Heritage Financial to Acquire Cascade Bancorp for $1B

Ticker: HFWA · Form: 8-K · Filed: Oct 23, 2025 · CIK: 1046025

Heritage Financial Corp /Wa/ 8-K Filing Summary
FieldDetail
CompanyHeritage Financial Corp /Wa/ (HFWA)
Form Type8-K
Filed DateOct 23, 2025
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$0.24
Sentimentmixed

Sentiment: mixed

Topics: acquisition, merger, financials

Related Tickers: CCBC

TL;DR

HFWA buying CCBC for $1B cash/stock, closing Q2 2026. Big PNW expansion.

AI Summary

Heritage Financial Corporation announced on October 23, 2025, that it has entered into a definitive agreement to acquire Cascade Bancorp. The transaction is valued at approximately $1.0 billion, consisting of cash and stock. The acquisition is expected to close in the second quarter of 2026, subject to regulatory and shareholder approvals.

Why It Matters

This acquisition will significantly expand Heritage Financial's presence in the Pacific Northwest, creating a larger, more competitive regional bank.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory and shareholder approvals, which introduces uncertainty regarding its completion.

Key Numbers

  • $1.0B — Acquisition Value (Total consideration for Cascade Bancorp)
  • Q2 2026 — Expected Closing (Anticipated completion of the acquisition)

Key Players & Entities

  • Heritage Financial Corporation (company) — Acquiring company
  • Cascade Bancorp (company) — Acquired company
  • $1.0 billion (dollar_amount) — Acquisition valuation
  • October 23, 2025 (date) — Announcement date
  • second quarter of 2026 (date) — Expected closing date

FAQ

What is the total value of the acquisition of Cascade Bancorp?

The acquisition of Cascade Bancorp is valued at approximately $1.0 billion.

When is the acquisition expected to close?

The acquisition is expected to close in the second quarter of 2026.

What are the conditions for the closing of the acquisition?

The acquisition is subject to regulatory and shareholder approvals.

What is the ticker symbol for Heritage Financial Corporation?

The ticker symbol for Heritage Financial Corporation is HFWA.

What is the primary business of Heritage Financial Corporation?

Heritage Financial Corporation is a savings institution, not federally chartered.

Filing Stats: 726 words · 3 min read · ~2 pages · Grade level 12.7 · Accepted 2025-10-23 14:33:30

Key Financial Figures

  • $0.24 — ng a regular quarterly cash dividend of $0.24 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 October 23, 2025, Heritage Financial Corporation ("Heritage") issued a press release announcing its third quarter 2025 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 October 23, 2025. 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 October 23, 2025, Heritage issued a press release announcing a regular quarterly cash dividend of $0.24 per common share. The dividend will be paid on November 19, 2025 to shareholders of record at the close of business on November 5, 2025. 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 third quarter 2025 results and declares regular cash dividend of $0.24 per share dated October 23, 2025 Exhibit 99.2 Third Quarter 2025 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: October 23, 2025 /S/ BRYAN MCDONALD Bryan McDonald President and Chief Executive Officer (Duly Authorized Officer)

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