3/31/22 – Heritage Southeast Bank announced today a mutual agreement with VyStar Credit Union to extend the outside date for consummation of their proposed transaction through June 30, 2022. In connection with the amendment, the parties also agreed to permit either party to terminate the agreement in the event certain regulatory hurdles are not cleared by April 30, 2022. The agreement was originally announced on March 31, 2021 and the outside date for consummation of the transaction was March 31, 2022. The extension was approved by both parties after consideration of the proposed transaction and the status of necessary regulatory approvals.
If you have any questions about the transaction or any other banking questions, please do not hesitate to contact your local banker.
Heritage Southeast Bank and VyStar Credit Union to Work Toward Closing on Original Agreement Terms March 31, 2022
2/28/22 – HSB and VyStar have waived their respective rights to terminate the purchase and assumption agreement on or after February 28, 2022, and will work toward the original agreement terms of March 31, 2022, for the parties to close the transaction. This means we are moving toward the acquisition but are still waiting for regulatory approvals. Both organizations have been working to reach the goal of completing this transaction. However, much of the process toward the completion of the transaction is beyond our control as regulatory agencies review information, submit questions, request follow-up information, and have meetings.
Our focus continues to be conducting our daily business as a bank serving our customers. If you have any questions about the transaction or any other banking questions, please do not hesitate to contact your local banker.
VyStar Credit Union Has Extended Its Agreement For The Acquisition of Heritage Southeast Bank
10/29/21 – Due to ongoing reviews and request for additional information from regulatory agencies, HSB and VyStar have updated their agreement to extend the time for reviews and therefore extend the original purchase agreement from December 31, 2021 to February 28, 2022.
Many steps are involved in an acquisition of this size and both organizations continue to work toward completing the terms of the agreement. If you have any questions, please do not hesitate to reach out to your local banker.
Heritage Southeast Bancorporation, Inc. Enters into Agreement to be Acquired by VyStar Credit Union
3/31/21 – We want to make you aware that Heritage Southeast Bancorporation, Inc. (HSBI) and Heritage Southeast Bank, or as you know us Heritage Bank, Providence Bank and The Heritage Bank, have entered into a definitive purchase and assumption agreement with VyStar Credit Union. This means that VyStar Credit Union will be purchasing and merging our three banks into VyStar. The merger will have to be approved by regulatory agencies, but once that is complete, we will become one company operating under the name of VyStar.
The merger is expected to close later this year and as it moves forward, we stand committed to our customers, employees, and communities to provide you with current information. VyStar Credit Union has a similar philosophy about community service, and we anticipate that continued support as they expand into our markets.
Until that time when the acquisition is complete, your account with us remains the same as it is today, and you’ll see the same people working at our locations. As we get closer to that transition time, you’ll begin to receive information about VyStar Credit Union with specific information on your relationship with us. VyStar has committed to retaining all of our employees and locations. So, our commitment will continue as it is today, that you will be served by our professionals who continue to strive to exceed your expectations.
It is our privilege to continue to serve you and your financial needs and we will work with you, and VyStar Credit Union, to guide you through a smooth transition. If you have any specific questions, please contact your local banker.