PrivateBancorp Completes Sale of Norcross Branch to Heritage Financial Group
Press release from the issuing company
Wednesday, January 21st, 2015
PrivateBancorp, Inc. today announced it has completed the sale of The PrivateBank branch in Norcross, Ga., to Heritage Financial Group, Inc., the holding company for Heritage Bank of the South.
Based on closing deposit balances of approximately $107 million, PrivateBancorp will record a gain on sale of $0.03 per share in first quarter 2015. As previously reported, the transaction also involved the sale of certain retail and small business loans, which totaled approximately $37 million at closing.
The transaction does not impact clients of The PrivateBank's commercial banking team, located at the Atlanta Financial Center.
