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Heritage Financial Corp Announces Agreement to Acquire Northwest Commercial Bank of Lakewood, WA

Friday, 14 Sep 2012 08:30am EDT 

Heritage Financial Corp announced the signing of a definitive agreement to acquire Northwest Commercial Bank (NCB) of Lakewood, Washington for cash consideration of $3.0 million, or $5.50 per share. The NCB shareholders can potentially receive additional consideration based on an earn-out structure, which could provide an additional $1.8 million, or $3.34 per NCB share. Prior to closing NCB will redeem outstanding TARP preferred stock of approximately $2.0 million from the U.S. Treasury. The boards of Heritage Financial Corporation, Heritage Bank and NCB unanimously approved the transaction. Heritage Financial Corporation was advised in the transaction by D.A. Davidson & Co. as financial advisor and Breyer & Associate PC as legal counsel. NCB was advised by McAdams Wright Ragen Inc. as financial advisor and Graham & Dunn PC as legal counsel. 

Company Quote

0.12 +0.77%
23 Jul 2014