Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
HSBI: Merged with The First Bancshares, Inc.; shareholders will receive 0.965 shares of FBMS for every 1 share of HSBI held. Please refer to company notice for additional information.
FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
Heritage Southeast Bancorporation, Inc. Enters into Agreement to be Acquired by VyStar Credit Union (3/31/21)
ATLANTA, March 31, 2021 (GLOBE NEWSWIRE) -- Heritage Southeast Bancorporation, Inc. (“HSBI”) announced today that HSBI and Heritage Southeast Bank have signed a definitive purchase and assumption agreement whereby VyStar Credit Union (“VyStar”) will acquire the assets and assume the liabilities of Heritage Southeast Bank in an all-cash transaction. Following the completion of this transaction, HSBI and Heritage Southeast Bank will wind down their operations and their remaining assets, after all obligations are settled, will be distributed to HSBI stockholders.
Under the terms of the purchase and assumption agreement, VyStar will pay HSBI an aggregate amount estimated to provide HSBI with sufficient cash to have $27.00 per share in cash available for distribution to its shareholders after satisfaction of all of HSBI’s unconsolidated debt and any other obligations (the “per share consideration”). The per share consideration available to HSBI shareholders is subject to variations based on costs related to winding down Heritage Southeast Bank and HSBI and distributing the remaining assets to stockholders, including satisfaction of liabilities related to the liquidation accounts maintained by Heritage Southeast Bank, satisfaction of certain indebtedness, satisfaction of certain tax amounts, and termination of certain contracts, among others.
The transaction has been unanimously approved by the board of directors of each party and is expected to close late in 2021, subject to customary closing conditions, the approval of HSBI stockholders, and obtaining regulatory approvals. The distribution of cash to HSBI stockholders is expected to occur shortly following completion of the sale of assets to VyStar.
HSBI, based in Jonesboro, GA, was created in August 2019 and serves as the holding company for Heritage Southeast Bank, which operates under the names Heritage Bank, Providence Bank, and The Heritage Bank in its various markets. HSBI has $1.5 billion in assets and 22 branch locations including Jacksonville, Southeast Georgia and Savannah, as well as the South and North Metro Atlanta areas.
“Through the unique structure of this acquisition by VyStar, we believe we are maximizing value to our stockholders. 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,” said Leonard Moreland, CEO of HSBI.
When finalized, the acquisition will bring VyStar’s total assets to approximately $12.5 billion, full-service branches to over 85 and members to more than 850,000. Nationally, VyStar will move to the 13th-largest credit union in the country by asset size.
Hovde Group, LLC served as financial advisor and provided a fairness opinion and Bryan Cave Leighton Paisner LLP served as legal counsel to HSBI in the transaction. Raymond James & Associates served as financial advisor and McGuireWoods served as legal counsel to VyStar in 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 $1.5 billion in assets, the bank provides a well-rounded offering of commercial and consumer products through its 22 locations. For additional information, visit the HSBI website (myhsbi.com).
A proxy statement containing important information about the proposed transaction will be mailed to the shareholders of HSBI. The shareholders of HSBI are urged to read this proxy statement, which will include the agreement, and other related documents (including any amendments or supplements), carefully when it becomes available.
VyStar Announces Agreement to Acquire Heritage Southeast Bank (3/31/21)
Expansion will bolster credit union’s ability to provide member services and make community impact in Georgia
JACKSONVILLE, Fla.--(BUSINESS WIRE)--VyStar Credit Union announced today it has signed a Definitive Purchase and Assumption Agreement to acquire Heritage Southeast Bank (HSB), a state-chartered bank headquartered in Jonesboro, Georgia.
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,” said VyStar President/CEO Brian Wolfburg. “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.”
When finalized, the acquisition will be VyStar’s second in 24 months and bring its total assets to approximately $12.5 billion, full-service branches to 88 and membership to over 850,000, making VyStar the 13th-largest credit union in the country by asset size. The transaction is expected to close later this year and is subject to standard closing conditions as well as shareholder and regulatory agency approvals.
“The acquisition of HSB will bring together two strong financial institutions that share a common goal of supporting our communities and members,” said VyStar Executive Vice President/COO Chad Meadows. “In 2020, VyStar’s community support resulted in more than $3 million in monetary donations and thousands of employee volunteer hours.”
Heritage Southeast Bancorporation, Inc. (HSBI) serves as the holding company for Heritage Southeast Bank, which operates as Heritage Bank, Providence Bank and The Heritage Bank in its various markets. HSB has $1.5 billion in assets and 22 branch locations across Southeast Georgia, through Savannah and into the Greater Atlanta Metro area.
“As with our last merger, we stand committed to our customers and employees,” said Leonard Moreland, CEO of HSBI. “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.”
In August 2019, VyStar successfully finalized a partnership with Citizens State Bank headquartered in Perry, Florida. “We look forward to another seamless transition with HSB,” said Chief Strategy Officer Ryan McIntyre, who leads VyStar’s efforts in identifying potential strategic partners. “The emphasis VyStar places on employees, members and communities is proving to create successful results.”
VyStar is being represented in the transaction by McGuireWoods LLP as legal counsel, and Raymond James & Associates, Inc. as financial advisor. HSBI is represented by Bryan Cave Leighton Paisner LLP as legal counsel, and Hovde Group as financial advisor.
VyStar is the largest credit union headquartered in Northeast Florida and now serves over 750,000 members with assets totaling more than $10 billion. VyStar is the largest mortgage lender in Northeast Florida and one of the major employers in the region with over 2,000 employees. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida, 10 Southern Georgia counties and past and present military members and their families all over the world.
https://www.businesswire.com/news/home/20210331005814/en/VyStar-Announces-Agreement-to-Acquire-Heritage-Southeast-Bank
Heritage Southeast Bancorporation, Inc. Reports Fourth Quarter Results
https://www.otcdynamics.com/hsbi-heritage-southeast-bancorporation-inc-reports-fourth-quarter-results
Heritage Southeast Bancorporation, Inc. (OTCQX: HSBI) (“HSBI”) today reported net income of $2.7 million or $0.37 per diluted share for the fourth quarter of 2019. In September 2019, HSBI completed the previously announced merger with two other Georgia based financial institutions (Heritage Bancorporation, Inc., Hinesville and Providence Bank, Alpharetta). The financial information only includes the results from these acquired entities from the acquisition date. For the year ended December 31, 2019, net income was $989,000, which was negatively impacted by merger related costs primarily recognized in the third quarter.
Commenting on the announcement, Leonard Moreland, Chief Executive Officer of HSBI, said, “We are pleased with our first full quarter results under the newly formed entity. The team performed well in the period and we believe there is significant opportunity for organic growth within our footprint. The company is positioned to take advantage of these opportunities with the goal of continuing to increase market share and strengthen the communities we serve. We now look forward to 2020, the consolidation of our core systems, recognizing additional backroom efficiencies and enhancing the customer experience.”
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 24 locations. For additional information, visit the HSBI website.
While the branches of each of the three combined legacy institutions operate under their respective legacy names, all such branches are 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.
Cautionary Note Regarding Forward-Looking Statements
Statements included in this press release, which are not historical in nature, are intended to be, and hereby are identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will,” “may,” “anticipate,” “create,” “plan,” “expect,” “should,” and “could” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks, uncertainties and assumptions, include, among others, the following:
• the possibility that the anticipated benefits of the transaction, including anticipated improved product and service offerings, efficiencies and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the three companies or as a result of the strength of the economy, competitive factors in the areas where the combined company does business, or as a result of other unexpected factors or events;
• the impact of purchase accounting with respect to the transaction, or any change in the assumptions used regarding the assets purchased and liabilities assumed to determine their fair value;
• the integration of the businesses and operations of the three companies, which may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the combined company’s business; and
• other factors that may affect future results of the combined company, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; actions of the Federal Reserve Board; and other legislative and regulatory actions and reforms.
Heritage Southeast Bancorporation, Inc. and its subsidiary disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.
Heritage Southeast Bancorporation, Inc.
Consolidated Balance Sheets
(in thousands)
12/31/19 9/30/19 (1) 12/31/18
(Unaudited) (Unaudited)
Assets
Cash and due from banks
$
30,458
$
26,633
$
4,668
Interest-earning deposits with banks
142,552
113,293
22,166
Investment securities
125,479
104,265
47,917
Other investments
1,632
1,632
1,370
Loans, net of unearned income:
Originated
508,281
469,700
408,294
Acquired
406,171
444,370
-
Less reserve for loan losses
5,946
5,523
5,136
Loans, net
908,506
908,547
403,158
Premises and equipment, net
34,160
34,005
13,982
Other real estate owned
9,293
11,838
2,923
Goodwill and other intangibles
35,613
35,930
-
Other assets
48,447
50,013
15,799
$
1,336,140
$
1,286,156
$
511,983
Liabilities and Shareholders' Equity
Deposits:
Non-interest bearing
$
296,850
$
304,342
$
111,609
NOW
234,334
189,500
67,878
Money market and savings
291,778
284,047
119,140
Time
331,516
328,830
127,752
Total deposits
1,154,478
1,106,719
426,379
FHLB borrowings
5,167
5,667
22,167
Repurchase agreements
12,295
11,418
12,815
Junior subordinated debentures
9,096
9,045
-
Other borrowings
9,088
9,088
3,446
Other liabilities
9,992
10,746
3,785
Total liabilities
1,200,116
1,152,683
468,592
Shareholders' Equity:
Common stock
703
702
216
Additional paid-in capital
116,210
116,089
24,912
Retained earnings
19,654
16,914
18,666
Other comprehensive loss
(543
)
(232
)
(403
)
Total shareholders' equity
136,024
133,473
43,391
$
1,336,140
$
1,286,156
$
511,983
(1)
Acquired loans, goodwill and other assets changed from previously reported due to adjustments of fair value estimates related to the Heritage Bancorporation, Inc. acquisition.
Heritage Southeast Bancorporation, Inc.
Consolidated Income Statements
(in thousands)
For three months ended
Years ended
12/31/19 12/31/18 12/31/19 12/31/18
(Unaudited)
(Unaudited)
(Unaudited)
Interest income:
Loans, including fees
$
13,903
$
5,957
$
35,697
$
21,644
Deposits with other banks
380
168
969
537
Other
26
12
76
48
Investment securities
606
202
1,468
745
Total interest income
14,915
6,339
38,210
22,974
Interest expense:
Deposits
2,116
641
5,348
2,007
Junior subordinated debentures
143
-
175
-
Other borrowings
179
205
706
631
Total interest expense
2,438
846
6,229
2,638
Net interest income
12,477
5,493
31,981
20,336
Provision for loan losses
560
50
1,245
605
Net interest income after provision for loan losses
11,917
5,443
30,736
19,731
Noninterest income:
Service charges on deposits
1,727
320
3,207
1,150
(Loss) gain on sale of investment securities
-
-
(229
)
187
Gain on sale of loans
184
78
407
333
Interchange and ATM fees
1,315
256
2,205
703
Other
628
128
1,195
779
Total noninterest income
3,854
782
6,785
3,152
Noninterest expense:
Salaries & employee benefits
6,125
2,635
15,970
9,892
Occupancy & equipment
1,376
582
3,167
1,946
Merger costs
-
106
7,265
318
Other real estate owned
44
91
646
314
Other
4,324
1,263
8,721
4,829
Total noninterest expense
11,869
4,677
35,769
17,299
Income before taxes
3,902
1,548
1,752
5,584
Income tax provision
1,162
249
763
1,165
Net income
$
2,740
$
1,299
$
989
$
4,419
Heritage Southeast Bancorporation, Inc.
Other Highlights
(in thousands, except for share and per share data)
4Q2019 For years ended
(Unaudited) 12/31/19 12/31/18
Profitability (1) (Unaudited)
Net income
$
2,740
$
989
$
4,419
Net interest margin
4.29
%
4.40
%
4.39
%
Cost of funds
0.84
%
0.87
%
0.59
%
Return on average assets
0.83
%
0.12
%
0.90
%
Return on average equity
8.06
%
1.31
%
10.79
%
Balance as of
12/31/19 12/31/18
Asset Quality
Classified assets
$
23,913
$
5,374
Nonperforming assets (NPAs)
21,281
4,651
NPAs to total assets
1.59
%
0.91
%
Net charge-offs to average loans
0.07
%
0.00
%
Capital (2)
Leverage ratio
8.68
%
9.14
%
Common equity tier 1 risk based ratio
10.43
%
10.46
%
Total risk based ratio
11.00
%
11.61
%
Tangible book value per common share
$
13.86
$
14.75
Shares outstanding
7,029,281
2,160,102
(1)
Full year 2019 net income includes the operations of the acquired institutions since acquisition date (09/01/19) as well as merger related costs recognized during the first nine months of the year.
(2)
Ratios for Heritage Southeast Bank.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200123005169/en/
Newly Created Heritage Southeast Bank Hires Chief Credit Officer (10/02/19)
JONESBORO, Ga.--(BUSINESS WIRE)--Heritage Southeast Bank announced today that Paul Hoerig has joined the team as Executive Vice President and Chief Credit Officer. Mr. Hoerig will manage all credit-related functions for the company’s three banking regions.
The new banking entity was created in August when Heritage Southeast Bancorporation, Inc. became the holding company for Heritage Southeast Bank and its three partner banks. “Although our approach to credit is a decentralized autonomous model, Paul will oversee credit decisioning to ensure maintenance of the company’s overall risk appetite,” explained HSBI CEO Leonard Moreland.
Heritage Southeast Bank will continue to operate locally as Heritage Bank in South Atlanta, Providence Bank in Alpharetta/Milton, and The Heritage Bank in South Georgia/Northeast Florida. Each division will maintain their individual brands and existing executive management teams. This combination of community banks under one holding company allows the three partner banks to both grow and position themselves to better compete against larger regional and national banks.
Paul Hoerig has 23 years of banking industry experience, having spent the majority of his career in senior credit administration roles managing commercial loan portfolios in regions throughout the Southeast . “I couldn’t be more pleased to join Heritage Southeast Bank,” said Hoerig. “This new concept in community banking is exciting, I look forward to working with all three partner banks to continue to provide world class service to the customers in our communities.”
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 the HSBI website or any one of the partner banks’ websites and select the Investor Relations link.
https://www.businesswire.com/news/home/20191002005503/en/Newly-Created-Heritage-Southeast-Bank-Hires-Chief
Georgia Community Banks Complete Combination to Become Heritage Southeast Bank (9/03/19)
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 www.providencebankga.com, Heritage Bank customers can find additional information at www.heritagebank.com, and The Heritage Bank customers can find additional information at www.the-heritage-bank.com.
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.
https://www.businesswire.com/news/home/20190903005154/en/Georgia-Community-Banks-Complete-Combination-Heritage-Southeast
CCF Holding Co., CCFH, changed to Heritage Southeast Bancorporation Inc., HSBI:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
2018 has been good CCFH for shareholders.
CCF HOLDING COMPANY (CCFH)
Last Trade [tick] 25.5100[-]
Net Change -0.4900
Net Change %-1.88%
52 Week High 26.0000 on 11/23/2018
52 Week Low 20.5000 on 12/27/2017
OTC Markets Group Welcomes CCF Holding Company to OTCQX (9/20/18)
NEW YORK, Sept. 20, 2018 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced CCF Holding Company (OTCQX: CCFH), the parent company of Heritage Bank, has qualified to trade on the OTCQX® Best Market. CCF Holding Company upgraded to OTCQX from the Pink® market.
CCF Holding Company begins trading today on OTCQX under the symbol "CCFH." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"CCF Holding Company joins more than 80 investor-focused community banks that trade on the OTCQX Best Market," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "CCF Holding Company is the parent company of Heritage Bank, which has a 60-year history serving communities in the southern crescent of metro Atlanta. Trading on OTCQX will enable CCF Holding Company to provide current information and timely distribution of material news as the company seeks to grow and build shareholder value."
Leonard Moreland, President & Chief Executive Officer of CCF Holding Company further stated, "We feel OTCQX best fits the current and future needs of CCF Holding Company. This move will improve liquidity for our shareholders and support a more efficient market for our growing company."
CCF Holding Company was sponsored for OTCQX by FIG Partners LLC, an employee-owned broker/dealer specializing in financial institutions.
About CCF Holding Company
CCF Holding Company, Inc. is a publicly traded corporation on the OTCQX Market under the symbol "CCFH." CCF Holding Company, Inc. is a bank holding company incorporated under the laws of the State of Georgia. The corporation was organized in 1995 in connection with a conversion of the underlying bank from a mutual to stock form of organization. Prior to this conversion, the bank, through its predecessors, commenced business in 1955.
Heritage Bank, a state chartered commercial bank, has been serving metro Atlanta's Southern Crescent since 1955. Heritage Bank is a commercial bank operating within the Southern Crescent of Atlanta, GA. The community bank has six full-service offices, features a well-rounded offering of commercial and consumer products, and is an active, involved member of the community it serves.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to trade through the broker of their choice easily and empower companies to improve the quality of information available for investors.
https://www.prnewswire.com/news-releases/otc-markets-group-welcomes-ccf-holding-company-to-otcqx-300715805.html
Effective 8/01/18 a one for 10 reverse split (7/31/18)
http://otce.finra.org/DLSymbolNameChanges
There's a new call report out. Also just poking around their website I see they've posted a quarterly report, believe for the first time. Link here- https://www.flipsnack.com/heritagebank/heritage-bank.html
9/30/2017 call report
net income $2,449,000
vs.
9/30/2016 call report
net income $6,736,000
2016 report includes $4,720,000 tax benefit. Apple to Apple comparison 2017 ytd net income up $433,000 YoY.
CCF Holding Company Announces Closing of Investment Transaction
September 07, 2017 04:32 PM Eastern Daylight Time
JONESBORO, Ga.--(BUSINESS WIRE)--CCF Holding Company (OTCPK: CCFH) (the “Company”), the holding company for Heritage Bank, today announced that the Company has closed on its previously announced investment transaction with Kenneth R. Lehman, a private investor, in which the Company issued approximately 11.4 million shares of common stock to Mr. Lehman for aggregate gross proceeds of approximately $16.0 million.
In connection with the investment transaction, the Company also closed on its offer to purchase for cash up to all of its 16,000,000 outstanding warrants for $0.90 per warrant (the “tender offer”), and its offer to exchange each outstanding share of its Series A Preferred Stock for 714 newly issued shares of common stock (the “exchange offer”). Warrantholders tendered a total of 7,133,000 warrants for repurchase by the Company in the tender offer, and preferredholders tendered a total of 5,505 shares of Series A Preferred Stock in exchange for a total of 3,930,570 shares of common stock in the exchange offer. Any shares of Series A Preferred Stock that were not exchanged for shares of the Company’s common stock in the exchange offer were redeemed by the Company effective August 23, 2017, for a cash payment of $1,000 per share, in accordance with the terms of the Series A Preferred Stock and the Company’s Notice of Redemption. Following the closing of the above transactions, other than with respect to equity rights granted under management incentive plans, the Company has no shares of preferred stock outstanding, 20,664,681 shares of common stock outstanding, and warrants to purchase 8,867,000 shares of common stock for $0.50 per share.
About CCF Holding Company
With $448 million in total assets as of June 30, 2017, CCF Holding Company, through its wholly-owned subsidiary, Heritage Bank, offers a broad range of financial services through its six branches in Clayton, Henry, and Fayette counties in Georgia.
The Company’s common stock trades on the OTC Pink Sheets under the symbol “CCFH.”
Contacts
CCF Holding Company
Leonard Moreland, 770-478-8881
Chief Executive Officer
http://www.businesswire.com/news/home/20170907006639/en/
CCFH & Kenneth Lehmann
Kenneth Lehmann holds about 25% stake in CCFH. Check out the merger/combination of DBCP & LBBB to understand what Mr. Lehmann's involvement & support "can" mean for shareholders...
:)
CCFH 6/30/2017 call report
$1,675,000 net income
vs.
6/30/2016 call report
$6,343,000 net income
(included $4,968,000 tax gain)
compare apples to apples net income BEFORE taxes
6/30/2017 $2,732,000
6/30/2016 $1,375,000
that's a solid improvement YoY
good luck!
CCFH $1.90
strong BID support of 26,233 shares @ $1.90. There has been a 5k block seller appearing EODs lately... hopefully this buying support takes that supply and CCFH continues into $2.xx land
CCF Holding Company Announces Securities Purchase Agreement
JONESBORO, Ga.--(BUSINESS WIRE)--CCF Holding Company (OTC Pink:CCFH) (the “Company”), the holding company for Heritage Bank, today announced that the Company has entered into a securities purchase agreement (the “Agreement”) with Kenneth R. Lehman, a private investor.
Pursuant to the Agreement, Mr. Lehman has agreed to purchase from the Company up to approximately 11.4 million shares of common stock at a price of $1.40 per share, for an aggregate purchase price of up to $16.0 million, with a minimum purchase of 7.5 million shares of the Company’s common stock for a minimum aggregate purchase price of $10.5 million (the “Investment Transaction”).
The Agreement contemplates that all holders of warrants to purchase shares of the Company’s common stock will have the opportunity to tender all or any portion of their warrants to the Company and receive a cash payment of $0.90 per warrant, subject to proration in certain circumstances. In addition, holders of the Company’s Series A Preferred Stock, who are accredited investors, will have the opportunity to tender all or any portion of their shares of Series A Preferred Stock in exchange for 714 newly issued shares of the Company’s common stock for each share of Series A Preferred Stock tendered, subject to proration in certain circumstances. The shares of common stock received in exchange for Series A Preferred Stock will be subject to certain voting and transfer restrictions. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. The Company will deliver materials to each warrantholder and preferredholder containing the Company’s offer to purchase outstanding warrants and offer to exchange Series A Preferred Stock, as well as instructions on how such holders can participate in each offer.
Any shares of Series A Preferred Stock that are not exchanged for shares of the Company’s common stock will be redeemed by the Company for a cash payment of $1,000 per share in accordance with the terms of the Series A Preferred Stock.
At December 31, 2016, the Company had 5,190,223 shares of common stock outstanding, and 39,590,223 shares of common stock outstanding on a fully diluted basis (assuming the conversion of outstanding preferred shares and the exercise of outstanding warrants). The Company’s fully diluted book value at December 31, 2016 was $1.05 per share. Through these transactions, the Company anticipates the resulting fully diluted book value to be approximately $1.40 per share and accretive to existing shareholders.
“We are humbled by Ken’s confidence in our company and his investment is a testimony to the hard work and perseverance of the entire Heritage Bank team. Ken’s investment provides us with the opportunity to create a strong common equity capital base, as well as position us for future growth,” said Leonard A. Moreland, Chief Executive Officer and President of CCF Holding Company.
Subject to the receipt of regulatory approvals and satisfaction of other closing conditions, the Investment Transaction is anticipated to close in the third quarter of 2017. The offer to purchase outstanding warrants and offer to exchange Series A Preferred Stock, as well as the proposed redemption of any shares of Series A Preferred Stock not tendered for exchange, are conditioned on the closing of the Investment Transaction.
About CCF Holding Company
With $431 million in total assets as of March 31, 2017, CCF Holding Company, through its wholly-owned subsidiary, Heritage Bank, offers a broad range of financial services through its six branches in Clayton, Henry, and Fayette counties in Georgia.
The Company’s common stock trades on the OTC Bulletin Board under the symbol “CCFH.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, which can be identified by words such as “will,” “plan,” “expect,” “likely” “project,” “may,” and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding the Company’s planned Investment Transaction, including the expected timing of the closing of the transaction, the expected impact of the Investment Transaction on fully diluted book value per share, and that the Investment Transaction will position the Company for future growth. Forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, and, therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Company does not assumes any duty to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise. Risk factors relating to the Investment Transaction, the Company’s ability to make the offers related to the warrants and Series A Preferred Stock and the impact of the Investment Transaction include, without limitation, that the completion of the Investment Transaction is dependent on, among other things, receipt of regulatory approvals, the timing of which cannot be predicted with precision at this point and which may not be received at all, and other closing conditions, the number of warrantholders who tender their warrants for purchase, the number of preferredholders who tender their shares of preferred stock for exchange, a downturn in the economy, particularly in the Company’s markets, volatile credit and financial markets both domestic and foreign, potential deterioration in real estate values, regulatory changes and excessive loan losses.
Contacts
CCF Holding Company
Leonard Moreland, 770-478-8881
Chief Executive Officer
http://www.businesswire.com/portal/site/home/search/?searchType=all&searchTerm=ccfh&searchPage=1
Wow! Salty, A gold Rolls will be perfect for you.
It's almost time to start thinking about what color Rolls to buy. CCFH is looking real good at $2.95.
I'm almost ready to call the Rolls salesman. We'll get to $3.00 soon.
CCFH was at the two buck level for a short period of time today. I think the bank will begin looking for the three buck level very soon.
3/31/2017 call report
net income $840,000
vs.
3/31/2016 call report
net income $694,000
2016 annual report is out-
http://www.envisionreports.com/ccfh/2017/03D13FE17F/Documents/2016_AR_proof_3.pdf
With a MASSIVE block of 2 just bought, I detect the work of the JRS/Gen coalition.
JRS,I'm so glad!I just wish we had more.
It's certainly been exciting to watch!
We have ourselves a great pile of Community Bank stocks!
CCFH is looking pretty good today.
I was hoping the quarterly report would push us up a little higher than 1.42 but I guess CCFH has to start somewhere.
Even without a report I think CCFH will hit 1.50 next week. With a good report I think 2.50 might be easy to hit.
I think you're right Salty!
I don't think it would take too much of a push to get CCFH up to the 1.50 level before the 3rd quarter report is released.
Trending upward very nicely, indeed.
I don't think we're too far away from a CCFH pps of more than two bucks. We're a lookin' good here.
It's nice to see the CCFH ask keep moving up. It's at .97 as of this post.
I think the guy/girl/group that bought the 87,765 shares is going to be tempted to grab a short term profit of $87,765.00 very soon. And if he/she/they can resist the temptation to sell too quickly, a profit of $175,530.00 or more could be realized before the year is out.
What a day here! That huge block at .95 got taken out!
They are indeed a crushin' it! If they can figure out how to keep those kind of numbers a rollin' in we'll see a pps march past the five buck level and begin it's trek to the ten buck mark.
(CCFH) Heritage Bank YTD Income: $6,343,000
They're Crushin' it over there in Jonesboro!
New report is up, looks like 6.3 million in income for the bank's first 6 months of the year-
https://cdr.ffiec.gov/public/Reports/UbprReport.aspx?rptCycleIds=90%2c87%2c86%2c85%2c83&rptid=283&idrssd=628178&peerGroupType=&supplemental=
Heritage Bank of Jonesboro, GA
How Healthy is This Bank?
Assets: Increased $20Mil or 5% in a Year
Deposits: Increased $18Mil or 5% in a Year
TTA: Decreased $6Mil or 40% in a Year
*Troubled Asset Ratio Continues Downward Trajectory.
http://banktracker.investigativereportingworkshop.org/banks/georgia/jonesboro/heritage-bank/
Followers
|
3
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
80
|
Created
|
05/17/11
|
Type
|
Free
|
Moderators |
Mortgage LoansAt Heritage Bank, our employees live and work in the communities it serves. We take pride in the fact that we have been in the southern crescent for over 50 years. Whether you are looking to buy a new home or you just want to refinance your existing mortgage for equity or rate reasons, let Heritage Bank handle your mortgage needs. You can count on our expertise when it comes to the communities in the southern crescent of Atlanta. Why? Because, we have helped with many of the developments within the Clayton, Henry, and Fayette markets. Allow us to help you as you look to purchase your new home in our neighborhood.
Let Us Help You With Our Investment Options.Heritage Bank differs from other financial institutions, because of the personal approach, attention to superior customer service, and wide range of financial products and services our customers have access to in order to meet their financial goals. Our objective is to help you decide why and how to invest and to monitor your progress along the way so you can better stay on track to meet your goals. Through our contract with UVEST Financial Services, can assist with planning and helping you meet all your financial needs as you work to achieve and maintain your and/or your company's financial independence. Our representative is registered through UVEST Financial Services, offering financial guidance at the Investment Services Department of Heritage Bank. UVEST is a registered broker dealer and is a FINRA/SIPC member firm. Our approach to investing is personalized, detailed, and based on service, whatever your financial needs may be. Whether you are planning to fund your own retirement account or a retirement plan for your employees, education for your children, or your primary goal is to accumulate, preserve, or transfer wealth, we can help turn your financial dreams into achievable realities. A Variety of Services for Your Personal Banking Needs.All banks offer checking and savings accounts. But not all banks put the focus on their customers first. At Heritage Bank, we get to know what you need from your bank before we recommend the deposit services that should best fit your financial goals. And you're sure to find all of the deposit services you need at Heritage Bank.
In Business Banking One Size Doesn't Fit All.We know that when it comes to meeting your business needs, one size does not fit all. In fact, opening your checking account is the last thing we do. Our experienced professionals try to understand your business and your current and long term financial needs and then recommend solutions that may best suit your needs.
Officers and Directors
Asking About the Share Structure. |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |