September 3, 2009 (FinancialWire) — Heritage Financial Group (NASDAQ: HBOS) (Current Market Cap: $83.80 Mil.) said it has signed a definitive agreement to purchase a branch in Lake City, Florida, owned by Atlantic Coast Federal Corp. (NASDAQ: ACFC), the holding company for Atlantic Coast Bank.

The deal will result in the transfer of around $12 million in loans and $45 million in deposits along with the branch office there, according to Heritage.

Heritage said the transaction is scheduled to close in the fourth quarter of 2009.

Albany, Georgia-based Heritage Financial Group is the mid-tier holding company for HeritageBank of the South, a community-oriented bank serving primarily Southwest Georgia and North Central Florida through eight full-service banking offices.

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