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News Breaks | | | | September 14, 2012 | | 08:38 EDT |  | HFWA | Heritage Financial agrees to acquire Northwest Commercial Bank for $3M
Heritage Financial Corporation, the parent company of Heritage Bank, announced the signing of a definitive agreement to acquire Northwest Commercial Bank of Lakewood, Washington for cash consideration of $3.0M, or $5.50 per share. The NCB shareholders can potentially receive additional consideration based on an earn-out structure, which could provide an additional $1.8M, or $3.34 per NCB share. Prior to closing NCB will redeem outstanding TARP preferred stock of approximately $2.0M from the U.S. Treasury. As of June 30, NCB had approximately $72.1M in total assets, $51.9M in net loans, $63.2M in deposits and $8.4M in equity. The boards of Heritage Financial Corporation, Heritage Bank and NCB unanimously approved the transaction, which is subject to approval by NCB's shareholders, as well as regulatory approvals and other customary conditions of closing. Upon closing of the transaction, which is anticipated to take place in Q4 of 2012, NCB will be merged into Heritage Bank. The addition of NCB will provide Heritage Bank an expanded presence in Lakewood in Pierce County and a new Auburn branch in King County. | |
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