Heritage Southeast Bancorporation, Inc., and VyStar Credit Union Extend Purchase Agreement

ATLANTA, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Heritage Southeast Bancorporation, Inc. (“HSBI”) announced today that HSBI, Heritage Southeast Bank and VyStar Credit Union (“VyStar”) have mutually agreed to extend the time available to obtain regulatory approvals, satisfy other closing conditions and prepare for a smooth transition of HSBI’s business to VyStar, by waiving their respective rights to terminate the purchase agreement until March 31, 2022. This waiver aligns with the terms originally negotiated in the purchase agreement, which provides for an outside date of March 31, 2022, if receipt of regulatory approvals remains the only material outstanding condition to closing.

HSBI, Heritage Southeast Bank and VyStar each continue to pursue regulatory approvals from the FDIC, the NCUA, the Georgia Department of Banking and Finance and the Florida Office of Financial Regulation.

There can be no assurance that the parties will receive regulatory approval during the first quarter, or at all. While the parties continue to work toward closing the proposed business combination, the parties recognize that the timing of regulatory approval and customer notifications may result in the closing of the transaction occurring after March 31, 2022. Required customer notifications include, among other things, a notice that must be given to customers at least 30 days before completion of the transaction.

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

Heritage Southeast Bancorporation, Inc. 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 $1.7 billion in assets, the bank provides a well-rounded offering of commercial and consumer products through its 23 locations. For additional information, visit the HSBI website (myhsbi.com).

Forward Looking Statements:

This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed acquisition of HSBI by VyStar, statements related to the expected timing of the completion of the acquisition, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts.  Forward-looking statements may be identified by terminology such as "may," "will," "should," "scheduled," "plans," "intends," "anticipates," "expects," "believes," estimates," "potential," or "continue" or negatives of such terms or other comparable terminology.  All forward-looking statements in this press release, or in any other written or oral communication that relates to the proposed acquisition or to matters that may affect such proposed acquisition are subject to risks, uncertainties and other factors that may cause the actual results, performance, or achievements of HSBI or VyStar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) disruption from the proposed acquisition with customers, suppliers, employees or other business partners, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement, (3) the ability by the parties to obtain required governmental approvals of the acquisition (4) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (5) general competitive, economic, political and market conditions.

Heritage Southeast Bancorporation, Inc. and its subsidiary disclaim any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.