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Member of investor group upping stake in Georgia-based Heritage First Bancshares

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Member of investor group upping stake in Georgia-based Heritage First Bancshares

Andrew Charles Heaner, a director and shareholder of Rome, Ga.-basedHeritage First Bancshares Inc.,is seeking the Federal Reserve's approval to acquire an additional 158,434 sharesof the company's common stock and to further increase his level of ownership inthe future.

The acquisition would bring Heaner's total ownership to 1,547,598shares of common stock, or approximately 26.69% of the total common stock currentlyoutstanding, according to a notice of change in control application recently obtainedby S&P Global Market Intelligence. Currently, he owns 1,389,164 common shares,or a 23.96% stake, in the company.

For this proposed transaction, Heaner entered into a stock purchaseagreement with William Hurley, for Alexandria Dawes Hurley, Katherine Cutler Hurleyand Madeline Grace Hurley, in which the sellers agreed to sell 158,434 common sharesto Heaner, who is a member of the Davis Group, an investor group that currentlyholds 63.14% of the outstanding capital stock of Heritage First Bancshares.

Aside from the disclosed stock purchase agreement, Heaner currentlyhas no definitive plans to acquire additional shares of the company. He also hasno plans to propose any liquidation, sale, merger or significant change in strategyof Heritage First Bancshares, the holding company of Heritage First Bank.