HERITAGE NOLA BANCORP, INC. ANNOUNCES UPDATED RANGE OF PER SHARE CONSIDERATION IN DISSOLUTION PAYMENT AND PAYMENT RECORD DATE

COVINGTON, La., Sept. 14, 2026 /PRNewswire/ -- Heritage NOLA Bancorp, Inc. (the "Company") (OTCID Basic Market: HRGG), the parent holding company for Heritage Bank of St. Tammany ("Heritage Bank"), announced that, based on the Company's financial condition at August 31, 2026, the Company estimates that shareholders are currently expected to receive in the dissolution of the Company between $21.30 and $21.40 in cash in exchange for each share of the Company's common stock owned (the "per share consideration").  The per share consideration will be payable to stockholders of record as of the close of business on October 1, 2026 after which date it is expected that Company's common stock will be removed from the OTCID Basic Market, and no trades in the common stock will be processed. The Company cannot guarantee the exact removal date and does not intend to provide notice of removal once effective. The dissolution distribution is expected to be paid on or about October 15, 2026.

As previously disclosed, the per share consideration is subject to significant variation based on various factors including the amount of corporate taxation to be paid by the Company, the amount of cash held by the Company and costs related to the dissolution. Based on these factors, investors should not assume that the ultimate per share consideration distributed to shareholders will be within the range set forth above. 

The Company has appointed Equiniti Trust Company, LLC ("Equiniti") as its transfer agent and to serve as paying agent for the dissolution distribution.  Stockholders who hold shares of Company common stock in book entry form at Equiniti will receive checks for their cash distribution, and their shares will be cancelled.  Stockholders who hold shares through a broker or other DTC-registered nominee will receive their cash distribution directly into their account at the broker or other nominee, and their shares will be cancelled.

The Company is in the process of dissolving and winding up its business, which is expected to take up to two years.  In accordance with the Plan of Liquidation and Dissolution approved by the Company's stockholders, the Company intends to donate any residual funds remaining after the wind up is completed, which are expected to be nominal, to one or more charitable organizations.

Forward-Looking Statements

This press release contains forward-looking statements.  Forward-looking statements are not historical or current facts and they often include words like "believe," "expect," "anticipate," "estimate," "intend" or similar terminology.  Factors that could cause actual results to differ materially from those expected include delays in completing the liquidation and the dissolution and taxes to be paid by the Company.  Except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

Contact for Heritage NOLA Bancorp:

David Crumhorn
President and Chief Executive Officer
(504) 577-6942
[email protected]

SOURCE Heritage NOLA Bancorp, Inc.