Saturday, December 5, 2009
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ALBANY -- Heritage Financial Group, the mid-tier holding company for HeritageBank of the South here, has entered into a whole-bank purchase and assumption agreement with the Federal Deposit Insurance Corporation to acquire The Tattnall Bank.
The bank is a $50 million bank based in Reidsville with a second location in Collins. The Georgia Department of Banking and Finance Friday closed The Tattnall Bank and appointed the FDIC as receiver.
The Tattnall Bank is about 70 miles west of Savannah and 35 miles southwest of Statesboro.
The two branches previously operated by The Tattnall Bank will reopen Monday as branches of HeritageBank of the South.
With this acquisition, HeritageBank of the South will now operate nine locations adding this Southeast Georgia market to existing markets in Southwest Georgia and north central Florida.
Leonard Dorminey, president and CEO of Heritage Financial Group, said bank customers should be confident that their deposits are safe and fully accessible. Those accounts will be converted to standard HeritageBank of the South deposit accounts "in an orderly manner."
"We look forward to cementing even stronger relationships with all current customers of The Tattnall Bank in the months and years ahead," Dorminey said.
Dorminey said Heritage remains well positioned to take advantage of possible future acquisition opportunities.