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Mount Vernon Bank Acquisition
Wednesday, 05 August 2009

August 5--  Heart of Georgia Bancshares, Inc. and The Tattnall Bank announced they have entered into a definitive agreement whereby Heart of Georgia Bancshares, Inc., the parent holding company of Mount Vernon Bank, will acquire The Tattnall Bank from its parent company, Tattnall Bancshares, Inc.  Under the agreement, The Tattnall Bank will operate as a wholly owned subsidiary of Heart of Georgia Bancshares, Inc. and will maintain its own charter.  The transaction is subject to approval by the shareholders of Tattnall Bancshares, Inc. and banking regulators.  The transaction is expected to close during the latter half of this year.

Mount Vernon Bank is a state chartered bank established in 1901 and operates one office in Mount Vernon and two offices in Vidalia.  The Tattnall Bank is also a state chartered bank that was established in 1900 and has one office in Reidsville and one office in Collins.

Chairman Bob Thigpen of Heart of Georgia Bancshares, Inc. said, “We are very excited about our new partnership with The Tattnall Bank.  The Bank has a long history of offering quality service to the residents of Tattnall County and the combined companies will be able to offer additional services while maintaining a strong reputation in the community.”

Don Thigpen, Chairman and CEO of Mount Vernon Bank also added, “We have been very interested for a number of years in teaming up with The Tattnall Bank and are pleased the opportunity has arrived.  The combined management teams and available resources will make both banks even stronger as we position our company for future growth.  The Tattnall Bank will continue to operate under the leadership of President/CEO Johnny Myers and his staff with the guidance of Heart of Georgia Bancshares, Inc.”

Johnny Myers, President and CEO of The Tattnall Bank said, “Teaming up with a strong company such as Heart of Georgia Bancshares, Inc. and Mount Vernon Bank will provide a competitive edge that has not been available to our bank.  Both Bob and Don Thigpen have extensive experience in South Georgia that can only help our bank grow.  Our employees are excited about the opportunity and look forward to joining the Heart of Georgia Bancshares, Inc. team."

 
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