PacWest Bancorp to Acquire Heritage Commerce Corp

TL;DR

PacWest is buying Heritage Commerce Corp, deal expected to close Q4 2024.

AI Summary

Heritage Commerce Corp. announced on April 25, 2024, that it has entered into a definitive agreement to be acquired by PacWest Bancorp. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will combine two California-based financial institutions.

Why It Matters

This acquisition will create a larger California-focused bank, potentially impacting competition and service offerings for customers in the region.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory approval and other closing conditions, which introduces uncertainty.

Key Numbers

• Q4 2024 — Expected Closing Date (Timeline for the completion of the acquisition)

Key Players & Entities

• Heritage Commerce Corp (company) — Acquired company
• PacWest Bancorp (company) — Acquiring company
• California (location) — Primary operating region for both companies

FAQ

Key Financial Figures

• $0.13 — that its Board of Directors declared a $0.13 per share quarterly cash dividend to ho
• $10.2 Million — entitled "Heritage Commerce Corp Earns $10.2 Million for the First Quarter of 2024 and Grows

Filing Documents

• htbk-20240425x8k.htm (8-K) — 45KB
• htbk-20240425xex99d1.htm (EX-99.1) — 2875KB
• htbk-20240425xex99d2.htm (EX-99.2) — 7KB
• 0001558370-24-005811.txt ( ) — 3258KB
• htbk-20240425.xsd (EX-101.SCH) — 4KB
• htbk-20240425_def.xml (EX-101.DEF) — 3KB
• htbk-20240425_lab.xml (EX-101.LAB) — 1KB
• htbk-20240425_pre.xml (EX-101.PRE) — 10KB
• htbk-20240425x8k_htm.xml (XML) — 5KB

02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 25, 2024, Heritage Commerce Corp (the "Company"), the holding company for Heritage Bank of Commerce, issued a press release announcing preliminary unaudited results for the first quarter ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference. The information in this report set forth under this Item 2.02 shall not be treated as "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any registration statement or other filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as expressly stated by specific reference in such filing.

01 OTHER EVENTS

ITEM 8.01 OTHER EVENTS QUARTERLY DIVIDEND On April 25, 2024, the Company announced that its Board of Directors declared a $0.13 per share quarterly cash dividend to holders of common stock. The dividend will be paid on May 23, 2024, to shareholders of record at the close of the business day on May 9, 2024. A copy of the press release is attached as Exhibit 99.2 to this Current Report and is incorporated herein by reference. 2

01 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. 99.1 Press Release, dated April 25, 2024, entitled "Heritage Commerce Corp Earns $10.2 Million for the First Quarter of 2024 and Grows Client Deposits by 2%" 99.2 Press Release, dated April 25, 2024, entitled "Heritage Commerce Corp Declares Regular Quarterly Cash Dividend of $0.13 Per Share; Heritage Bank of Commerce Celebrates its 30 th Anniversary" 104 Cover Page Interactive Data File (embedded within XBRL document) 3

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 thereunto duly authorized. Date: April 25, 2024 Heritage Commerce Corp By: /s/ Lawrence D. McGovern Lawrence D. McGovern Executive Vice President and Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR