CCF Holding Co., Heritage Bancorp. and Providence Bank announced the signing of an agreement that will see the three Georgia community banks combining under one holding company, which will be called Heritage Southeast Bancorp. Inc.

Pursuant to the deal, Heritage will merge with and into CCF and a wholly owned subsidiary of CCF will merge with and into Providence in an all-stock transaction.

Heritage shareholders will get 0.9504 share of CCF common stock for each outstanding Heritage common share and Providence shareholders will receive 0.1225 share of CCF common stock for each outstanding Providence common share. Each outstanding option to purchase Heritage common shares or Providence common shares will be assumed by CCF and become an option to purchase CCF common shares, with the exercise price and number of shares underlying the option adjusted to reflect the respective exchange ratios.

Based on CCF's Dec. 19 closing stock price of $25.51, this equates to a per-share value of $24.24 for Heritage shareholders and $3.12 for Providence shareholders and an aggregate transaction value of about $105 million.