Hide Article Text (OCR)
mmd.SouthemBankHeritage Bank, seen here in Wilson, will become Southern Bank, seen here in Sharpsburg, pendinga merger. Brad Coville | TimesSouthern plans to acquire Heritage BankBy Rochelle MooreTimes Staff WriterThe Heritage Bank will become Southern Bank pending a planned merger in a near $4 million cash and stock deal.Southern BancShares of Mount Olive announced its plan to acquire Lucama-based Heritage BancShares that will lead to a combined bank holding company with $2.3 billion in assets and 77 branches in North Carolina and Virginia.The transaction is scheduled for completion in the second quarter of 2013. The Heritage Bank has 12 branches, with most in the Wilson area, including two in the city, one in Lucama, Sims, Bailey, Fremont, Pikeville, Goldsboro, Middlesex, Kenly, Pine Level and Tarboro. Southern Bank has 65 locations, with most in North Carolina including fivein Rocky Mount, two in Nashville and other nearby branches in Sharpsburg and Macclesfield, said John Heeden, senior vice president and director of marketing and corporate communications.Officials with both institutions view the merger as positive for the future.“Both of our organizations have a very community-focused banking model with a long history of serving eastern North Carolina,” said Joseph L. Evans, president and chief executive officer of Heritage. “Our customers will get the same great local service but have the advantage of much larger network of locations and ATMs.”Heritage Bank, founded in 1914, has close to $270 million in assets and the Southern Bank and Trust Co., founded in 1901, has about $2.1 billionin assets. Heeden said that there is no plan for employee changes as part of the merger. Heritage Bank branches will undergo a name change to Southern Bank after the merger is complete.“This represented an excellent opportunity for us to increase our presence and market share in these areas, as Southern Bank currently operates offices in several neighboring communities within the region,” said J. Grey Morgan, chairman and chief executive officer of Southern. “While our combined organizations will operate as Southern Bank, we value and embrace The Heritage Bank’s 99-year history of service excellence in eastern North Carolina. Their guiding principles and core values are shared by Southern Bank. We all look forward to continuing The HeritageBank’s legacy of commitment to service excellence and community banking in eastern North Carolina.”The merger is subject to closing conditions and regulatory approval. The amount of aggregate cash that will be paid in the merger in exchange for Heritage common stock and Heritage preferred stock will not exceed $3,461,375 and $398,400, respectively.At closing, shares of Heritage stock will be cancelled and converted into the right to receive $ 125 in cash or 0,1010 shares of Southern common stock and each outstanding share of Heritage preferred stock will be converted into the right to receive $25 in cash or one share of a newly created series of Southern preferred stock.rocheHea wilsontimes.com | 265-7818
Newspaper Details
Wilson Times
Wilson, North Carolina, US
Wed, Feb 20, 2013
Page 1
Full Page
Clipped by
Wilson C.
NC, USA 11 Jan 2021
Other Publications Near Wilson, North Carolina
Wilson Flag Of The South
Wilson Advertiser
Wilson Advance
Wilson Times
Wilson Mirror
