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Heritage Southeast Bancorporation, Inc. Announces Completion of $20 Million Subordinated Notes Offering

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Heritage Southeast Bancorporation, Inc. (HSBI) (OTCQX: HSBI) today announced the completion of a private placement of $20 million of 6.00% fixed-to-floating rate subordinated notes due 2030 (the Notes) to certain qualified institutional buyers and accredited investors.

The Notes are unsecured and have a ten-year term, maturing June 30, 2030, and will bear interest at a fixed annual rate of 6.00%, payable quarterly in arrears, for the first five years of the term. Thereafter, the interest rate will reset quarterly to an interest rate per annum equal to three-month LIBOR plus 563 basis points, payable quarterly in arrears. The Notes have been structured to qualify as Tier 2 capital for HSBI for regulatory capital purposes. HSBI intends to use the net proceeds of the offering to supplement the capital of Heritage Southeast Bank, its wholly owned subsidiary, and for general corporate purposes.

In connection with this subordinated notes offering, the company was advised by Performance Trust Capital Partners, LLC as financial advisor and Fenimore, Kay, Harrison & Ford, LLP as legal counsel.

Leonard A. Moreland, Chief Executive Officer of HSBI said, 2021 will be an exciting year for our Company. In addition to our announcement today regarding the completion of our subordinated notes offering, we continue to make strides on formalizing a solid growth plan for the company. We believe the offering of these subordinated notes will give us the power we need to expand our footprint in the Southeast.

About Heritage Southeast Bancorporation, Inc.

Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names Heritage Bank, The Heritage Bank, and Providence Bank in its various markets. With approximately $1.4 billion in assets, the bank provides a well-rounded offering of commercial and consumer products through its 24 locations. For additional information, visit one of the banks websites and select the Investor Relations link.

Forward-Looking Statements

Statements in this press release relating to Heritage Southeast Bancorporation, Inc.s plans, objectives, expectations or future performance are forward-looking statements. The words believe, may, should, anticipate, estimate, expect, intend, objective, possible, seek, plan, strive or similar words, or negatives of these words, identify forward-looking statements. These forward-looking statements are based on managements current expectations. HSBIs actual results in future periods may differ materially from those indicated by forward-looking statements due to various risks and uncertainties.

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