COVINGTON, 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”).
Based 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.
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 former depositors of Heritage Bank in accordance with a liquidation account that Heritage Bank maintains and that was established in connection with Heritage Bank’s mutual to stock conversion in 2017.
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, and material changes to the assumed expenses associated with, the liquidation of Heritage Bank and the dissolution of the Company. Except as required by law, neither the Company nor Heritage Bank undertakes any 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 and Heritage Bank:
David Crumhorn
President and Chief Executive Officer
(985) 273-3555
[email protected]
View original content:SOURCE Heritage NOLA Bancorp, Inc.
