Heritage Financial Group reorganizes - WALB.com, South Georgia News, Weather, Sports

Heritage Financial Group reorganizes

By Jennifer Emert - bio | email

ALBANY, GA (WALB) –  A growing southwest Georgia bank will offer more shares of stock for sale as part of a reorganization plan.

Heritage Financial Group, the holding company for HeritageBank of the South, is changing from a two-tier mutual holding company to a full stock holding company. Customers using the bank won't see any change in service. But HeritageBank of the South will become a wholly owned subsidiary of Heritage Financial Group which will offer new shares of common stock. The changes will allow the bank to add capital and continue its growth.

"This step will enhance our ability to look for new growth opportunities as well as position us for better growth in the future," said Mary Beth Hobby, HeritageBank Marketing Director.

The reorganization and conversion plan will be submitted to the Office of Thrift Supervision and the Georgia Department of Banking and Finance for approval.

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