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VyStar Credit Union has signed a definitive purchase and assumption agreement to acquire Heritage Southeast Bank (HSB).

Headquartered in Jonesboro, Georgia, HSB is a state-chartered bank with $1.5bn in assets. The bank has 22 branch locations across Southeast Georgia and operates as Heritage Bank, Providence Bank and The Heritage Bank in its different markets.

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As agreed, VyStar will acquire HSB in an all-cash transaction. It will pay an ‘aggregate amount’ to provide HSB holding company Heritage Southeast Bancorporation (HSBI) with sufficient cash to distribute $27 per share to its shareholders following satisfaction of all of unconsolidated debt and any other obligations.

The transaction is expected to complete later this year, subject to shareholder and regulatory approvals.

Once complete, the acquisition will make VyStar the 13th-largest credit union in the country by asset size with nearly $12.5bn in its books. The combined credit union will have 88 full-service branches and more than 850,000 members.

VyStar president and CEO Brian Wolfburg said: “VyStar has made an ongoing strategic commitment to search for partnerships that help us bring the benefits of credit union membership to more people while reinforcing our position as a strong and reliable financial institution with better rates and lower fees for all our members.

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“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.”

HSBI CEO Leonard Moreland said: “As with our last merger, we stand committed to our customers and employees.

“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.”