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Jessica Sabbath// October 21, 2015//
Norfolk-based Heritage Bank announced Wednesday it would merge into North Carolina-based Southern BancShares and its bank subsidiary.
Under the agreement, which is subject to regulatory approvals and Heritage’s shareholders, Southern will pay $21.05 in cash for outstanding shares of Heritage’s common stock, according to the agreement.
The agreement has been approved by both companies’ board of directors and should be complete in the first quarter of 2016.
Southern Bank, with $2.2 billion in assets, already operates nine banking offices in Hampton Roads. It is based in Mount Olive, N.C. Heritage, which has $340 million in total assets, has five offices in the Hampton Roads region.
Raymond James & Associates Inc. served as a financial adviser and Ward and Smith served as legal counsel to Southern. FIG Partners LLC was financial adviser and Troutman Sanders LLP was legal counsel to Heritage.
