PrivateBancorp To Sell Norcross Branch To Heritage Financial - Quick Facts

(RTTNews) - PrivateBancorp Inc. (PVTB) announced it has agreed to sell The PrivateBank branch in Norcross, Ga., to Heritage Financial Group, Inc. (HBOS), the holding company for HeritageBank of the South. The transaction includes about $129 million in deposits and $40 million in loans from retail and small business banking clients. PrivateBancorp expects to record a one-time gain at closing of approximately $0.03-$0.04 per share.

Leonard Dorminey, CEO of Heritage Financial said, "This branch acquisition, when completed, will allow us to pursue a niche-focused commercial bank model and will provide the footing for possible future expansion in metro Atlanta. We are excited by the prospects of having a physical branch in metro Atlanta, which we believe will increase our visibility in the market and enhance our ability to recruit high-performing commercial bankers and better serve our customers."