UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 8, 2008

HERITAGE FINANCIAL GROUP
(Exact name of Registrant as specified in its charter)

United States

000-51305

45-0479535

(State or Other Jurisdiction

of Incorporation)

(Commission File

Number)

(I.R.S. Employer

Identification No.)

721 North Westover Boulevard, Albany, Georgia 31707
(Address of principal executive offices)

(229) 420-0000
Registrant’s telephone number, including area code

Not Applicable
(Former Name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

On September 12, 2008, Heritage Financial Group issued a press release disclosing that the Company holds approximately $1.5 million par value of Freddie Mac preferred stock in its available-for-sale investment portfolio. Management currently is examining tax issues and accounting treatment related to the decline in value of this investment. The Company is uncertain if it will be able to recognize a tax benefit if this investment is written down to market value, or if deemed worthless.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		HERITAGE FINANCIAL GROUP


Date:	September 12, 2008	By:	/s/ T. Heath Fountain
			T. Heath Fountain
			Senior Vice President and Chief Financial Officer

Exhibit

Number

Description of Exhibit(s)

Copy of press release issued by the Company on September 12, 2008.