Jacob Steinberg
Long only, deep value, growth at reasonable price, carmakers

Can Heritage Financial Group Double?

58 years ago, Heritage Financial Group (NASDAQ:HBOS) was found as a local credit union that conducted business in Albany, Georgia. After becoming a federal credit union in 1995, the company converted itself into a savings bank in 2001. Since then, the bank has been growing in the southeast of the US and the company's growth story is far from over.

After adding new branches to its portfolio in Georgia, the company has extended in neighboring states Florida and Alabama. In the map below, we see the footprints of the bank and its branches that serve different functions such as traditional banking, mortgage services and investments.

(click to enlarge)

Between 2005 and 2010, the company's assets grew from $364...

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