Heritage Bank to Join Southern Bank
Troutman Sanders was mentioned in an October 21 Virginia Business article and an October 21 Money News article about Norfolk-based Heritage Bank announcing that it would merge into North Carolina-based Southern BancShares and its bank subsidiary. Under the agreement, Southern will pay $21.05 per share in cash for outstanding shares of Heritage’s common stock. Both companies’ board of directors have approved the agreement, which should be completed in the first quarter of 2016.
Richmond partner Jake Lutz lead the team of Troutman Sanders lawyers – Susan Ancarrow, Mark Jones, Lynda Crouse and Beth Petty – who represented Heritage in the deal.