Heritage Bankshares, Inc. Announces Shareholder Approval of Merger with Southern BancShares (N.C.), Inc.

Jan 12, 2016, 11:42 ET from Heritage Bankshares, Inc.

NORFOLK, Va., Jan. 12, 2016 /PRNewswire/ -- Heritage Bankshares, Inc. ("Heritage") (OTCQX: HBKS), today announced that its shareholders have approved the merger between Heritage Bankshares, Inc. and Southern BancShares (N.C.), Inc. at a Special Shareholders' Meeting held today.  Of the 2,305,304 shares eligible to vote as of the record date, 1,883,811 affirmative votes, or 81.7%, were cast in favor of the merger, exceeding the requirement for approval of 1,544,554 votes, or 66.7%, by 339,257 votes.  A tabulation of voted and nonvoted shares is listed in the table below. 

 













Number of
Votes


% of Total
Shares
Eligible to
Vote







For

1,883,811


81.7%


Against

122,824


5.3%


Abstain

2,370


0.1%


Unvoted

296,299


12.9%


Total Eligible To Vote

2,305,304


100.0%

Of the shares voted, 93.8% were cast in favor of the merger.

About Heritage

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.



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http://www.heritagebankva.com