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| HBOS > SEC Filings for HBOS > Form 8-K on 2-Sep-2009 | All Recent SEC Filings |
2-Sep-2009
Entry into a Material Definitive Agreement, Other Events, Financial Stat
On September 1, 2009, HeritageBank of the South ("Heritage"), a wholly owned subsidiary of Heritage Financial Group, entered into a Purchase and Assumption Agreement with Atlantic Coast Federal Bank ("Atlantic") providing for Heritage's acquisition of the Lake City, Florida, branch of Atlantic located at 463 West Duval Street, Lake City, Florida 32055. In the transaction, Heritage will purchase approximately $12 million in loans, the real and personal property of the branch, and will assume approximately $45 million in deposits. This transaction, which is subject to regulatory approval, includes the payment of a 1% deposit premium. The acquisition of the Lake City office is expected to close in the fourth quarter of 2009.
The foregoing description is a summary of the branch office acquisitions and is qualified in its entirety by reference to the entire agreement, a copy of which is attached as Exhibit 10.7 and is incorporated into this Form 8-K by reference.
On September 2, 2009, Heritage Financial Group issued a press release announcing the signing of a definitive agreement to purchase a branch in Lake City, Florida, from Atlantic Coast Federal Corporation. The full text of the press release is set forth in Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein.
(d) Exhibits.
10.7 Purchase and Assumption Agreement dated September 1, 2009, between HeritageBank of the South and Atlantic Coast Federal Bank
99 Press Release dated September 2, 2009
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