Heritage Southeast Bancorporation, Inc. and VyStar Credit Union Agree to Extension of Purchase Agreement
ATLANTA, March 31, 2022 (GLOBE NEWSWIRE) -- Heritage Southeast Bancorporation, Inc. (“HSBI”) announced today a mutual agreement with VyStar Credit Union (“VyStar”) to extend the outside date for consummation of their proposed transaction through June 30, 2022. In connection with the amendment, the parties also agreed to permit either party to terminate the agreement in the event certain regulatory hurdles are not cleared by April 30, 2022. The agreement was originally announced on March 31, 2021 and the outside date for consummation of the transaction was March 31, 2022.
The extension was approved by both parties after consideration of the proposed transaction and the status of necessary regulatory approvals. In connection with the amendment, VyStar has waived its exclusivity clause commencing on April 1, 2022. However, HSBI is prohibited from entering into any definitive agreement with another party so long as the agreement with VyStar agreement remains in place.
Leonard A. Moreland, Chief Executive Officer of HSBI said, “Our primary focus has always been on achieving the best results for our shareholders through offering the best products and services throughout our footprint. Our dedicated employees come to work each and every day to help achieve our mission. The combination of Heritage Southeast Bank with VyStar allows us to continue that strategy and remains a priority.”
HSBI, Heritage Southeast Bank and VyStar each continue to pursue regulatory approvals from the FDIC, the NCUA, the Georgia Department of Banking and Finance and the Florida Office of Financial Regulation.
There can be no assurance that the parties will receive regulatory approval during the second quarter, or at all. While the parties continue to work toward closing the proposed business combination, the parties recognize that the timing of regulatory approval and customer notifications may result in the closing of the transaction occurring after June 30, 2022. Required customer notifications include, among other things, a notice that must be given to customers at least 30 days before completion of the transaction.
About Heritage Southeast Bancorporation, Inc. and Heritage Southeast Bank:
Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names “Heritage Bank,” “The Heritage Bank,” and “Providence Bank” in its various markets. With approximately
Forward Looking Statements:
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed acquisition of HSBI by VyStar, statements related to the expected timing of the completion of the acquisition, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as "may," "will," "should," "scheduled," "plans," "intends," "anticipates," "expects," "believes," "estimates," "potential," or "continue" or negatives of such terms or other comparable terminology. All forward-looking statements in this press release, or in any other written or oral communication that relates to the proposed acquisition or to matters that may affect such proposed acquisition are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of HSBI or VyStar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) disruption from the proposed acquisition with customers, suppliers, employees or other business partners, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement, (3) the ability by the parties to obtain required governmental approvals of the acquisition (4) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (5) general competitive, economic, political and market conditions.
HSBI disclaims any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.
Heritage Southeast Bancorporation, Inc. and its subsidiary disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.
| CONTACT | |
| Leonard A. Moreland | Philip F. Resch |
| Chief Executive Officer | Chief Financial Officer |
Heritage Southeast Bancorporation, Inc.
101 North Main Street
P.O. Box 935
Jonesboro, GA 30236
(770) 824-9934
