Heritage Financial Group, Inc., the holding company for HeritageBank of the South (“HeritageBank”), today announced that the Company has been informed by NASDAQ that its pending acquisition of Ocala-based Alarion Financial Services, Inc. (“Alarion”), the holding company for Alarion Bank, must be submitted for approval by the Company’s stockholders. The Company intends to proceed expeditiously to schedule a special meeting of its stockholders and does not anticipate any difficulties in obtaining a favorable vote on the merger. Alarion shareholders have approved the Merger, and the Company has received regulatory approvals from all three of its banking regulators. The Company still expects to complete the transaction well within the contractual timeframe.

Heritage Financial Group, Inc. is the holding company for HeritageBank of the South, a community-oriented bank serving primarily Georgia, Florida and Alabama through 29 banking locations, 15 mortgage offices, and 5 investment offices. As of June 30, 2014, the Company reported total assets of approximately $1.5 billion and total stockholders’ equity of approximately $132 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com under the “Investors” tab.