Ex-CU Going Public In StockSale

Register now

ALBANY, Ga. - (05/26/05) -- HeritageBank of the South, knownuntil January 2001 as AGE FCU, has begun the process of goingpublic with the sale of as much as $30 million in stock todepositors. But unlike in past offerings of converted creditunions, former members of the credit union will not be givenpriority to buy HeritageBank stock with priority being extended todepositors as of Dec. 31, 2003, after the ex-credit union hadconverted to a mutual thrift. But the credit union-convert hasreserved stock for directors and officers, who plan to buy 155,500of the shares in the newly public bank holding company. Under thepublic offering, the bank is selling 30% of a mutual holdingcompany called Heritage Financial Group, with plans to sell therest of the company in a two-step offering later on. AGE FCU waschartered in 1955 to serve servicemen at the Marine Base in Albany,Ga.

For reprint and licensing requests for this article, click here.