Heritage Financial Group in Albany, Ga., announced Friday that it has received conditional approval from the Office of Thrift Supervision to complete its second-step conversion and become a full stock company.

The $662 million-asset company commenced its stock offering Friday.

Heritage plans to sell 6.12 million to 8.28 million shares of common stock at $10 per share.

The offering is of the 76% of Heritage's shares currently held by the mutual holding company. It still must obtain shareholder approval to complete the conversion.

A shareholder meeting has been scheduled for Nov. 23.

The company was founded in 1955 as a credit union and in 2001 converted to a mutual thrift charter.

It became a mutual holding company in 2002 and completed its initial public stock offering in 2005, taking 24% of the company public.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.