Heritage Commerce Corp Receives Regulatory Approvals to Acquire and Merge with Presidio Bank

Aug 20, 2019

SAN JOSE, Calif., Aug. 20, 2019 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), the holding company (“Heritage” or the “Company”) for Heritage Bank of Commerce, today announced that it had received the required regulatory approvals from the Federal Reserve and the State of California Department of Business Oversight relating to the previously announced Agreement and Plan of Merger and Reorganization (the “Agreement”) where by Presidio Bank will merge with and into Heritage Bank of Commerce in an all-stock transaction, subject to the terms and conditions set forth therein. The transaction is expected to close in the fourth quarter of 2019, subject to approval by both Heritage shareholders and Presidio Bank shareholders at meetings to be held on August 27, 2019 and satisfaction of customary closing conditions. Upon completion of the transaction, the combined company will have approximately $4.0 billion in assets and 17 branches in the Greater San Francisco Bay Area, after branch consolidation.

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