Southern BancShares in N.C. to Buy Heritage in Virginia

By Paul Davis October 21, 2015, 9:55 a.m. EDT 1 Min Read

Southern BancShares in Mount Olive, N.C., has agreed to buy Heritage Bankshares in Norfolk, Va.

The $2.2 billion-asset Southern said in a press release Wednesday that it will pay about $48 million in cash, or $21.05 a share, for the $340 million-asset Heritage. The deal is expected to close in the first quarter.

The deal will add five branches to the nine offices Southern already has around Norfolk, J. Grey Morgan Jr., Southern’s chairman and chief executive, said in the release.

Raymond James and Ward & Smith advised Southern. FIG Partners and Troutman Sanders advised Heritage.

Paul Davis

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