NORFOLK, Va., Dec. 31, 2015 /PRNewswire/ -- Heritage Bankshares, Inc. ("Heritage") (OTCQX: HBKS) today announced that it has paid $7,819,500, an amount that includes $19,500 in accrued dividends, to redeem all of its Preferred Stock Series A, obtained under the Small Business Lending Fund program ("SBLF") and owned by the U.S. Treasury. The amount paid was funded using $5,619,500 in accumulated cash balances at Heritage plus $2,200,000 in borrowings from a general operating expense line of credit.
Heritage is the parent company of Heritage Bank (www.heritagebankva.com). Heritage Bank has two full-service branches in the city of Norfolk, two full-service branches in the city of Virginia Beach, and one full-service branch in the city of Chesapeake.
Forward Looking Statements
The press release contains statements that constitute "forward-looking statements". Forward-looking statements address future events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, outlook, or estimate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Heritage's actual results, performance, achievements, and business strategy to differ materially from the anticipated results, performance, achievements or business strategy expressed or implied by such forward-looking statements Heritage disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Heritage Bankshares, Inc.