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Southern BancShares in Mount Olive, N.C., has agreed to buy Heritage Bankshares in Norfolk, Va.
October 21 -
Village Bank in Midlothian, Va., has been released from an enforcement order issued by the Federal Deposit Insurance Corp. and Virginia Bureau of Financial Institutions.
December 28 -
The $3.9 billion-asset holding company for Busey Bank redeemed all its remaining shares in the program at a total redemption price of about $72.8 million.
December 22
Heritage Bankshares in Norfolk, Va., has exited the Small Business Lending Fund, ahead of its proposed deal to be acquired by Southern BancShares in Mount Olive, N.C.
The $337 million-asset Heritage paid about $7.8 million to redeem all the preferred stock it had issued to the Treasury Department as part of the SBLF program, according to a Thursday news release. The payment included $19,500 in accrued dividends.
Heritage funded the redemption with about $5.6 million in accumulated cash and about $2.2 million from a line of credit. Heritage issued the SBLF shares in August 2011.
Separately, Heritage said Thursday it and the $2.2 billion-asset Southern have received all required regulatory approvals for their deal and the sale should close on Jan. 29. The deal still requires approval from Heritage shareholders. Southern in October
