Bank / Credit Union

VyStar to acquire Heritage Southeast Bank

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April 2, 2021

Jacksonville, Florida-based VyStar Credit Union announced it has signed a definitive purchase and assumption agreement to acquire Heritage Southeast Bank, a state-chartered bank headquartered in Jonesboro, Georgia, according to a press release.

"VyStar has made an ongoing strategic commitment to search for partnerships that help us bring the benefits of credit union membership to more people while reinforcing our position as a strong and reliable financial institution with better rates and lower fees for all our members," Brian Wolfburg, president/CEO, Vystar Credit Union said in the release. "HSB has exceeded our expectations as the optimal partner to help us expand our footprint and ensure financial services are accessible to more Georgia residents."

When finalized, the acquisition will be VyStar's second in 24 months and bring its total assets to approximately $12.5 billion; full-service branches to 88 and membership to over 850,000, making VyStar the 13th-largest credit union in the country by asset size. The transaction is expected to close later this year and is subject to standard closing conditions as well as shareholder and regulatory agency approvals.

"The acquisition of HSB will bring together two strong financial institutions that share a common goal of supporting our communities and members," Chad Meadows, executive vice president/COO, VyStar said in the release. "In 2020, VyStar's community support resulted in more than $3 million in monetary donations and thousands of employee volunteer hours."

Heritage Southeast Bancorporation Inc. serves as the holding company for Heritage Southeast Bank, which operates as Heritage Bank, Providence Bank and The Heritage Bank in its various markets. HSB has $1.5 billion in assets and 22 branch locations across Southeast Georgia, through Savannah and into the Greater Atlanta Metro area.

VyStar is being represented in the transaction by McGuireWoods LLP as legal counsel, and Raymond James & Associates, Inc. as financial advisor. HSBI is represented by Bryan Cave Leighton Paisner LLP as legal counsel, and Hovde Group as financial advisor.