KINGSPORT, Tenn. -- Heritage Federal Bancshares Inc. said it has completed the sale of five branches of Heritage Federal Bank for Savings to Trans Financial Federal Savings Bank of Tennessee.

Trans Financial assumed about $55 million in deposits at the five offices, all in middle Tennessee, and purchased the buildings and equipment. Heritage received a cash payment equal to the book value of the transferred assets plus $1 million.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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