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Stock Market & Financial Investment News

News Breaks
April 22, 2014
07:31 EDTHBOSHeritage Financial to acquire Alarion Financial Services for $22.1M in stock
Heritage Financial Group announced it has entered into a definitive agreement to acquire all of the common stock of Alarion Financial Services, the holding company for Alarion Bank, in a stock transaction valued at approximately $22.1M.Alarion, headquartered in Ocala, Florida, is the holding company for Alarion Bank, which operates six branches in Ocala, Gainesville and Alachua. As of March 31, 2014, Alarion reported approximately $283M in assets, $200M in loans, $241M in deposits and $18M in tangible common equity. Upon completion of the transaction, Heritage is expected to have approximately $1.7 billion in assets, $1B in loans, and $1.4B in deposits. The transaction is expected to be immediately accretive to Heritage Financial Group's fully diluted EPS, excluding deal costs. Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Alarion's shareholders will receive 0.44 shares of the Company's common stock for each share of Alarion common stock owned, resulting in the issuance of a total of approximately 1,159,000 shares in the exchange. Additionally, in connection with the transaction, affiliates of Jacobs Asset Management, LLC that are investors in both Heritage and the preferred stock of Alarion will exchange approximately $3.5M of Alarion preferred stock and accrued but unpaid dividends for approximately 178,000 shares of Heritage common stock. The transaction, which is subject to regulatory approval, the approval of the shareholders of Alarion and other customary conditions, is expected to close in the third quarter of 2014.
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October 1, 2014
07:04 EDTHBOSHeritage Financial completes acquisition of Alarion Financial Services
Heritage Financial Group announced that it completed its previously announced acquisition of Alarion Financial Services on September 30. The company's stockholders voted overwhelmingly at a special meeting on Monday to approve the transaction, valued at approximately $23.6M. The acquisition was previously approved by Alarion's shareholders and the company's banking regulators. The company will issue approximately 1,337,000 shares of common stock in connection with the merger, including approximately 1,159,000 shares of common stock in exchange for 100% of the outstanding Alarion common stock. As a result of the merger, the company assumed $6.84M of Alarion's preferred stock. Immediately following the merger, the company redeemed all of the preferred stock in exchange for $4.5M in cash and approximately 178,000 shares of the company's common stock. The transaction is expected to be immediately accretive to Heritage's fully diluted EPS, excluding deal costs.
September 23, 2014
10:02 EDTHBOSOn The Fly: Analyst Initiation Summary
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08:47 EDTHBOSHeritage Financial initiated with a Neutral at Sterne Agee

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