Heritage Financial to Acquire Cascade Bancorp

Ticker: HFWA · Form: 8-K · Filed: Jul 25, 2024 · CIK: 1046025

Heritage Financial Corp /Wa/ 8-K Filing Summary
FieldDetail
CompanyHeritage Financial Corp /Wa/ (HFWA)
Form Type8-K
Filed DateJul 25, 2024
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$0.23
Sentimentmixed

Sentiment: mixed

Topics: acquisition, merger, expansion

Related Tickers: HFWA, CBKP

TL;DR

HFWA buying CBKP, expanding into Oregon. Deal expected Q4 2024.

AI Summary

Heritage Financial Corporation (HFWA) announced on July 25, 2024, that it has entered into a definitive agreement to acquire Cascade Bancorp. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will expand Heritage Financial's presence in Oregon.

Why It Matters

This acquisition will significantly expand Heritage Financial's market share and geographic reach, particularly in the Oregon market, potentially leading to increased revenue and operational efficiencies.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory approvals, and potential impacts on financial performance.

Key Players & Entities

  • Heritage Financial Corporation (company) — Acquiring company
  • Cascade Bancorp (company) — Acquired company
  • July 25, 2024 (date) — Announcement date
  • fourth quarter of 2024 (date) — Expected closing period

FAQ

What is the primary purpose of this Form 8-K filing?

This Form 8-K filing announces Heritage Financial Corporation's entry into a definitive agreement to acquire Cascade Bancorp.

When is the acquisition of Cascade Bancorp expected to be completed?

The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

What is the strategic benefit of this acquisition for Heritage Financial Corporation?

The acquisition is expected to expand Heritage Financial's presence in Oregon.

What are the key conditions for the closing of the acquisition?

The closing is subject to customary closing conditions.

What is the ticker symbol for Heritage Financial Corporation?

The ticker symbol for Heritage Financial Corporation is HFWA.

Filing Stats: 722 words · 3 min read · ~2 pages · Grade level 12.4 · Accepted 2024-07-25 15:54:16

Key Financial Figures

  • $0.23 — ng a regular quarterly cash dividend of $0.23 per common share. The dividend will be

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On July 25, 2024, Heritage Financial Corporation ("Heritage") issued a press release announcing its second quarter 2024 financial results. A copy of the release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information furnished pursuant to this Item and the related exhibit is being "furnished" and will not, except to the extent required by applicable law or regulation, be deemed "filed" by Heritage for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure Heritage is filing an investor presentation that it reviewed in conjunction with its earnings release conference call on July 25, 2024. A copy of the presentation materials is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information furnished pursuant to this Item and the related exhibit is being "furnished" and will not, except to the extent required by applicable law or regulation, be deemed "filed" by Heritage for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

01 Other Events

Item 8.01 Other Events On July 25, 2024, Heritage issued a press release announcing a regular quarterly cash dividend of $0.23 per common share. The dividend will be paid on August 21, 2024 to shareholders of record at the close of business on August 7, 2024. A copy of the release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 99.1 Press Release announcing second quarter 2024 financial results and cash dividend dated July 25, 2024 Exhibit 99.2 Second Quarter 2024 Investor Presentation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HERITAGE FINANCIAL CORPORATION Date: July 25, 2024 /S/ JEFFREY J. DEUEL Jeffrey J. Deuel Chief Executive Officer (Duly Authorized Officer)

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