Small bank mergers heating up now ... Southern/The Heritage Bank (NC)
"Southern BancShares of Mount Olive in Wayne County is acquiring Wilson-based The Heritage Bank in a cash-and-stock deal....
Southern BancShares is the holding company of Southern Bank & Trust, a $2.05 billion regional lender with 65 offices scattered throughout eastern North Carolina and Virginia.
Heritage, with $276 million in total assets, operates 12 branch offices, including two in Johnston County.
Under the terms of the deal, shares of Heritage stock will be cancelled at closing and converted into the right to receive $125 in cash or .1010 shares of Southern common stock."