Heritage Financial Group, the mid-tier holding company for HeritageBank of the South, has completed the purchase of five Park Avenue Bank branches in Georgia from PAB Bankshares.
The branches are located in Statesboro, Baxley, Hazlehurst, and Adel. The transaction resulted in the transfer of approximately $52m in loans and approximately $97m in deposits to HeritageBank of the South.
In connection with the addition of these five new branches and to lead the bank’s expansion in southeastern Georgia, HeritageBank of the South has named Gary Johnson as regional president for the area.
Mr Johnson, with 25 years in banking, was previously the chief credit officer for Sea Island Bank.
Leonard Dorminey, president and CEO of Heritage Financial Group, said: “We are pleased to announce the successful completion of this acquisition, which continues our efforts to deploy our strong capital base to expand prudently and enhance future growth prospects, while helping build our presence in Southeast Georgia and fill in our footprint between Albany and Ocala. This step, together with two other transactions completed in recent months, has enabled us to nearly double our branch network in just the past year.”