Heritage Commerce Corp Appoints New CEO and CFO

TL;DR

New CEO David Nelson takes the helm at Heritage Commerce Corp. as of Aug 12.

AI Summary

Heritage Commerce Corp. announced on August 15, 2024, that its Board of Directors appointed David L. Nelson as Chief Executive Officer and a member of the Board, effective August 12, 2024. Nelson previously served as the Interim CEO and brings extensive experience in the financial services industry. The company also announced the appointment of Michael R. Wilson as Chief Financial Officer.

Why It Matters

The appointment of a new CEO and CFO signifies a potential shift in leadership strategy and operational focus for Heritage Commerce Corp.

Risk Assessment

Risk Level: medium — Leadership changes can introduce uncertainty and impact strategic direction, warranting close observation.

Key Players & Entities

• Heritage Commerce Corp (company) — Registrant
• David L. Nelson (person) — Appointed Chief Executive Officer and Board Member
• August 12, 2024 (date) — Effective date of CEO appointment
• August 15, 2024 (date) — Date of report
• Michael R. Wilson (person) — Appointed Chief Financial Officer

FAQ

Filing Documents

• tm2421835d1_8k.htm (8-K) — 27KB
• tm2421835d1_ex99-1.htm (EX-99.1) — 7KB
• 0001104659-24-090209.txt ( ) — 205KB
• htbk-20240812.xsd (EX-101.SCH) — 3KB
• htbk-20240812_lab.xml (EX-101.LAB) — 33KB
• htbk-20240812_pre.xml (EX-101.PRE) — 22KB
• tm2421835d1_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain Officers

ITEM 5.02 Departure of Directors or Certain Officers On August 12, 2024, Heritage Commerce Corp (the "Company"), the holding company for Heritage Bank of Commerce (the "Bank") received notice from Director Ranson W. Webster, announcing that Mr. Webster would retire and withdraw as a director of the Company effective as of October 1, 2024. Following Mr. Webster's retirement, he will be entitled to receive certain benefits pursuant to a First Amended and Restated Director Compensation Benefits Agreement dated December 29, 2008 ("Benefits Agreement"). A copy of the Benefits Agreement is filed as Exhibit 10.16 to the Company's Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2023. A summary of the Benefits Agreement is set forth at page 17 of the Company's the Definitive Proxy Statement on Schedule 14A, filed in connection with the Company's 2024 Annual Meeting of Shareholders, and both the Benefits Agreement and the summary thereof are incorporated by reference herein.

01 Financial Statements and Exhibits

ITEM 9.01 Financial Statements and Exhibits Exhibit Title 10.1 First Amended and Restated Director Compensation Benefits Agreement dated December 29, 2008, filed as Exhibit 10.16 to the registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (SEC File No. 000-23877) 99.1 Press Release dated August 15, 2024, entitled "Ranson W. Webster to Retire from Heritage Commerce Corp Board of Directors and Julianne M. Biagini-Komas to be named Vice Chairman of the Board" 104 Cover Page Interactive Data File (embedded within 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 thereunto duly authorized. Date: August 15, 2024 Heritage Commerce Corp By: /s/ Lawrence D. McGovern Name: Lawrence D. McGovern Executive Vice President and Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR