Heritage Southeast Bancorporation Inc (OTCMKTS:HSBI) Stock On Radar After Receipt of Regulatory Approvals for Merger

The parent company of Heritage Southeast Bancorporation Inc (OTCMKTS:HSBI) and The First Bank, The First Bankshares Inc has been in the news this morning following a key announcement.

Trading Data

On Monday, HSBI stock gained 4.31% to $32.40 with 19.34K shares, compared to its average volume 2.70K shares. The stock moved within a range of $31.80 – 32.40 after opening trade at $31.80.

The First Bancshares, Inc. and Heritage Southeast Bancorporation, Inc. Announce Receipt of Regulatory Approvals for Merger

company announced this morning that it had been awarded the necessary regulatory approval from the Board of Governors of the Federal Reserve System with regards its merger with Heritage, which had been announced previously. The agreement had been reached between the two companies regarding the plan of merger back on July 27, 2022. It is perhaps also necessary to point out in this regard that the company had also got a no objection letter regarding the transaction from the Mississippi Department of Banking and Consumer Finance.

The merger is going to be completed on the conclusion of a waiting period of 15 days and the waiver or satisfaction of certain conditions. That is also going to include the approval of shareholders of the two companies.

Once all these conditions are met, the company believes that it can complete the merger at some point in the early days of January next year. Following the merger, the combined entity is going to be worth as much as $7 billion deposits and $8 billion in assets.