Heritage Financial Group Inc (HBOS)

[56Chevy]

ALBANY, Ga.--(BUSINESS WIRE)--Heritage Financial Group, Inc. ("Heritage" or the "Company,") (NASDAQ: HBOS), the holding company for HeritageBank of the South ("HeritageBank"), today announced it has entered into a definitive agreement to acquire all of the common stock of Alarion Financial Services, Inc. ("Alarion"), the holding company for Alarion Bank, in a stock transaction valued at approximately $22.1 million.

Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Alarion's shareholders will receive 0.44 shares of the Company's common stock for each share of Alarion common stock owned, resulting in the issuance of a total of approximately 1,159,000 shares in the exchange.

More than a double!

ARFS shareholders did real well in this merger. ARFS was selling for under $4 @ share prior to the acquisition announcement. Post acquisition ARFS shareholders received .44% of one HBOS share @ $19.20 = $8.45

Book value on ARFS at the time of the deal was $6.60...which means HBOS paid book value plus a 28% premium. Very nice!

https://alarionbank.com/news/articles/alarion-bank-agrees-to-merge-with-heritagebank-of-the-south

Congrats to the ARFS holders!