JONESBORO, Ga. & HINESVILLE, Ga. & ALPHARETTA, Ga.–(BUSINESS WIRE)–CCF Holding Company (CCF), Heritage Bancorporation, Inc. (HBI) and Providence Bank (Providence) jointly announced today the successful closing of their previously-announced merger of equals, effective September 1, 2019. Upon the closing, CCF was renamed Heritage Southeast Bancorporation, Inc. (HSBI), and its common shares will trade on the OTCQX under the ticker symbol “HSBI” beginning today.

Pursuant to the terms of the previously disclosed business combination agreement among the companies dated December 20, 2018, each share of HBI common stock has been converted into 0.9504 shares of HSBI common stock, each share of Providence common stock has been converted into 0.1225 shares of HSBI common stock, and each share of CCF common stock remains outstanding as a share of HSBI common stock.

“We are thrilled to announce the completion of the combination of our three companies,” said Leonard Moreland, the Chief Executive Officer of HSBI. “We believe the combined company will provide value and opportunities for our shareholders, customers and employees and the communities that we serve.”

Continuity and Increased Services for Customers

Customers will experience continuity, with the same bankers and locations immediately following the closing. Customer accounts, loan payment terms, access to account information through mobile and online banking applications, use of debit cards or access to ATMs did not change as a result of the closing.

In connection with the closing, Providence and the subsidiary banks of each of CCF and HBI merged, and the combined bank was renamed Heritage Southeast Bank. The combined bank will continue to operate under the “Providence,” “Heritage Bank” and “The Heritage Bank” brand names, with their existing executive management teams, in their traditional markets of Alpharetta, South Atlanta and South Georgia/Northeast Florida, respectively. Additionally, the existing customer bases of each of the combined banks are expected to benefit over time from increased product offerings and lending capacity and access to greater resources as a result of the combination.

Brian Smith, the President of HSBI and the President of the combined bank’s The Heritage Bank division serving the South Georgia/Northeast Florida markets, noted, “The combined bank is positioned to better serve the needs of our customers, while also providing a stronger performance platform for employees and shareholders.”

Providence customers can find additional information at, Heritage Bank customers can find additional information at, and The Heritage Bank customers can find additional information at

The Combined Bank Holding Company: Heritage Southeast Bancorporation, Inc.

This combination of three community banks under one holding company is designed to create a growth-oriented banking franchise, with branches in Georgia and Northeast Florida. On a combined pro-forma basis as of June 30, 2019, and excluding purchase accounting adjustments, HSBI had total assets of approximately $1.3 billion, gross loans of approximately $880 million, and deposits of approximately $1.1 billion.

The combination is expected to offer shareholders several benefits, including ownership in a larger, more diversified and scalable company that has increased capital flexibility and operational effectiveness and efficiency, as well as improved liquidity in their shares.

“We look forward to continuing the ‘customer first’ cultures of each of our legacy organizations, while also providing our shareholders with a more marketable stock,” said Brad Serff, the First Executive Vice President of HSBI and the President for the combined bank’s legacy Providence Bank division, which serves the Alpharetta and Milton communities.

About Heritage Southeast Bancorporation, Inc. and Heritage Southeast Bank:

Heritage Southeast Bancorporation, Inc. (OTCQX: HSBI) serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names “Heritage Bank,” “The Heritage Bank,” and “Providence Bank” in its various markets. With approximately $1.3 billion in assets, the bank provides a well-rounded offering of commercial and consumer products through its 23 locations. For additional information, visit one of the banks’ websites and select the Investor Relations link.

While the branches of each of the three combined legacy institutions will operate under their respective legacy names following the closing, all such branches will be branches of the same single insured depository institution, Heritage Southeast Bank, and a customer’s deposits in branches operating under different trade names will be commonly insured and subject to the same FDIC insurance limits.