Heritage Southeast Bancorporation, Inc announced that HSBI, Heritage Southeast Bank and VyStar Credit Union have mutually agreed to extend the time available to obtain regulatory approvals, satisfy other closing conditions and prepare for a smooth transition of HSBI’s business to VyStar, by waiving their respective rights to terminate the purchase agreement until March 31, 2022. This waiver aligns with the terms originally negotiated in the purchase agreement, which provides for an outside date of March 31, 2022, if receipt of regulatory approvals remains the only material outstanding condition to closing.
HSBI, Heritage Southeast Bank and VyStar each continue to pursue regulatory approvals from the FDIC, the NCUA, the Georgia Department of Banking and Finance and the Florida Office of Financial Regulation.
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There can be no assurance that the parties will receive regulatory approval during the first quarter, or at all. While the parties continue to work toward closing the proposed business combination, the parties recognize that the timing of regulatory approval and customer notifications may result in the closing of the transaction occurring after March 31, 2022. Required customer notifications include, among other things, a notice that must be given to customers at least 30 days before completion of the transaction.
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About Heritage Southeast Bancorporation, Inc., and Heritage Southeast Bank:
Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names “Heritage Bank,” “The Heritage Bank,” and “Providence Bank” in its various markets. With approximately $1.7 billion in assets, the bank provides a well-rounded offering of commercial and consumer products through its 23 locations.
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