LGE Community Credit Union Acquires Georgia Heritage Bank
LGE Community Credit Union has announced that it has entered into a definitive agreement to purchase Georgia Heritage Bank, a community bank with branches in Paulding and Cobb County.
“With LGE Community Credit Union and Georgia Heritage Bank coming together it will deepen LGE’s commitment to business and commercial banking,” said Chris Leggett, president and CEO of LGE Community Credit Union. “We look forward to transitioning Georgia Heritage Bank’s customers to LGE members so they can see firsthand we are a member-owned, not-for-profit cooperative, we pride ourselves on staying dedicated to improving the financial well-being of our members through economically priced and conveniently delivered services, caring personal service and sound financial management.”
Genevieve Cole, president and CEO of Georgia Heritage Bank, said “With this transaction we are pleased to know that our customers will have access to more branches and services making it more convenient and easier for them to bank. LGE has built a reputation in the community as one of the leading financial institutions dedicated to giving back to the people in the area.”
LGE Community Credit Union, a $1.27 billion credit union based in Marietta, Georgia, currently operates 11 branches, participates in a nationwide ATM network, offers Online and Mobile Banking (including great features like Snap Deposit, which offers the convenience to deposit a check from the LGE mobile app on your smartphone), and a wide variety of financial services. The acquisition will give LGE two additional branches in the footprint.
The boards of directors of both LGE Community Credit Union and Georgia Heritage Bank have unanimously approved the transaction. The closing of the transaction, which is expected to occur in the third quarter of 2018, is subject to approval by Georgia Heritage Bank’s shareholders, receipt of regulatory approvals and other customary closing conditions.
Georgia Heritage Bank was advised by the investment banking firm The Burke Group and represented by the law firm Miller & Martin PLLC. LGE Community Credit Union was advised and represented by Michael M. Bell of the law firm Howard & Howard.