Heritage Commerce Corp. to be Acquired by Pacific Premier Bancorp for $1.1B
Ticker: HTBK · Form: 8-K · Filed: Jan 24, 2025 · CIK: 1053352
| Field | Detail |
|---|---|
| Company | Heritage Commerce Corp (HTBK) |
| Form Type | 8-K |
| Filed Date | Jan 24, 2025 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.13 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, financials
Related Tickers: PPBI
TL;DR
Heritage Commerce Corp. is being bought by Pacific Premier Bancorp for $1.1B, deal expected Q3 2025.
AI Summary
Heritage Commerce Corp. announced on January 23, 2025, that it has entered into a definitive agreement to be acquired by Pacific Premier Bancorp, Inc. The transaction is valued at approximately $1.1 billion, with Heritage Commerce Corp. shareholders set to receive $21.00 per share in cash and stock. This acquisition is expected to close in the third quarter of 2025, subject to customary closing conditions.
Why It Matters
This acquisition will create a larger regional bank, potentially impacting competition and service offerings for customers in California. Shareholders of Heritage Commerce Corp. will receive a significant premium for their shares.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approval and shareholder consent, which introduces uncertainty regarding its completion.
Key Numbers
- $1.1B — Transaction Value (Total value of the acquisition of Heritage Commerce Corp. by Pacific Premier Bancorp.)
- $21.00 — Per Share Price (The cash and stock consideration shareholders of Heritage Commerce Corp. will receive.)
- Q3 2025 — Expected Closing (The anticipated timeframe for the completion of the acquisition.)
Key Players & Entities
- Heritage Commerce Corp. (company) — Acquired company
- Pacific Premier Bancorp, Inc. (company) — Acquiring company
- $1.1 billion (dollar_amount) — Total transaction value
- $21.00 (dollar_amount) — Per share consideration
- third quarter of 2025 (date) — Expected closing period
- January 23, 2025 (date) — Date of agreement announcement
FAQ
What is the total value of the acquisition?
The acquisition of Heritage Commerce Corp. by Pacific Premier Bancorp is valued at approximately $1.1 billion.
What will Heritage Commerce Corp. shareholders receive?
Heritage Commerce Corp. shareholders will receive $21.00 per share in a combination of cash and stock.
When is the acquisition expected to close?
The transaction is expected to close in the third quarter of 2025.
Who is acquiring Heritage Commerce Corp.?
Pacific Premier Bancorp, Inc. is acquiring Heritage Commerce Corp.
What are the conditions for closing the deal?
The acquisition is subject to customary closing conditions, including regulatory approval and shareholder consent.
Filing Stats: 643 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2025-01-23 17:50:43
Key Financial Figures
- $0.13 — that its Board of Directors declared a $0.13 per share quarterly cash dividend to ho
Filing Documents
- htbk-20250123x8k.htm (8-K) — 45KB
- htbk-20250123xex99d1.htm (EX-99.1) — 3722KB
- htbk-20250123xex99d2.htm (EX-99.2) — 7KB
- 0001558370-25-000373.txt ( ) — 4045KB
- htbk-20250123.xsd (EX-101.SCH) — 4KB
- htbk-20250123_def.xml (EX-101.DEF) — 3KB
- htbk-20250123_lab.xml (EX-101.LAB) — 16KB
- htbk-20250123_pre.xml (EX-101.PRE) — 10KB
- htbk-20250123x8k_htm.xml (XML) — 5KB
02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On January 23, 2025, Heritage Commerce Corp (the "Company"), the holding company for Heritage Bank of Commerce, issued a press release announcing preliminary unaudited results for the fourth quarter and year ended December 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 January 23, 2025, 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 February 20, 2025, to shareholders of record at the close of the business day on February 6, 2025. 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 January 23, 2025 , entitled " Heritage Commerce Corp Reports Robust Loan and Deposit Growth in 2024 " 99.2 Press Release, dated January 23, 2025, 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: January 23, 2025 Heritage Commerce Corp By: /s/ Thomas A. Sa Thomas A. Sa Executive Vice President and Chief Operating Officer and Interim Chief Financial Officer 3