EXHIBIT 99.1
PRESS RELEASE
*FOR IMMEDIATE RELEASE*
SOUTHBANC SHARES AND HERITAGE BANCORP
COMPLETE THEIR MERGER
Anderson, South Carolina, July 31, 2000 -- SouthBanc Shares, Inc. (Nasdaq:
SBAN), Anderson, South Carolina, announced today that it has completed its
merger with Heritage Bancorp, Inc. effective July 31, 2000. SouthBanc Shares,
which was the surviving corporation in the merger, now serves as the holding
company for Perpetual Bank and Heritage Federal Bank. The combined company
operates nine branches in the Upstate region of South Carolina and has over $700
million in assets.
Each share of Heritage Bancorp common stock was exchanged for either
$17.65 in cash or .992 of a share of SouthBanc common stock. SouthBanc will pay
approximately $36.3 million in cash and issue approximately 1.8 million shares
in connection with the transaction.
As a result of the elections of Heritage stockholders, those persons who
elected to receive cash or stock in exchange for their shares of Heritage common
stock will receive the cash and/or stock they requested. Those persons who did
not make an effective election will receive SouthBanc stock in exchange for
their Heritage shares.
For further information contact:
Robert W. Orr
President and CEO
SouthBanc Shares, Inc.
(864) 225-0241
