The number of banks and banking offices will not be reduced. The most recent regulatory examinations of these financial institutions indicate they are financially sound, adequately capitalized, and satisfactorily managed. Coastal's Ludowici branch offers limited banking services. Heritage plans to expand lending activities and banking services offered at the Ludowici branch. After giving consideration to the aforementioned factors, the Board of Directors is of the opinion that the proposed transaction will not substantially lessen competition, tend to create a monopoly, or in any other manner restrain trade or otherwise have an adverse competitive impact that would require disapproval under the Bank Merger Act.
Future prospects are favorable.
The scope and convenience of banking services offered to the general public should not be significantly affected by the proposal. There have been no protests to the proposed transaction from either the public or the banking community. A review of available information revealed no inconsistencies with the purposes of the Community Reinvestment Act. The resultant institution is expected to continue to meet the credit needs of its entire community, consistent with the safe and sound operation of the institution. That, until the proposed transaction becomes effective, the Corporation shall have the right to alter, suspend, or withdraw its approval should any interim development be deemed by the Board of Directors to warrant such action.