PRZOOM - /newswire/ -
Jonesboro, GA, United States, 2014/08/06 - CCF Holding Company, the parent company of Heritage Bank, is pleased to announce the completion of an $8,000,000 Capital Raise - HeritageBank.com.
In coordination, the board of CCF Holding Company, the management team of Heritage Bank, and the managing director of Community Capital Advisors, Shaun Dalton, were able to accomplish something that should resonate as a positive sign for community banks across the country.
Heritage Bank is the sole remaining community bank in Clayton and Henry County and one of only two in Fayette County. “The great recession has been devastating on South Metro Atlanta where we have seen over a dozen bank failures in our markets. We know the challenges and have learned to look under every rock to be prepared for the next challenge ahead,” stated Leonard Moreland, President and CEO of Heritage Bank.
Mr. Moreland goes on to say,“Heritage Bank had few options in helping our parent company CCF with raising capital given the devastation to the community banks in our area. The only obvious option was to reach out to our loyal customer base and try to raise new capital to help renew the future of the holding company and bank. Almost a year later after the decision was made to pursue an injection of capital, we have achieved what most say was not achievable. Along with Community Capital Advisors, Heritage Bank closed our $8 million capital raise and repurchased 100% of the trust preferred securities and infused a sizeable amount of new capital into Heritage Bank. There is no doubt in my mind that this could not have been realized if it weren’t for the team that was assembled.”
Shaun Dalton, Managing Director of CCA, managed the raise at the bank. "This is a tremendous accomplishment. We worked with all regulators and came to a common ground - redeeming the TRuPS from the FDIC, and satisfying the Federal Reserve and State Banking Department while increasing capital at the bank. This is a testament to the strength of the Board and management of the bank. It was a lot of hard work and I am proud to have been a part of it." said Dalton.
Heritage Bank partnered with an impressive team. Along with Community Capital Advisors, and their investment banking firm, Patrick Capital Markets LLC, Heritage Bank also had a talented team from Nelson Mullins Riley and Scarborough LLP and TJS Deemer Dana LLP. Mr. Moreland reiterated,“In the end, the team, our attorneys and our CPA’s delivered on every aspect of their responsibilities. I can’t say enough about all of their professionalism and tenacity at getting this job completed.”
About Heritage Bank
Heritage Bank (heritagebank.com), a state chartered commercial bank, has been serving metro Atlanta’s Southern Crescent since 1955. The independent community bank features a well-rounded offering of commercial and consumer products, and is an active, involved member of the community it serves. The Bank has six full service offices. The company’s stock is traded under the symbol “CCFH.OB.”