PacWest Bancorp to Acquire Heritage Commerce Corp
Ticker: HTBK · Form: 8-K · Filed: Oct 25, 2024 · CIK: 1053352
| Field | Detail |
|---|---|
| Company | Heritage Commerce Corp (HTBK) |
| Form Type | 8-K |
| Filed Date | Oct 25, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.13 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, banking
TL;DR
PacWest is buying Heritage Commerce Corp, deal expected to close H1 2025.
AI Summary
Heritage Commerce Corp. announced on October 24, 2024, that it has entered into a definitive agreement to be acquired by PacWest Bancorp. The transaction is expected to close in the first half of 2025, subject to customary closing conditions and regulatory approvals. This acquisition will combine two California-based financial institutions.
Why It Matters
This acquisition signifies consolidation within the regional banking sector, potentially impacting competition and service offerings for customers in California.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approval and closing conditions, which introduces uncertainty regarding its completion.
Key Players & Entities
- Heritage Commerce Corp (company) — Acquired company
- PacWest Bancorp (company) — Acquiring company
- October 24, 2024 (date) — Date of agreement announcement
- first half of 2025 (date) — Expected closing period
FAQ
What is the expected closing date for the acquisition?
The acquisition is expected to close in the first half of 2025.
What are the conditions for the closing of the transaction?
The transaction is subject to customary closing conditions and regulatory approvals.
Which companies are involved in this acquisition?
PacWest Bancorp is acquiring Heritage Commerce Corp.
Where are both companies based?
Both Heritage Commerce Corp and PacWest Bancorp are California-based financial institutions.
What is the filing date of this 8-K report?
The 8-K report was filed as of October 25, 2024, reporting events from October 24, 2024.
Filing Stats: 635 words · 3 min read · ~2 pages · Grade level 11.5 · Accepted 2024-10-24 18:04:41
Key Financial Figures
- $0.13 — that its Board of Directors declared a $0.13 per share quarterly cash dividend to ho
Filing Documents
- htbk-20241024x8k.htm (8-K) — 44KB
- htbk-20241024xex99d1.htm (EX-99.1) — 3730KB
- htbk-20241024xex99d2.htm (EX-99.2) — 7KB
- 0001558370-24-013647.txt ( ) — 4054KB
- htbk-20241024.xsd (EX-101.SCH) — 4KB
- htbk-20241024_def.xml (EX-101.DEF) — 3KB
- htbk-20241024_lab.xml (EX-101.LAB) — 16KB
- htbk-20241024_pre.xml (EX-101.PRE) — 10KB
- htbk-20241024x8k_htm.xml (XML) — 5KB
02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 24, 2024, Heritage Commerce Corp (the "Company"), the holding company for Heritage Bank of Commerce, issued a press release announcing preliminary unaudited results for the third quarter and nine months ended September 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 October 24, 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 November 21, 2024, to shareholders of record at the close of the business day on November 7, 2024. A copy of the press release is attached as Exhibit 99.2 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 October 24, 2024, entitled "Heritage Commerce Corp Reports Client Deposit Growth of 6% in the Third Quarter of 2024" 99.2 Press Release, dated October 24, 2024, entitled "Heritage Commerce Corp Declares Regular Quarterly Cash Dividend of $0.13 Per Share" 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: October 24, 2024 Heritage Commerce Corp By: /s/ Lawrence D. McGovern Lawrence D. McGovern Executive Vice President and Chief Financial Officer 3