Heritage Financial Group, a mid-tier holding company for Georgia-based HeritageBank of the South, has completed the previously announced purchase of a branch office in Lake City, Florida, on December 31, 2009.
The transaction resulted in the transfer of approximately $10m in loans and $41m in deposits to the bank.
Leonard Dorminey, president and CEO of Heritage Financial Group, said: “We are pleased to welcome Lake City customers and our new employees there to HeritageBank of the South. This purchase marks a continuation of our efforts to use our strong capital position prudently, taking advantage of emerging opportunities to enter new markets.
“Lake City, our second market in Florida since entering the state three years ago, fills in our footprint between Albany and Ocala and is an attractive market for us in terms of the competitive environment and its growth prospects.”
