"With this acquisition, we continue to strategically deploy our capital," Dorminey continued. "First Southern marks the third FDIC-assisted acquisition we have completed, which, along with our other transactions, have greatly expanded our footprint across southern Georgia and have strengthened our presence in attractive markets such as Statesboro. These steps have enhanced our regional footprint and have increased our asset base significantly." Dorminey noted that, considering the Company's strong capital position – with a total risk-based capital ratio of 23.4% at June 30, 2011, the Company remains well positioned to take advantage of possible future acquisition opportunities and FDIC-assisted deals that make sense for HeritageBank of the South's business and markets.
Sterne Agee acted as financial advisor to the Company in this transaction, while Silver, Freedman & Taff, L.L.P. served as legal counsel.
Heritage Financial Group, Inc. is the holding company for HeritageBank of the South, a community-oriented bank serving primarily South Georgia and North Central Florida through 22 full-service branch locations, 10 mortgage offices and two investment offices. As of June 30, 2011, the Company reported total assets of approximately $964 million and total stockholders' equity of approximately $122 million. 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.
Except for historical information contained herein, the matters included in this news release and other information in the Company's filings with the Securities and Exchange Commission may contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and include this statement for purposes of these safe harbor provisions. Further information concerning the Company and its business, including additional factors that could materially affect our financial results, is included in our other filings with the SEC.