PrivateBank branch in Norcross to be sold to HeritageBank parent

A PrivateBank branch in Norcross is being sold to the parent company of HeritageBank of the South.

Financial terms of the deal with Heritage Financial Group Inc. were not disclosed. The PrivateBank branch on Holcomb Bridge Road has about $129 million in deposits and $40 million in loans from retail and small business banking clients.

HeritageBank of the South, which was founded as a credit union in 1955 and converted to a savings bank in 2001, has grown through acquisitions, with $1.1 billion in assets. The company has 29 branches, 15 mortgage offices and 5 investment offices serving Georgia and north Florida.

PrivateBancorp said the deal does not affect its commercial middle market business development office in the Atlanta Financial Center. PrivateBancorp has 33 offices in 10 states with $14.6 billion in assets.

The deal is expected to close in the fourth quarter.