Dorminey pointed out that the Company's strong capital position – with a Total Risk-Based Capital Ratio of 18.4% at December 31, 2012 – has enabled it to continue to take advantage of expansion opportunities. Frontier Bank represents the fourth acquisition with the FDIC that HeritageBank of the South has completed. "We are excited by the opportunities this acquisition presents to our company, including the overall continued growth of our franchise in Georgia, Alabama and Florida, and more specifically to our growing presence in and around Auburn, Alabama," Dorminey continued. "The Auburn-Opelika market has proven to be very attractive for our bank: it is home to Auburn University and the robust economic environment associated with the Kia Motors manufacturing plant and related suppliers in the area, making it one of the most attractive markets in the state."Additionally, we look forward to the opportunity to enter the Birmingham market," Dorminey added, "one of the major metropolitan markets in the state where we hope to differentiate HeritageBank of the South as a leader in community banking and build a solid banking platform for future growth. Overall, we feel confident about the quality of the assets we are acquiring and the limited risk structure of this deal."
HeritageBank Of The South, A Subsidiary Of Heritage Financial Group, Purchases Frontier Bank In Transaction With The FDIC
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