"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.
HeritageBank Of The South Agrees To Purchase Assets And Assume Deposits Of First Southern National Bank Of Statesboro, Georgia, In An FDIC-Assisted Transaction
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