KBRA Affirms Ratings for Heritage Commerce Corp
May 18 2023 - 4:45PM
Heritage Commerce Corp (NASDAQ: HTBK) (the "Company"), parent of
Heritage Bank of Commerce (the "Bank"), announced today that Kroll
Bond Rating Agency, LLC ("KBRA") affirmed the Company’s senior
unsecured debt rating of BBB+, the subordinated debt rating of BBB,
and the short-term debt rating of K2. KBRA graded the outlook
long-term ratings for the Company and the Bank as stable on May 12,
2023.
KBRA also affirmed the Bank’s deposit and senior unsecured debt
ratings of A-, the subordinated debt rating of BBB+, and the
short-term deposit and debt ratings of K2. In affirming its
ratings, KBRA cited the Bank’s conservative approach to liquidity
and capital management and the stability of its core deposit
balances in the first quarter of 2023 compared to year-end 2022,
demonstrating the resiliency in the deposit franchise.
"KBRA's latest report validates the solid financial strength and
stability of Heritage Bank of Commerce," said Clay Jones, President
and Chief Executive Officer. "Their rating reinforces our sound
risk management practices, strong financial performance, and
skillful navigation of changing market conditions. It also confirms
our commitment to maintaining a robust credit profile and positions
us as a reliable partner for our valued clients and investors."
The complete KBRA press release on Heritage Commerce Corp
is available on KBRA’s
website, https://www.krollbondratings.com. The KBRA press
release, credit ratings, and analysis constitute part of the
information contained therein are, and must be construed solely as,
statements of opinion of KBRA and not statements of fact or
recommendations of KBRA or the Company to purchase, sell or
hold any of the Company’s securities.
Heritage Commerce Corp, a bank holding company
established in October 1997, is the parent company of Heritage Bank
of Commerce, established in 1994 and headquartered in San Jose, CA
with full-service branches in Danville, Fremont, Gilroy, Hollister,
Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto,
Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San
Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA
Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank
of Commerce, is based in San Jose, CA and provides
business-essential working capital factoring financing to various
industries throughout the United States. For more information,
please visit www.heritagecommercecorp.com.
Member FDIC
For additional information,
contact:Debbie ReuterEVP, Corporate
SecretaryDirect: (408) 494-4542Debbie.Reuter@herbank.com
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