Heritage Financial Group (NASDAQ:HBOS), the mid-tier holding company for HeritageBank of the South, has plans to invest up to $3 million in Chattahoochee Bank of Georgia, a new bank in Gainesville that will target the small and midsize business community. The investment will help the bank target small and midsize business customers and other professionals in the region.
"Heritage Financial Group continues to evaluate expansion opportunities in high-growth markets," Heritage Financial CEO Leonard Dormoney, who will serve as director of the new bank, said in a statement. "We expect to participate in certain loans generated by the bank, as permissible, providing it with the means to extend larger credits than it might otherwise be able to make."
A second location is planned in Gwinnett County within three to five years, depending on the bank's growth in Gainesville.