OLYMPIA, Wash., July 2, 2018 /PRNewswire/ -- (NASDAQ:HFWA)
Heritage Financial Corporation ("Heritage"), the parent company of
Heritage Bank, announced that effective July
2, 2018, it completed its previously announced acquisition
of Premier Commercial Bancorp ("Premier Commercial"), Hillsboro, Oregon and the merger of Premier
Community Bank, the bank subsidiary of Premier Commercial, into
Heritage Bank.
Brian L. Vance, Chief Executive
Officer of Heritage and Heritage Bank, stated, "We welcome Premier
Community Bank's customers and employees to Heritage Bank and look
forward to continuing to provide excellent service and quality
products to each of them. We are pleased to have the opportunity to
partner with Premier Community Bank and expand our presence in the
Portland market."
Heritage will issue an aggregate of 2,848,651 shares of its
common stock in the transaction. Under the terms of the
merger agreement, shareholders of Premier Commercial immediately
prior to the merger will receive 0.4863 shares of Heritage's common
stock with cash to be paid in lieu of any fractional shares.
Premier Commercial shareholders will receive information shortly on
how to exchange their Premier Commercial shares for Heritage
shares.
About Heritage
Heritage Financial Corporation is an Olympia-based bank holding company with
Heritage Bank, a full-service commercial bank, as its sole
wholly-owned banking subsidiary. Including the former Premier
Community Bank branches, Heritage Bank has a branching network of
65 banking offices in Washington
and Oregon. Heritage Bank also
does business under the Central Valley Bank name in the
Yakima and Kittitas counties of Washington and under the Whidbey Island Bank
name on Whidbey Island. Heritage's stock is traded on the NASDAQ
Global Select Market under the symbol "HFWA". More
information about Heritage Financial Corporation can be found on
its website at www.hf-wa.com and more information about Heritage
Bank can be found on its website at www.heritagebanknw.com.
Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
which can be identified by words such as "may," "expected,"
"anticipate," "continue," or other comparable words. In addition,
all statements other than statements of historical facts that
address activities that Heritage expects or anticipates will or may
occur in the future are forward-looking statements. Readers are
encouraged to read the Securities and Exchange Commission reports
of Heritage Financial Corporation, particularly the Form S-4 and
its Form 10-K for the year ended December
31, 2017, for meaningful cautionary language discussing why
actual results may vary materially from those anticipated by
management. Specific risks in this press release include
among other things: the expected cost savings, synergies and other
financial benefits from the merger with Premier Commercial might
not be realized within the expected time frames or at all, and
costs or difficulties relating to integration matters might be
greater than expected.
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SOURCE Heritage Financial Corporation