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Heritage Financial Corp and Washington Banking Co to Merge


Wednesday, 23 Oct 2013 05:15pm EDT 

Heritage Financial Corp and Washington Banking Co jointly announced the signing of a definitive agreement under which Heritage and Washington Banking will enter into a strategic merger to create one of the community banking franchises in Western Washington and the Pacific Northwest. The combination will result in one of the bank mergers between two in-state Washington banks with a transaction valued at approximately $265.1 million. Under the terms of the merger agreement, Washington Banking shareholders will receive 0.89000 shares of Heritage common stock and $2.75 in cash for each share of Washington Banking common stock. Based on the closing price of Heritage common stock of $15.89 on October 23, 2013, the consideration value per share for Washington Banking was $16.89, or approximately $265.1 million in aggregate. Upon consummation, the shareholders of Washington Banking will own approximately 46% of the combined company and the shareholders of Heritage will own approximately 54%. D.A. Davidson & Co. served as financial advisor and provided a fairness opinion to Heritage, and Breyer & Associates PC and Silver, Freedman & Taff, L.L.P. served as legal counsel to Heritage. Sandler O'Neill + Partners, L.P. served as financial advisor and provided a fairness opinion to Washington Banking, and Lane Powell PC served as legal counsel to Washington Banking. 

Company Quote

17.29
-0.26 -1.48%
19 Dec 2014