Heritage Financial Group Inc. in Albany, Ga., said Tuesday that it has finished its second-step conversion and is now a stock holding company.

The $662 million-asset Heritage sold 6.5 million shares of common stock at $10 each. Heritage's employee stock ownership plan bought 327,677 shares.

The offering represented 76% of Heritage's ownership that had been held by the mutual holding company.

After the conversion, Heritage had 8.7 million shares outstanding and a market capitalization of $87.1 million.

Heritage 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.

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