Heritage Southeast Bancorporation, Inc. Shareholders Approve Acquisition
Heritage Southeast Bancorporation, Inc. (HSBI) announced that its shareholders approved the merger with VyStar Credit Union. The acquisition involves an all-cash transaction where VyStar will acquire Heritage Southeast Bank's assets and liabilities. The deal, signed on March 31, 2021, is expected to close in Q4 2021 post regulatory approvals. Following the transaction, HSBI will wind down operations and distribute remaining assets to shareholders. Heritage Southeast Bank has approximately $1.7 billion in assets and operates 22 locations.
- Shareholder approval for the VyStar acquisition signals strong investor support.
- The all-cash transaction will provide liquidity to HSBI shareholders after operation wind-down.
- VyStar's acquisition may lead to synergies and enhanced market presence.
- Closure of Heritage Southeast Bank operations may lead to employee layoffs and loss of local services.
- Potential risks include delays in regulatory approvals which may extend transaction timeline.
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JONESBORO, Ga., July 14, 2021 (GLOBE NEWSWIRE) -- Heritage Southeast Bancorporation, Inc. (“Company”) (OTCQX: HSBI) announced that the shareholders of Heritage Southeast Bancorporation, Inc. approved the merger by VyStar Credit Union. On March 31, 2021, the Company signed a definitive purchase and assumption agreement whereby VyStar Credit Union (“VyStar”) will acquire the assets and assume the liabilities of Heritage Southeast Bank in an all-cash transaction. Following the completion of this transaction, HSBI and Heritage Southeast Bank will wind down their operations and their remaining assets, after all obligations are settled, will be distributed to HSBI stockholders. Once the acquisition receives regulatory approval, the companies expect to close the transaction in the fourth quarter of 2021.
About Heritage Southeast Bancorporation, Inc.
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 failure to obtain the necessary approvals by the shareholders of HSBI, (4) the ability by the parties to obtain required governmental approvals of the acquisition (5) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (6) 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 |
FAQ
What is the significance of the VyStar acquisition for HSBI shareholders?
When is the expected completion date for the VyStar acquisition of HSBI?
What assets are involved in the acquisition between VyStar and HSBI?
How will the merger impact Heritage Southeast Bank's employees and services?
