The Georgia Department of Banking and Finance closed Citizens and appointed the FDIC as receiver.
As a result of this acquisition, HeritageBank of the South will assume approximately $206m in deposits and acquire $145m in loans.
With this acquisition, HeritageBank of the South will now operate 20 branch locations in South Georgia and North Central Florida, and it moves into Georgia, building on a presence the bank has developed in the Statesboro area, where it has two branch offices.
The four branches previously operated by Citizens will reopen as branches of HeritageBank of the South. Depositors of Citizens will automatically become depositors of HeritageBank of the South.
Heritage Financial Group president and CEO Leonard Dorminey said this acquisition, which greatly expands the footprint across southern Georgia, extends its presence eastward from Statesboro to the strong and diverse Savannah market, giving us increased potential to grow regionally.
"Dorminey noted that, considering the Company’s strong capital position – with a total risk-based capital ratio of 26.4% at December 31, 2010, he believes 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," Dorminey said.
