Business
HERITAGE NOLA BANCORP, INC. ANNOUNCES COMPLETION OF PURCHASE AND ASSUMPTION TRANSACTION BETWEEN HERITAGE BANK OF ST. TAMMANY AND ONPATH FEDERAL CREDIT UNION
HERITAGE NOLA BANCORP, INC. ANNOUNCES COMPLETION OF PURCHASE AND ASSUMPTION TRANSACTION BETWEEN HERITAGE BANK OF ST. TAMMANY AND ONPATH FEDERAL CREDIT UNION.
About this update from Heritage Nola Bancorp Inc
[{"type":"text","content":"\r\n\r\n \r\n \r\n HERITAGE NOLA BANCORP, INC. ANNOUNCES COMPLETION OF PURCHASE AND ASSUMPTION TRANSACTION BETWEEN HERITAGE BANK OF ST. TAMMANY AND ONPATH FEDERAL CREDIT UNION\r\n \r\n \r\n\r\n\r\nHERITAGE NOLA BANCORP, INC. ANNOUNCES COMPLETION OF PURCHASE AND ASSUMPTION TRANSACTION BETWEEN HERITAGE BANK OF ST. TAMMANY AND ONPATH FEDERAL CREDIT UNION\r\n\r\n\r\n\r\n\r\n\r\n\r\nCOVINGTON, La., April 1, 2026 /PRNewswire/ -- Heritage Nola Bancorp, Inc. (\"Heritage NOLA Bancorp\") (OTC Pink: HRGG), the holding company for Heritage Bank of St. Tammany (\"Heritage Bank\"), and OnPath Federal Credit Union (\"OnPath\") today announced that effective April 1, 2026, Heritage Bank and OnPath completed their purchase and assumption transaction in which OnPath purchased substantially all of Heritage Bank's assets and assumed substantially all of Heritage Bank's liabilities, including all deposit liabilities (\"P&A Transaction\").\r\nBased on the Company's financial condition at the closing date, shareholders are currently estimated to receive in the dissolution of the Company between $20.00 and $20.75 in cash in exchange for each share of the Company's common stock owned (the \"per share consideration\"), but, 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 in the P&A Transaction; the costs associated with the liquidation account; the amount of cash held by the Company at the closing of the dissolution; costs related to the liquidation and the distribution of the Bank's remaining assets to the Company; and costs related to the dissolution and the distribution of the Company's remaining assets to its shareholders. 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.  Distribution of the per share consideration is expected to be made in the fourth quarter of 2026.\r\n Heritage Bank will now begin the process of liquidating and distributing its remaining assets to the Company. Following the liquidation of Heritage Bank, the Company will dissolve and distribute its remaining assets to its stockholders. As part of the liquidation and dissolution processes, payments will be made to certain fo...