Heritage Commerce, along with its wholly-owned subsidiary Heritage Bank of Commerce, completed its previously announced merger with Tri-Valley Bank.
Under the terms of the agreement, Tri-Valley shareholders received a fixed exchange ratio of 0.0489 of a share of Heritage common stock in exchange for each share of Tri-Valley common stock. As a result of the merger, Heritage issued approximately 1.9 million shares of Heritage common stock, constituting approximately 4.7% of the outstanding shares of Heritage common stock immediately after the merger.
The merger concluded following receipt of approval from Tri-Valley shareholders and all required regulatory approvals.
Walter T. Kaczmarek, president and CEO of Heritage, said, “We are pleased to announce the completion of our merger with Tri-Valley. We are excited about enhancing our franchise footprint and intend to broaden customer relationships in the area through our enhanced product offerings.”
MJC Partners served as financial advisor to Heritage in the transaction with Buchalter acting as its legal counsel. FIG Partners acted as financial advisor to Tri-Valley, while Sheppard Mullin Richter & Hampton served as its legal counsel.
California-based Heritage Bank of Commerce offers a full range of commercial banking services to small and medium-sized businesses and their owners and employees. With the addition of Tri-Valley’s two branch offices, the bank currently operates 13 full service branch offices located in Santa Clara, Alameda, Contra Costa and San Benito counties in California.