In March, Heritage Southeast Bancorporation signed a definitive purchase and assumption agreement whereby VyStar will acquire the assets and assume the liabilities of Heritage Southeast Bank in an all-cash transaction.
Following the completion of this transaction, Heritage Southeast Bancorporation and Heritage Southeast Bank will wind down their operations, and their remaining assets, after all obligations are settled, will be distributed to Heritage Southeast Bancorporation stockholders. Once the acquisition receives regulatory approval, the companies expect to close the transaction in the Q4/21.
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