Key Developments: Heritage Financial Corp (HFWA.O)
14.07USD
17 Jun 2013
$0.33 (+2.40%)
$13.74
$13.90
$14.10
$13.87
19,384
16,095
$15.57
$13.25
Latest Key Developments (Source: Significant Developments)
Heritage Financial Corp Declares Quarterly Cash Dividend
Heritage Financial Corp announced that On April 24, 2013, the Company's Board of Directors declared a quarterly cash dividend of $0.08 per common share payable on May 24, 2013 to shareholders of record on May 10, 2013. Full Article
Heritage Financial Corp Announces Consolidation Of Bank Subsidiaries
Heritage Financial Corp the parent company of wholly-owned subsidiaries, Heritage Bank and Central Valley Bank, announced that Central Valley Bank will merge into Heritage Bank. Central Valley Bank will operate as Heritage Bank dba Central Valley Bank. The consolidation is expected to be completed in the second quarter of 2013. Full Article
Heritage Financial Corp To Acquire Valley Community Bancshares Inc.
Heritage Financial Corp announced that the signing of a definitive agreement to acquire Valley Community Bancshares, Inc. (Valley), the holding company for Valley Bank of Puyallup, Washington. The combined company will have approximately $1.6 billion in assets with enhanced market share in the Puget Sound region. Upon closing of the transaction, which is anticipated to take place in the third quarter of 2013, Valley Bank will be merged into Heritage Bank. The purchase price will be paid 50% in cash and 50% in Heritage common stock. As a result, Valley's shareholders will be entitled to receive approximately $19.50 in cash and 1.3611 shares of Heritage's common stock per share. Using a 30-day average price per share of Heritage stock for a period ending March 1, 2013 results in a Heritage stock price of $14.327, which when multiplied by the fixed exchange ratio of 1.3611 provides an initial valuation of $39.00 per share or approximately $44.2 million. The total purchase price is subject to adjustments and closing conditions, including potential adjustments if the volume weighted average trading price of Heritage common shares rises or falls beyond certain levels prior to closing. Heritage Financial Corporation was advised in the transaction by Keefe, Bruyette and Woods as financial advisor and Breyer & Associate PC as legal counsel. Valley was advised by McAdams Wright Ragen Inc. as financial advisor and Keller Rohrback LLP as legal counsel. Full Article
Heritage Financial Corp Declares Cash Dividend
Heritage Financial Corp announced that the Board of Directors declared a quarterly cash dividend of $0.08 per common share payable on February 22, 2013 to shareholders of record on February 8, 2013. Full Article
Heritage Financial Corp And Northwest Commercial Bank Completes Merger
Heritage Financial Corp announced the closing of previously announced acquisition of Northwest Commercial Bank (NCB) located in Lakewood, Washington, effective January 9, 2013. The NCB shareholders approved the merger on November 27, 2012 and all required regulatory approvals have been obtained. The NCB shareholders' cash consideration is $5.50 per share. The shareholders can potentially receive additional consideration based on an earn-out structure, which could provide up to an additional $3.34 per NCB share. Kurt F. Graff, President and Chief Executive Officer of NCB will be retained by Heritage Bank as NCB's shareholder representative through December 31, 2013 to manage the asset related to the earn-out on behalf of the NCB shareholders. In conjunction with the completion of the transaction, NCB has fully repaid the approximate $2.1 million of preferred stock and warrants previously issued to the U.S. Department of Treasury under the Troubled Asset Relief Program. In accordance with the terms of the merger agreement, the Lakewood and Auburn branches of NCB are now branches of Heritage Bank. The Lakewood branch will be consolidated into the existing Heritage Bank Lakewood branch located at 10318 Gravelly Lake Drive Southwest in March 2013. Full Article
Heritage Financial Corp Declares Special Cash Dividend
Heritage Financial Corp announced that Board of Directors declared a special cash dividend of $0.30 per share payable on December 6, 2012 to shareholders of record as of the close of business on November 26, 2012. Full Article
Heritage Financial Corp Declares Quarterly Cash Dividend
Heritage Financial Corp announced that the Board of Directors declared a quarterly cash dividend of $0.08 per common share payable on November 21, 2012 to shareholders of record on November 9, 2012. Full Article
Heritage Financial Corp Announces Agreement to Acquire Northwest Commercial Bank of Lakewood, WA
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. Full Article
Heritage Financial Corp Authorizes New Stock Repurchase Program
Heritage Financial Corp announced that its Board of Directors has authorized the repurchase of up to 5% of the Company's outstanding shares or approximately 757,000 shares. The number, timing and price of shares repurchased will depend on business and market conditions, and other factors, including opportunities to deploy the Company's capital. The repurchase program may be discontinued at any time. The new stock repurchase program follows the previous stock repurchase program, which allowed for the buyback of approximately 782,000 shares and expired August 23, 2012. Under the previous program, 590,832 shares were repurchased. Full Article
Heritage Financial Corp Adjusts Dividend Record Date
Heritage Financial Corp announced that the Board of director had declared a cash dividend of $0.08 per share payable on August 24, 2012 to shareholders of record as of the close of business on August 10, 2012. As a result of the Company untimely notification to the NASDAQ, the Company has adjusted the record date to August 14, 2012. Full Article
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