Southern BancShares in Mount Olive, N.C., has agreed to buy Heritage Bankshares in Norfolk, Va.

The $2.2 billion-asset Southern said in a press release Wednesday that it will pay about $48 million in cash, or $21.05 a share, for the $340 million-asset Heritage. The deal is expected to close in the first quarter.

The deal will add five branches to the nine offices Southern already has around Norfolk, J. Grey Morgan Jr., Southern’s chairman and chief executive, said in the release.

Raymond James and Ward & Smith advised Southern. FIG Partners and Troutman Sanders advised Heritage.

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.