Heritage Bancorporation and Providence Bank have received regulatory approvals for their merger of equals as well as shareholder approval from each of the three organizations.
The merger is expected to close on September 1, 2019, subject to satisfaction of customary closing conditions.
In connection with the closing, Providence and the subsidiary banks of each of CCF and HBI will merge, and the combined bank will be renamed Heritage Southeast Bank. The combined bank will continue to operate under the “Providence,” “Heritage Bank” and “The Heritage Bank” brand names, with their existing executive management teams, in their traditional markets of Alpharetta, GA, South Atlanta and South Georgia/Northeast Florida, respectively. Additionally, the existing customer bases of each current bank are expected to benefit over time from increased product offerings and lending capacity and access to greater resources as a result of the merger. The combined bank is expected to have approximately $1.2 billion in total assets.
CCF Holding Company serves as the holding company for Heritage Bank, headquartered in Jonesboro, GA. With more than $500 million in assets, the bank provides a well-rounded offering of commercial and consumer products through its six full-service offices.
Heritage Bancorporation serves as the holding company for The Heritage Bank headquartered in Hinesville, GA which has offices throughout Southeastern Georgia and Northeastern Florida
Providence Bank is the only community bank locally chartered in the Alpharetta/Milton community with assets of more than $80 million.
While the legacy branches of each of the three institutions will operate under their legacy names following the closing, all such branches will be branches of the same single insured depository institution, Heritage Southeast Bank, and a customer’s deposits in branches operating under different trade names will be commonly insured and subject to the same FDIC insurance limits.
