As previously announced, Heritage Financial Group and its affiliates have adopted a plan to reorganize from a two-tier mutual holding company to a full stock holding company and will undertake a "second-step" offering of shares of the new holding company's common stock in subscription, community and syndicated offerings. Because of the Company's review of the accounting treatment and fair value measurements used to record the acquisition of The Tattnall Bank, and the ensuing revision in accounting treatment for work-out expenses related to the acquired loan portfolio, the Company now expects to complete its second-step offering later in the fourth quarter of 2010, subject to regulatory, stockholder and depositor approvals.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 16 full-service banking offices. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com and see Investor Relations under About Us.
Heritage Financial Group To Revise Its Accounting Treatment And Fair Value Measurements Related To The FDIC-Assisted Acquisition Completed In December 2009
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