EXHIBIT 99


   Heritage Financial Group Announces New Stock Repurchase Program

  T. Heath Fountain Assumes Chief Financial Officer Role at Heritage
                            Financial Group

    ALBANY, Ga.--(BUSINESS WIRE)--Feb. 22, 2007--Heritage Financial
Group (NASDAQ: HBOS), the holding company of HeritageBank of the
South, today announced that its Board of Directors has approved a new
stock repurchase program to replace the one just completed. Under the
new program, the Company will purchase up to 300,000 shares, or
approximately 10% of its currently outstanding publicly held shares of
common stock. The repurchases may be made from time to time in
open-market or negotiated transactions as deemed appropriate by the
Company and will depend on market conditions. The new program will
expire in February 2008 unless completed sooner or otherwise extended.
The shares held by Heritage, MHC are not publicly traded and will not
be subject to the Company's repurchase program.

    Last month, the Company completed its second stock repurchase
program, which began in October 2006. Under this plan, the Company
repurchased 335,000 shares, or approximately 10% of its outstanding
publicly held shares of common stock. In the Company's first stock
repurchase plan, initiated in May 2006 and completed in September
2006, it repurchased 220,000 shares, or approximately 7% of its
then-outstanding publicly held shares of common stock.

    Separately, Len Dorminey, President and Chief Executive Officer of
the Company, reported that T. Heath Fountain has formally assumed the
position of Chief Financial Officer for the Company. As announced in
November 2006, Fountain succeeds Tammy W. Burdette, who continues as
an executive officer of the Company, but is assuming a new role
focused on risk management, information security and operational
efficiencies. Fountain previously served as Vice President, Controller
and Director of Investor Relations for Heritage Financial Group.

    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 December 31, 2006, Heritage Financial Group reported total
assets of approximately $413 million and total stockholders' equity of
approximately $63 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.

    CONTACT: Heritage Financial Group
             T. Heath Fountain, 229-878-3370
             Senior Vice President and Chief Financial Officer