Upon completion of the transaction, the combined company will have17 branches in the Greater San Francisco Bay Area
Image: Heritage Commerce has received regulatory approvals to acquire and merge with Presidio Bank. Photo: courtesy of Robert-Owen-Wahl from Pixabay.
Heritage Commerce (HTBK), the holding company (“Heritage” or the “Company”) for Heritage Bank of Commerce, today announced that it had received the required regulatory approvals from the Federal Reserve and the State of California Department of Business Oversight relating to the previously announced Agreement and Plan of Merger and Reorganization (the “Agreement”) where by Presidio Bank will merge with and into Heritage Bank of Commerce in an all-stock transaction, subject to the terms and conditions set forth therein.
The transaction is expected to close in the fourth quarter of 2019, subject to approval by both Heritage shareholders and Presidio Bank shareholders at meetings to be held on August 27, 2019 and satisfaction of customary closing conditions.
Upon completion of the transaction, the combined company will have approximately $4.0 billion in assets and 17 branches in the Greater San Francisco Bay Area, after branch consolidation.
“We are very pleased to have now received the requisite regulatory approvals from both agencies,” said Keith A. Wilton, President and Chief Executive Officer.
“We greatly appreciate the efforts that both of the staffs of Heritage and Presidio Bank have put forth to bring this merger closer to completion. We look forward to welcoming our many new employees, customers and shareholders and continuing to serve our combined communities in the Greater Bay Area.”
Heritage Commerce Corp, a California corporation organized in 1998, is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. Heritage provides a wide range of banking services through Heritage Bank of Commerce, a wholly-owned subsidiary. Heritage Bank of Commerce is a California state-chartered bank headquartered in San Jose, California and has been conducting business since 1994. Heritage is a multi-community independent bank that offers a full range of commercial banking services to small and medium-sized businesses and their owners and employees.
Presidio Bank provides business banking services to small and mid-size businesses, including professional service firms, real estate developers and investors, and not-for-profit organizations, and to their owners who desire personalized, responsive service with access to local decision makers. Presidio Bank offers clients the resources of a large bank combined with the personalized services of a neighborhood bank.
Presidio Bank is headquartered in San Francisco, California and currently operates five banking offices in San Francisco, Walnut Creek, San Rafael, San Mateo and Palo Alto.
Source: Company Press Release