Georgia Community Banks Have Cleared Regulatory Hurdles for Merger
JONESBORO, Ga. & HINESVILLE, Ga. & ALPHARETTA, Ga.
CCF Holding Company (OTCQX: CCFH) (CCF), Heritage Bancorporation, Inc. (HBI) and Providence Bank (Providence) jointly announced today that they have received regulatory approvals for their merger of equals as well as shareholder approval from each of the three organizations. The merger is expected to close on September 1, 2019, subject to satisfaction of customary closing conditions.
Customers Will Experience Continuity in their Banking Relationship
Customers will experience continuity with the same bankers and locations through the closing. In connection with the closing, Providence and the subsidiary banks of each of CCF and HBI will merge, and the combined bank will be renamed Heritage Southeast Bank. The combined bank will continue to operate under the “Providence,” “Heritage Bank” and “The Heritage Bank” brand names, with their existing executive management teams, in their traditional markets of Alpharetta, South Atlanta and South Georgia/Northeast Florida, respectively. Additionally, the existing customer bases of each current bank are expected to benefit over time from increased product offerings and lending capacity and access to greater resources as a result of the merger. The combined bank is expected to have approximately $1.2 billion in total assets.
About the Merger Partners:
CCF Holding Company serves as the holding company for Heritage Bank, headquartered in Jonesboro, GA. With more than $500 million in assets, the bank provides a well-rounded offering of commercial and consumer products through its six full-service offices. CCF’s stock is traded on the OTCQX Best Market under the symbol “OTCQX: CCFH.” For additional information, contact CEO Leonard A. Moreland or CFO Mary Jo Jester at 770-478-8881.
Heritage Bancorporation, Inc. serves as the holding company for The Heritage Bank headquartered in Hinesville, GA which has offices throughout Southeastern Georgia and Northeastern Florida. With more than $530 million in assets, the bank is a low-cost core deposit franchise. For additional information, contact CEO Brian L. Smith or CFO Phil Resch at 1-800-624-6452.
Providence Bank is the only community bank locally chartered in the Alpharetta/Milton community with assets of more than $80 million. Established in 2006, Providence Bank offers a wide array of banking solutions that include personal and business loan and deposit products as well as the latest in mobile and online banking products. For more information, contact CEO Bradley P. Serff or CFO Jeff Kraus at 678-624-2265.
While the legacy branches of each of the three institutions will operate under their legacy names following the closing, all such branches will be branches of the same single insured depository institution, Heritage Southeast Bank, and a customer’s deposits in branches operating under different trade names will be commonly insured and subject to the same FDIC insurance limits.
Cautionary Note Regarding Forward-Looking Statements
Statements included in this press release, which are not historical in nature, are intended to be, and hereby are identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will,” “may,” “anticipate,” “create,” “plan,” “expect,” “should,” and “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following:
- the occurrence of any event, change or other circumstances that could give rise to the right of one or more of the parties to terminate their agreement to merge;
- the possibility that the anticipated benefits of the transaction, including anticipated improved product and service offerings, efficiencies and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the three companies or as a result of the strength of the economy, competitive factors in the areas where the three companies do business, or as a result of other unexpected factors or events;
- the impact of purchase accounting with respect to the transaction, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;
- the integration of the businesses and operations of the three companies, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the three companies’ existing businesses;
- business disruptions following the merger; and
- other factors that may affect future results of the combined company, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; actions of the Federal Reserve Board; and other legislative and regulatory actions and reforms.
CCF, HBI and Providence 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.
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