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In Last Trading, What Drove The HSBI Stock Up 69%?

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The Heritage Southeast Bank Corp. (OTCQX: HSBI) stock gained an impressive 69.00% at the previous close to $25.350. This past week, Heritage Southeast Bancorporation stock returned 72.45% versus 77.89% for the past month. HSBI stock spiked after it signed a definitive agreement in a cash transaction to be acquired.

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Agreement in brief:

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The Heritage Southeast Bancorporation is headquartered in Jonesboro, Georgia, and it holds the Heritage Southeast Bank brand names, including Heritage Bank, The Heritage Bank, and Providence Bank. A well-rounded offering of consumer products and commercial products is provided by 22 locations of the bank in the United States, with assets over $1.5 billion.

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It was announced on Wednesday that Heritage Southeast Bancorporation and Heritage Southeast Bank have entered a definitive acquisition agreement with VyStar Credit Union (“VyStar”).

Will the HSBI shareholders get a nice payout?

As a result of costs related to winding down Heritage Southeast Bank and Heritage Southeast Bancorporation (HSBI) and distributing the remaining assets to stockholders, the per-share consideration offered to Heritage Southeast Bank and HSBI shareholders may vary. In addition, that will also be after paying off the indebtedness of the Heritage Southeast Bank, paying off certain amounts owed to several banks elsewhere, paying certain taxes, and terminating certain contracts, among others.

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