VyStar Credit Union has signed a purchase and assumption agreement to acquire Jonesboro-based Heritage Southeast Bank.
The deal allows VyStar, which is headquartered in Jacksonville, Fla., to grow its credit union membership and strengthen its position as a bank, the company said.
VyStar did not release details of the transaction, including how much it was paying for Heritage.
“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,” VyStar President and CEO Brian Wolfburg said in a release.
Heritage Southeast Bancorporation, the holding company for Heritage Southeast Bank, operates as Heritage Bank, Providence Bank and The Heritage Bank. Heritage Southeast Bank has 22 branches in metro Atlanta and Savannah and $1.5 billion in assets.
“As with our last merger, we stand committed to our customers and employees,” Leonard Moreland, CEO of HSBI, said. “We look forward to working with VyStar to continue our tradition of fostering relationships to best serve our customers and having a positive impact in our local communities.”
The acquisition of Heritage is VyStar’s second in 24 months and brings its assets to $12.5 billion, with 88 branches and more than 850,000 members, the company said.
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