Exhibit 99

         HeritageBank of the South Names Three New Directors

    ALBANY, Ga.--(BUSINESS WIRE)--Dec. 21, 2006--Heritage Financial
Group (NASDAQ: HBOS), the mid-tier holding company for HeritageBank of
the South, today announced that the Bank has named three new directors
to serve on the Bank's Board: Edward Cassity, James H. Moore, III, and
Hubert F. Scott, Jr. Cassity replaces Charles O. Williams, who retired
from the Bank's Board in March of 2006; Moore and Scott replace J.
Keith Land and J. Lee Stanley, who resigned from the Bank's Board but
who still serve as members of the Board of Directors of Heritage
Financial Group.

    Cassity retired from the United States Marine Corp at the rank of
Major General after more than 33 years of service. He was Commander of
Marine Corps Logistics Bases immediately prior to his retirement.
Subsequently, he served as Senior Vice President, Chief Strategy
Officer for Phoebe Putney Health System. Cassity received a Bachelor
of Science degree from East Tennessee State University and a Masters
in Business Administration from Rider University. He is an Honor
Graduate of the Marine Corps Command and Staff College and a
Distinguished Graduate of the National Defense University. He has
served in leadership positions in numerous civic and professional
organizations in the community, including Albany-Dougherty Camber of
Commerce, Leadership Albany, Albany Rotary Club, Darton College
Foundation, The Salvation Army, and First Tee of Albany.

    Moore is managing partner of Moore, Clarke, DuVall & Rodgers,
P.C., a law firm based in Albany, Georgia, where he also serves as
chairman of the firm's Commercial, Banking and Business Law Group.
Moore is a member of the Executive Committee and past President of the
Albany YMCA, Chairman of the Board of Directors of the Consumer Credit
counseling Service of Southwest Georgia, member of the Executive
Committee and past president of the Dougherty County Bar Association,
member of the Board of Directors of the Bank Counsel Section of the
Georgia Bankers Association, and member of the Albany Rotary Club and
Albany Chamber of Commerce. He received undergraduate degrees in
business and agriculture economics from Abraham Baldwin College and
the University of Georgia and also is a graduate of the University of
the Georgia School of Law.

    Scott, an Albany native and former banker, is currently involved
in real estate investments and property management. He began his
banking career with C&S Bank in 1977 and joined SunTrust Bank in 1996
as Senior Vice President of the Commercial Banking Department. Scott
earned a Bachelor of Science degree in Business Administration from
Georgia Southwestern University.

    Commenting on the Bank's announcement, Leonard Dorminey, President
and Chief Executive Officer of Heritage Financial Group, said, "We are
pleased that Ed Cassity, Jim Moore and Bubba Scott have agreed to join
our Bank's Board of Directors. These gentlemen bring to HeritageBank
of the South considerable community knowledge and individually unique
perspectives on business and industry. I am confident that their
appointments to this board will enhance our service to customers
across our markets, make us more responsive to the needs of our
community, and strengthen the Bank's leadership to help support our
future growth."

    Heritage Financial Group is the mid-tier holding company for
HeritageBank of the South, a community-oriented bank serving primarily
Albany, Georgia, and surrounding Dougherty, Lee and Worth counties in
Georgia through six full-service banking offices. HeritageBank also
commenced operations in the State of Florida during the third quarter
of 2006 with the opening of a full-service banking office in Ocala.

    As of September 30, 2006, Heritage Financial Group reported total
assets of approximately $381 million and total stockholders' equity of
approximately $68 million. For more information about the Company,
visit HeritageBank of the South on the Web at www.eheritagebank.com,
and see Investor Relations under About Us.

    Heritage, MHC, a mutual holding company formed in 2002, holds
approximately 70% of the shares of Heritage Financial Group. The
remaining 30% of Heritage Financial Group's shares are held by public
stockholders following the Company's June 2005 initial public
offering.

    Except for historical information contained herein, the matters
included in this news release and other information in the Company's
filings with the Securities and Exchange Commission may contain
certain "forward-looking statements," within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements are intended to be covered by the safe harbor provisions
for forward-looking statements contained in the Private Securities
Reform Act of 1995, and this statement is included for purposes of
these safe harbor provisions. Further information concerning the
Company and its business, including additional factors that could
materially affect financial results, is included in the Company's
other filings with the SEC.

    CONTACT: Heritage Financial Group
             T. Heath Fountain, Vice President, Controller
             and Director of Investor Relations
             229-878-3370