According to a press released posted on their website, Heritage Southeast Bancorporation, Inc. (HSBI) and Heritage Southeast Bank, or as we know them locally, Heritage Bank, Providence Bank and The Heritage Bank, have entered into a definitive purchase and assumption agreement with VyStar Credit Union.
The purchase agreement means that VyStar Credit Union will be purchasing and merging the three banks into VyStar, the release stated. The merger will have to be approved by regulatory agencies, but once complete, they will become one company operating under the name of VyStar.
The Courier learned about the change from Liberty County Chief Financial Officer, Kim McGlothlin who said the County would need to move their accounts from Heritage Bank to another bank prior to Sept. 30, due to the change. She mentioned it during the County’s mid-month meeting June 17.
“Heritage bank is soon to become a credit union,’ she said. “And credit unions can not hold municipal funds because municipal funds have to be collateralized at 150 percent.”
McGlothlin said all local municipalities, law enforcement agencies, the Board of Education and several others, who currently have accounts with Heritage Bank, will also be affected by the change and will have to move their accounts to other banks as well.
The merger is expected to close later this year, the release stated and the bank stated that as the deal moves forward, they stand committed to their customers, employees, and communities to keep everyone informed.
The release stated that VyStar Credit Union has a similar philosophy about community service, and they anticipate that continued support as they expand into their markets.
Until that time when the acquisition is complete, current accounts with Heritage Bank will remain the same and they plan to keep the same local employees.
“VyStar has committed to retaining all of the current employees and locations,” the statement read. “So, their commitment will continue as it is today, and you will be served by their professionals who continue to strive to exceed their clients’ expectations.”
As they get closer to transition time, customers will begin to receive information about VyStar Credit Union.
“It is our privilege to continue to serve you and your financial needs and we will work with you, and VyStar Credit Union, to guide you through a smooth transition. If you have any specific questions, please contact your local banker,” the release stated.