Exhibit 14



CCF HOLDING COMPANY

CODE OF
BUSINESS CONDUCT AND ETHICS

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Application  This Code of Business Conduct and Ethics shall
apply to all employees of CCF Holding Company and its subsidiaries, including Heritage Bank. This Code is in addition to the Code of Ethics set forth in the Heritage Bank Employee Handbook. As used in this Code, the term CCF refers to
CCF Holding Company and its subsidiaries.



General Integrity  To
maintain and enhance CCFs reputation for integrity in its business, it is vital for each of us to adhere to the highest moral, ethical and legal standards. Honesty and integrity are the backbone of our relationship with our employees,
shareholders, customers and governmental authorities. This policy is a formal statement of the ethical conduct and common sense standards that set the tone for all of CCFs business activities. The standards presented are intended as guidelines
and obviously cannot cover every situation in our business environment. CCF is committed to these principles of ethical business conduct and any questionable practices should be evaluated in this light. This Code of Business Conduct and Ethics will
be made publicly available by posting on the web site of CCFs bank subsidiary at www.heritage24.com.



Compliance with Laws and Regulations  Compliance with the law is essential. While acting on behalf of CCF, each employee must comply with the applicable rules and regulations of federal, state and local
governments and of appropriate public and private regulatory agencies or organizations. Employees should not take any action on behalf of CCF that they know, or should reasonably be expected to know, violates any governmental laws, rules, or
regulations.



While CCF does not expect all employees to be experts in
law and governmental regulations, we do expect employees to take reasonable precautions. When there is question or doubt regarding a particular action, employees should obtain clarification from their managers. In all cases, CCF expects a good faith
effort to follow the spirit and intent of this policy and the law.



Accounting Practices  CCF will follow generally accepted accounting practices and controls. The books of account, budgets and similar records must accurately reflect these practices and controls. All of CCFs assets should
be accounted for carefully and properly. No payment of CCFs funds shall be approved if it is known that it will be made contrary to this policy. CCFs independent auditors will be given access to all information necessary for them to
properly conduct their audits.



Employees are responsible for maintaining
accurate records regarding the financial and administrative transactions of CCF. To ensure that accurate financial and administrative information is maintained, employees should not permit or take any action that would result in the inaccurate
recording of entries in CCFs books, records and ledgers. No asset, fund, expenditure, or account should be established unless it is accurately reflected in the records of CCF.



Financial activities are to be recorded in compliance with all applicable laws and accounting practices and shall be maintained for the time
period required by the Internal Revenue Code and other applicable laws. All prepared financial statements and reports submitted to the Securities and Exchange Commission and to the public must be full, fair, accurate, timely and understandable.



Antitrust and Trade Regulations  CCF is committed to the letter
and spirit of applicable antitrust and trade laws and regulations. Business activities must be conducted in a fair and equitable manner.





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Under no circumstance should an employee or an individual employed with CCF be party to any agreement, collusion or
concerted activity of any type involving any competitor, customer, or any other party, that restrains trade or is in violation of the antitrust laws and regulations designed to foster competition.



Any discussion, action, or transaction that may involve prohibited conduct should be avoided
and any knowledge of such conduct should be reported immediately to the Chief Executive Officer. Any questions about what is permissible conduct should be raised with the Chief Executive Officer before any action is taken.



Insider Trading  The Securities Exchange Act of 1934, as amended, prohibits
CCFs insiders in possession of material inside information from engaging in securities transactions. To ensure that CCF is in compliance with all regulations regarding stock transactions, CCF has established a separate Insider
Trading Policy, which should be carefully reviewed by employees prior to the buying or selling company stock.



Compliance with Internal Policies and Procedures  CCFs various internal policies and procedures define how we conduct business and how various business tasks are to be performed. To ensure our
operations are conducted in a consistent and high quality manner, employees must comply with these policies and procedures in performing their job responsibilities.



Anti-Fraud Policies  Employees are prohibited from engaging in any scheme to defraud any person or organization of money,
property, or the honest services of another. The making of any false or fraudulent statements to a government official or concealing a material fact from a government official is also prohibited.



Contracts and Agreements  All contracts and agreements entered into by CCF must
be in compliance with all applicable laws and regulations. Contracts with outside parties must be in writing and should include a complete description of all obligations of the various parties as well as details on fees. CCFs attorneys should
review contracts in the negotiation stage, prior to final approval and execution.



Use of Funds and Assets  CCFs funds and assets should not be used for any unlawful or unauthorized purpose. The payment or receipt of bribes, kickbacks, secret commissions, unauthorized gratuities or other unethical
payments is prohibited. The use of funds for non-company purposes is prohibited.



Assets (both tangible and intangible, including but not limited to CCFs property, vehicles, equipment, and the CCF name) should only be used for business activities. Any exceptions to this policy on the use of assets should be
documented in writing and approved by the Chief Executive Officer prior to the event.



Employee Expenses  All employees must comply with our policies, which are intended to comply with all applicable Internal Revenue Code (IRC) standards and requirements, when reporting their authorized travel, entertainment,
business, and relocation expenses. The travel, relocation and other applicable policies are designed to ensure compliance with the IRC standards. Employees are required to conform to policies when incurring and reporting business expenses. Any
questions or issues not specifically covered by the policies should be referred to the Chief Financial Officer or her designee prior to the expense(s) being incurred.



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Gifts to Employees  Employees and their families (as well as their agents or attorneys) are not to solicit
or accept a personal benefit from any customer, vendor, individual, or organization doing business with CCF or seeking to do business with CCF. A personal benefit is any type of gift, gratuity, loan, fee, compensation, or anything of monetary value.
Any deviation from the above must be specifically approved in writing by the President of CCF. CCF does recognize that situations may arise when it would be appropriate for an employee to accept the benefit of a gift. Such situations include:



| |  | Gifts of nominal value (not in excess of $50.00) given at Christmas or other holidays or special occasions that represent expressions of friendship.
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| |  | Reasonable entertainment such as luncheon, dinner, or business meetings with present or prospective customers and suppliers, when the return of the expenditure on a comparable basis
is likely to occur and is properly chargeable as a business expense.
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| |  | Gifts or bequests based strictly on a family relationship.
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The President of CCF should be notified when any of the following occurs:



| |  | Any gifts that are outside the boundaries listed above.
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| |  | Any offers or promises of improper gifts.
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Gifts to Outside Parties



|A. | Personal Gift-Giving: Employees are generally not restricted from giving personal gifts to outside parties. A personal gift is a gift item that does not belong to CCF
nor was purchased using company funds. Personal gift-giving is discouraged in those situations where CCF has actual or potential business dealings with an individual or organization.
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|B. | Company Gift-Giving: Gifts given by CCF to an individual using corporate funds or assets must comply with Internal Revenue Policy on gift-giving and must be approved in writing by
senior management prior to the conveyance. Any gift that exceeds $500 in value must have the advance written approval of the Chief Executive Officer, President or the Chief Financial Officer. Employees should not use their personal funds to
circumvent these standards.
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|C. | Political Gift-Giving: Individual participation in political and civic activities is encouraged, including the making of personal contributions to political candidates or
activities. CCF, or anyone acting on its behalf, is prohibited from making an expenditure or contribution either directly or indirectly in connection with an election to political office. Therefore, CCF will not make political contributions to
individual candidates or political parties. Employees who wish to donate money or services to a candidate or party may do so as individuals, and not as representatives of CCF. To avoid any interpretation of CCF sponsorship or endorsement, neither
CCFs name nor its address should be used. Do not use the CCF name in or associated with any political advertisements or literature. The giving of gifts by CCF either directly or indirectly, including the offering or promising of value to a
public official (either domestic or foreign) with intent to influence the public official, or as a result of an official act performed, or to be performed, by the public official is prohibited.
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Communications with Management  CCF is committed to keeping the lines of communication between employees and
management open. Significant or sensitive issues (operational, financial, personnel or other) facing CCF or its employees should be promptly communicated to management.



Contact and Communication with the Media  CCF will respond in a timely, accurate, and appropriate manner to all legitimate
requests for information from the media or any other external organization, association, or individual. All such requests should be referred to the Chief Executive Officer or President. Only the Chief Executive Officer and President may make any
public announcements to the media or other external groups.



Advertising and
Promotions  CCF will not engage in any unfair competition or deceptive advertising practices. All claims of fact made in advertising should be substantiated by supporting data before they are made.



Disclosure of Confidential Information  As a publicly-owned company, CCF is
subject to strict securities laws regarding the dissemination of information about the company to the public. In addition, CCFs ability to compete depends upon our ability to maintain confidential information. In addition, release of
confidential information without authorization could violate a persons right to privacy, cause CCF to suffer financial loss, or create a potentially embarrassing situation. In conversations (business and personal) employees should limit
disclosures to information that has been publicly released by CCF and should not disclose to unauthorized persons or entities any confidential business information regarding operations, finances, customers, or employees. Moreover, CCF employees may
not make use of such information to further personal interests. Unauthorized persons and entities could include other employees and non-employees, as well as other companies and organizations not specifically authorized to receive such information.
Only authorized personnel (as designated by the Board of Directors, Chief Executive Officer or President) should release information to the public. If there is any question as to whether information should be released, consult the Chief Executive
Officer or President.



Employee Relations  We are committed to a
policy of equal opportunity and will not tolerate discrimination on the basis of race, color, national origin, age, veteran status, disability, gender, religion, or any other characteristic protected by law. We will comply with all applicable
federal, state, and local laws and regulations regarding employment practices. We will provide a safe and healthy work place for our employees and they will be compensated in a fair and equitable manner.



We encourage our employees to work diligently and to deal with our customers with integrity.



Each employee should treat other employees in a humane manner without regard
to race, color, national origin, age, veteran status, disability, gender, religion, or any other forms of discrimination.



CCF will provide a work environment that is free of discrimination and harassment. Any employee who violates CCFs policies will be subject to discipline, up to and
including termination.



Shareholder Relations  CCF is owned by
shareholders who have invested in the CCFs stock. We are accountable to them. We are obligated to keep them informed concerning matters affecting CCF. They deserve good corporate governance. A key aspect of our corporate



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governance structure is having our board of directors who as a result of their experience, knowledge and skill can
adequately represent the interests of shareholders and guide management.



Conflicts of Interest  The term conflict of interest refers to any circumstance which would cast doubt on an employees ability to act objectively when representing the CCFs interest. Employees should not
use their position or association with CCF for their own or their familys personal gain and should avoid situations in which their personal interests (or those of their family) conflict or overlap, or appear to conflict or overlap, with
CCFs best interests.



Significant ownership in a firm with which CCF does
business could give rise to a conflict of interest. Moreover, an employee or relative may not receive any kickback, bribe, substantial gift, or special consideration as a result of any transaction or business dealings involving CCF.



Business dealings with outside firms should not result in unusual gains for those firms.
Unusual gain refers to bribes, special fringe benefits, and other windfalls designed to ultimately benefit either CCF, the employee, or both.



Some examples of situations which could give rise to a conflict of interest are given below. These examples do not limit the general scope of this policy.



| ̈ | Concurrent employment by CCF and any other business if such employment encroaches materially on time or attention which should be devoted to CCFs affairs.
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| ̈ | Concurrent employment by CCF and any other business that is a present or potential competitor, customer, or contractor of CCF or receipt of compensation from any such business.
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| ̈ | Holding of a financial interest in any present or potential competitor, customer, or contractor unless the business or enterprise in which the employee holds a financial interest is
publicly owned and the financial interest constitutes less than 10 percent of the equity securities of that business or enterprise.
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| ̈ | Acceptance of a membership on the Board of Directors or serving as a consultant or advisor to any board of any management of a business which is a present or potential competitor,
customer, or contractor unless approved in writing by the Chief Executive Officer.
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| ̈ | Engaging in any transaction involving CCF from which the employee can benefit, financially or otherwise, apart from regular compensation received in the usual course of business.
This prohibition is intended to include lending or borrowing of money, guaranteeing debts, or accepting gifts, entertainment, or favors from a present or potential competitor, customer, or contractor.
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| ̈ | Use or disclosure to a third party of any unpublished information obtained by an employee in connection with their employment for personal benefit.
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| ̈ | Commission of any act which is considered illegal under the laws of the United States or a foreign jurisdiction when dealing on behalf of CCF.
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Each potential conflict of interest will be considered individually, and the final decision as to the existence of a
conflict will be made by the Chief Executive Officer.



Ownership of Computer
Resources and Software  Some software utilized at CCF is licensed by the vendor for use according to specific software licensing agreements. It is CCFs intention to comply with all requirements of software licensing agreements.
Unauthorized use, modification, or copying of licensed software documentation by employees is prohibited. Software that has been illegally copied or altered is not to be used on any CCF computer equipment.



Reporting Violations of the Business Conduct Policy  If employees feel that they
or another individual has violated this policy, the action must be reported immediately to the Chief Executive Officer. The Chief Executive Officer will review the issue and either take action directly or forward it to the appropriate party for
investigation and ultimate resolution. All inquiries will be appropriately investigated with due regard for the concerns of all involved, and will be kept as confidential as possible given the nature of the situation. The results of significant
investigations will be communicated to the Chief Executive Officer.



It is
CCFs intent to protect innocent parties in their reporting of violations. Employees who, in good faith, report a suspected violation will not be subjected to retaliation as a result of their actions. Accordingly, no report made in good faith
to our Chief Executive Officer will result in any adverse employment or other action against the person making the report. Any employee who believes that he or she has been subjected to adverse employment or other action because of actions relating
to reporting possible violations by or affecting CCF should report that belief immediately to the Chief Executive Officer. In situations in which the reporting party is personally involved in the violation, CCF will consider whether some measure of
leniency in disciplinary actions is appropriate, based on the severity of the violation and the level of cooperation provided by the employee.



Enforcement of Code of Business Conduct and Ethics  This Code of Business Conduct and Ethics shall be enforced through consistent and prompt inquiry and
investigation by the Chief Executive Officer of reported violations, with a goal of achieving comparable treatment for infractions that they deem comparable in type or severity. They shall employ clear and objective enforcement standards to the
extent feasible. As needed, the Chief Executive Officer may consult with senior management or outside advisors in determining whether enforcement in particular cases should be effected though employment sanctions, which may range from informal
warnings to termination of employment or referral for prosecution. The Chief Executive Officer may employ outside services as a means of maintaining confidentiality, if necessary. If, in any case, the Chief Executive Officer determines to waive the
application of this Code of Business Conduct and Ethics, CCF will make prompt disclosure of any such waiver as required by law.



Compliance Audits  While all employees are expected to abide by the provisions of this policy, there will be periodic reviews made by our auditors and
others, when appropriate, to ensure that compliance is achieved in all operations.



Actions for Non-Compliance  All issues of non-compliance with this policy will be reviewed and evaluated according to the circumstances and severity of the problem. Senior management will take actions as it deems appropriate,
which can include disciplinary action up to and including termination, legal action, and other measures. CCF will immediately notify The Nasdaq Stock Market of any material non-compliance of this Code of Business Conduct and Ethics. Any waivers of
this Code of Business Conduct and Ethics for actions by any director or



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Executive Officer must be approved by the entire Board of Directors. Any such waivers will be disclosed on a Form 8-K, or
such other disclosure permitted or required by the NASD or Securities and Exchange Commission.



Setting the tone at the top The Executive Officers including, but not limited to, Chief Executive Officer, President and Chief Financial Officer, as leaders within CCF, are charged with the additional
responsibility to set the tone for ethical conduct throughout CCF by complying with the following:



|1. | Creating an environment within CCF in which compliance with this policy is treated as a serious obligation and policy breaches will be not tolerated.
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|2. | Adhering to and promoting the best of corporate governance practices in exercising oversight of CCF. This includes recommending updates to this policy to reflect evolving standards
for ethical business operations and the behaviors of employees.
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|3. | Educating employees about applicable rules and regulations and monitoring compliance with these requirements.
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|4. | Establishing procedures for employees to report possible wrongdoing to senior management.
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|5. | Reporting irregularities, deficiencies in CCFs internal controls, and violations to the Audit Committee and the Board of Directors.
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Follow-up This Code of Business Conduct and Ethics will be disseminated
throughout CCF, and the Chief Executive Officer shall distribute copies to serve as a reminder and to further assure compliance, at least annually. Senior management should encourage employees to discuss with them any questions regarding compliance
with this policy. Employees are encouraged to be candid with management if they believe there are violations of this policy, regardless of how insignificant it may be.



Managers should review this policy with their employees annually and discuss any indications of unethical conduct with the Chief Executive
Officer.



All employees of CCF are expected to comply with this policy.



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