quarter of 2026, subject to receiving all regulatory approvals, approval by Heritage NOLA Bancorp's shareholders and other customary closing conditions. The distribution of cash representing the per share consideration to Heritage NOLA Bancorp's shareholders is expected to occur in the fourth quarter of 2026, although delays in the liquidation and dissolution could delay the distribution to shareholders.
Under the terms of a liquidation account established by Heritage Bank at the time of its mutual-to-stock conversion in 2017, it is expected that eligible depositors of Heritage Bank as of the date of the conversion who continued to have eligible deposits as of each year end between the closing of the conversion and through the year end prior to the closing of the P&A Transaction could have the right to receive a liquidation account payment.
"We have long admired Heritage Bank of
"We are very excited about our new partnership with OnPath Credit Union. For our first ninety-three years Heritage Bank was mutually owned by our depositors, and we believe that this partnership is a return to our roots. Like Heritage Bank, OnPath Credit Union is a community-focused institution, and the combined resources of the combined institution will ensure that our customers, our employees and our communities have expanded financial services and membership benefits going forward. We believe that the P&A Transaction also reflects our commitment to enhance the value to our shareholders," said David Crumhorn, President and Chief Executive Officer of Heritage NOLA Bancorp and Heritage Bank.
Luse Gorman, PC is serving as legal counsel to Heritage NOLA Bancorp and Heritage Bank, and Raymond James & Associates, Inc., is serving as financial advisor to Heritage NOLA Bancorp and Heritage Bank. Honigman LLP is serving as legal counsel to OnPath Credit Union and ALM First is serving as financial advisor to OnPath Credit Union.
About OnPath Federal Credit Union
OnPath Credit Union began as ASI Federal Credit Union in 1961, serving the hardworking employees of Avondale Shipyards. Over the decades, the credit union has grown to more than 85,000 members across
About Heritage NOLA Bancorp and Heritage Bank of
Heritage NOLA Bancorp, Inc. is the holding company for Heritage Bank of
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not historical or current facts, and they often include words like "believe," "expect," "anticipate," "estimate," "intend" or similar terminology. Certain factors that could cause actual results to differ materially from those expected include delays in completing the P&A transaction, the liquidation, and the dissolution; legislative and regulatory changes that adversely affect the business in which OnPath Credit Union, Heritage NOLA Bancorp and Heritage Bank are engaged; and other factors. Except as required by law, neither OnPath Federal Credit Union, Heritage NOLA Bancorp nor Heritage Bank undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
Contact for OnPath Credit Union:
Jared Freeman
President and Chief Executive Officer
(334) 558-7767
Contact for Heritage NOLA Bancorp and Heritage Bank:
David Crumhorn
President and Chief Executive Officer
(985) 273-3555
View original content:SOURCE Heritage NOLA Bancorp, Inc.; OnPath FCU
FAQ
What is the acquisition price for Heritage Bank (HRGG) by OnPath Federal Credit Union?
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When will the Heritage Bank (HRGG) acquisition by OnPath Credit Union close?
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What happens to Heritage Bank depositors after the OnPath acquisition?
