Ex-CU Raises $34M In Stock Offer

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In a prelude to going public next week, Heritage Bank of the South, a mutual savings bank known until January 2001 as AGE FCU, raised almost $34 million with the sale of stock to depositors.

The credit union-turned thrift is expected to complete its initial public offering next week with a listing of its shares on the NASDAQ.

The savings bank/thrift sold 30% of a mutual holding company, known as Heritage Financial Group, in the offering, with plans to float more of the shares in the future.

Insiders in the $350-million ex-credit union, including managers and directors, subscribed to 155,500 of the shares, or 7.2% of those offered, at $10 each. AGE FCU is the 16th credit union to sell itself to the public after converting to a mutual savings bank.

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