- Heritage Financial Corporation (NASDAQ:HFWA) announces that it acquired Premier Commercial Bancorp (OTCPK:PRCB) in an all-cash transaction valued at $88.6M.
- Under the terms of the merger agreement, Premier shareholders will receive 0.4863 shares of Heritage stock for each share of Premier stock.
- Oregon-based Premier Community Bank has six branch locations and $401M in total assets.
- Heritage will have total assets over $5B on a pro forma basis including the impact of the Premier acquisition.
- "The partnership with Premier is an excellent way for us to expand our franchise in the Portland market. Heritage has significant momentum in Portland and Seattle, which are two of the most attractive banking markets in the Pacific Northwest," says Heritage CEO Brian Vance.
- Source: Press Release
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