Heritage Financial Group (NASDAQ: HBOS), the mid-tier holding company for HeritageBank of the South, today announced that it has completed the previously announced purchase of five Park Avenue Bank branches in Georgia from PAB Bankshares, Inc. These branches are located in Statesboro (2), Baxley, Hazlehurst, and Adel. The transaction resulted in the transfer of approximately $52 million in loans and approximately $97 million in deposits to HeritageBank of the South.
Commenting on the announcement, Leonard Dorminey, President and Chief Executive Officer of Heritage Financial Group, said, "We are pleased to announce the successful completion of this acquisition, which continues our efforts to deploy our strong capital base to expand prudently and enhance future growth prospects, while helping build our presence in Southeast Georgia and fill in our footprint between Albany and Ocala. This step, together with two other transactions completed in recent months, has enabled us to nearly double our branch network in just the past year."
In connection with the addition of these five new branches and to lead the Bank's expansion in southeastern Georgia, HeritageBank of the South has named Gary Johnson as regional president for the area. Johnson, with 25 years in banking and a longtime resident of Statesboro, previously was the Chief Credit Officer for Sea Island Bank in Statesboro.
Commenting on the hiring of Johnson, Dorminey said, "We are excited to have such a talented banker and proven leader join our team. We are committed to the southeastern Georgia market and under Gary's leadership, we will be one of the strongest competitor's in the region."
Heritage Financial Group is the mid-tier holding company for HeritageBank of the South, a community-oriented bank serving primarily South Georgia and North Central Florida through 15 full-service banking offices. As of March 31, 2010, the Company reported total assets of approximately $574 million, total stockholders' equity of approximately $62 million and a Total Risk-Based capital ratio of 16.6%.