Blackshear’s Heritage Bank will be sold to VyStar Credit Union.
Customers received notice of the pending sale last week.
In addition to the local branch, the bank also has offices in Brunswick, Darien and Hinesville.
Vystar will purchase Heritage Southeast Bancorporation, Inc. (HSBI) headquartered in Jonesboro, which operates The Heritage Bank in Blackshear and also operates as Heritage Bank and Providence Bank at 22 locations in South Georgia and the Greater Montreal area. ‘Atlanta.
HSBI has entered into a Purchase and Assumption Agreement with VyStar Credit Union. VyStar Credit Union will acquire and merge all the banks in its company. The merger will need to be approved by the regulators, but once it is completed, all the banks will become a single company operating as VyStar.
The merger is expected to be finalized later this year.
Customers will begin to receive information about VyStar Credit Union.
VyStar is committed to retaining all current Heritage Bank employees and locations.
Heritage Bank currently has branches in Blackshear, Brunswick, Darien, Hinesville, Homerville, Jacksonville, FL, Jesup, Ludowici, Nahunta, Pembroke, Savannah, Statesboro, St. Marys and Waycross.
Vystar is headquartered in Jacksonville, Florida, and is a member-owned co-op with locations in the Northeast Florida region.
“VyStar has made an ongoing strategic commitment to seek partnerships that help us bring the benefits of credit union membership to more people while strengthening our position as a strong and reliable financial institution with better rates and lower fees for all of our members, ”said VyStar. President / CEO Brian Wolfburg. “HSB has exceeded our expectations as the optimal partner to help us expand our presence and ensure that financial services are accessible to more residents of Georgia. ”
When completed, the acquisition will be VyStar’s second in 24 months and will 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 in terms of asset size.
“The acquisition of HSB will bring together two strong financial institutions that share the common goal of supporting our communities and our members,” said Chad Meadows, Executive Vice President and COO of VyStar. “In 2020, VyStar’s community support generated over $ 3 million in monetary donations and thousands of employee volunteer hours.
“As with our last merger, we are committed to our customers and our employees,” said Leonard Moreland, CEO of HSBI. “We look forward to working with VyStar to continue our tradition of fostering relationships in order to better serve our customers and have a positive impact on our local communities. “