Ex-CU Raises Funds In StockOffering
ALBANY, Ga. - (06/15/05) -- In a prelude to going public nextweek, Heritage Bank of the South, a mutual savings bank known untilJanuary 2001 as AGE FCU, raised almost $34 million with the sale ofstock to depositors. The credit union-turned thrift is expected tocomplete its initial public offering next week with a listing ofits shares on the NASDAQ. The savings bank/thrift sold 30% of amutual holding company, known as Heritage Financial Group, in theoffering, with plans to float more of the shares in the future.Insiders in the $350 million ex-credit union, including managersand directors, subscribed to 155,500 of the shares, or 7.2% ofthose offered, at $10 each. AGE FCU is the 16th credit union tosell itself to the public after converting to a mutual savingsbank.