PacWest Bancorp to Acquire Heritage Commerce Corp
Ticker: HTBK · Form: 8-K · Filed: Jul 26, 2024 · CIK: 1053352
| Field | Detail |
|---|---|
| Company | Heritage Commerce Corp (HTBK) |
| Form Type | 8-K |
| Filed Date | Jul 26, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.13, $15 million, $15 Million |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
PacWest is buying Heritage Commerce Corp, deal expected to close Q4 2024.
AI Summary
Heritage Commerce Corp. announced on July 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 leading to changes in market competition and service offerings for customers of both institutions.
Risk Assessment
Risk Level: medium — Acquisition completion is subject to regulatory and shareholder approvals, which introduces inherent risks.
Key Players & Entities
- Heritage Commerce Corp (company) — Registrant
- PacWest Bancorp (company) — Acquiring entity
- California (location) — Jurisdiction of incorporation and operational focus
- July 25, 2024 (date) — Date of the reported event
- Fourth quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces that Heritage Commerce Corp. has entered into a definitive agreement to be acquired by PacWest Bancorp.
Who is acquiring Heritage Commerce Corp?
PacWest Bancorp is acquiring Heritage Commerce Corp.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
Where are both companies primarily based?
Both Heritage Commerce Corp. and PacWest Bancorp are California-based financial institutions.
Filing Stats: 714 words · 3 min read · ~2 pages · Grade level 11.5 · Accepted 2024-07-25 18:35:52
Key Financial Figures
- $0.13 — that its Board of Directors declared a $0.13 per share quarterly cash dividend to ho
- $15 million — mpany is authorized to repurchase up to $15 million of the Company's shares of its issued a
- $15 Million — itled "Heritage Commerce Corp Announces $15 Million Share Repurchase" 104 Cover Page Int
Filing Documents
- htbk-20240725x8k.htm (8-K) — 46KB
- htbk-20240725xex99d1.htm (EX-99.1) — 3727KB
- htbk-20240725xex99d2.htm (EX-99.2) — 7KB
- htbk-20240725xex99d3.htm (EX-99.3) — 12KB
- 0001558370-24-010213.txt ( ) — 4069KB
- htbk-20240725.xsd (EX-101.SCH) — 4KB
- htbk-20240725_def.xml (EX-101.DEF) — 3KB
- htbk-20240725_lab.xml (EX-101.LAB) — 16KB
- htbk-20240725_pre.xml (EX-101.PRE) — 10KB
- htbk-20240725x8k_htm.xml (XML) — 5KB
02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On July 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 second quarter and six months ended June 30, 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 July 25, 2024, the Company announced that its Board of Directors declared a $0.13 per share quarterly cash dividend to holders of its common stock. The dividend will be paid on August 22, 2024, to shareholders of record at the close of the business day on August 8, 2024. A copy of the press release is attached as Exhibit 99.2 to this Current Report and is incorporated herein by reference. SHARE REPURCHASE PROGRAM On July 25, 2024, the Company announced that its Board of Directors adopted a share repurchase program under which the Company is authorized to repurchase up to $15 million of the Company's shares of its issued and outstanding common stock. A copy of the press release is attached as Exhibit 99.3 to this Current Report and is incorporated herein by reference.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. 99.1 Press Release, dated July 25, 2024, entitled "Heritage Commerce Corp Reports Increased Average Loans and Average Deposits and Enhanced Credit Quality" 99.2 Press Release, dated July 25, 2024, entitled "Heritage Commerce Corp Declares Regular Quarterly Cash Dividend of $0.13 Per Share" 99.3 Press Release, dated July 25, 2024, entitled "Heritage Commerce Corp Announces $15 Million Share Repurchase" 104 Cover Page Interactive Data File (embedded within XBRL document) 2
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: July 25, 2024 Heritage Commerce Corp By: /s/ Lawrence D. McGovern Lawrence D. McGovern Executive Vice President and Chief Financial Officer 3