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News Breaks | | | | March 12, 2013 | | 09:02 EDT |  | HFWA | Heritage Financial to acquire Valley Community Banchsares for $44.2M
Heritage Financial announced the signing of a definitive agreement to acquire Valley Community Bancshares, the holding company for Valley Bank of Puyallup, Washington. The combined company will have approximately $1.6B in assets with enhanced market share in the Puget Sound region. The purchase price will be paid 50% in cash and 50% in Heritage common stock. As a result, Valley's shareholders will be entitled to receive approximately $19.50 in cash and 1.3611 shares of Heritage's common stock per share. Using a 30-day average price per share of Heritage stock for a period ending March 1, 2013 results in a Heritage stock price of $14.327, which when multiplied by the fixed exchange ratio of 1.3611 provides an initial valuation of $39.00 per share or approximately $44.2M. | |
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