Heritage Financial Group Inc. in Albany, Ga., said Tuesday that it has finished its second-step conversion and is now a stock holding company.
The $662 million-asset Heritage sold 6.5 million shares of common stock at $10 each. Heritage's employee stock ownership plan bought 327,677 shares.
The offering represented 76% of Heritage's ownership that had been held by the mutual holding company.
After the conversion, Heritage had 8.7 million shares outstanding and a market capitalization of $87.1 million.
Heritage was founded in 1955 as a credit union and in 2001 converted to a mutual thrift charter. It became a mutual holding company in 2002 and completed its initial public stock offering in 2005, taking 24% of the company public.
