Heritage Financial Group, Inc., the newly formed Maryland corporation and proposed holding company for HeritageBank of the South, has completed its subscription and community offerings and has commenced a syndicated offering to complete the sale of shares in the offering being conducted in connection with the second-step conversion of Heritage MHC, Heritage Financial Group (NASDAQ:HBOS) and HeritageBank of the South into full stock form. Keefe, Bruyette & Woods, Inc. is acting as sole book-running manager for the syndicated offering. Sterne, Agee & Leach, Inc. is acting as co-manager for the syndicated offering. The syndicated offering will be conducted on a best efforts basis and none of the members of the syndicate group are required to purchase any shares in the offering.
In addition, Heritage Financial Group, Inc. announced that it has filed with the Securities and Exchange Commission a prospectus supplement to its prospectus for the syndicated offering increasing the maximum purchase limit from 50,000 shares ($500,000) for individual purchasers and from 100,000 shares ($1.0 million) for purchasers acting together with others, in all categories of the offering combined to, in both cases, an amount equal to 5% of the shares sold in the offering ($4,140,000 at the maximum of the offering range). Heritage Financial Group, Inc. may, in its sole discretion and without further notice, accept orders for up to 9.99% of the total number of shares to be sold in the offering, provided that orders for stock exceeding 5% of the total offering shall not exceed in the aggregate 10% of the offering. Consistent with the prospectus dated October 12, 2010, the only persons who will be resolicited about the new purchase limit are those who subscribed for the maximum purchase limit in the subscription and the community offerings that terminated today. Any increased orders will be made in the syndicated offering. All other eligible subscribers who properly completed and timely submitted a stock order form will be allocated the number of shares of common stock requested in their stock order form.