Heritage Financial Corporation, the Olympia-based parent company of the two wholly-owned subsidiaries, has completed the merger of Central Valley Bank into Heritage Bank.
Central Valley Bank will continue to operate under its name in the Ellensburg and Yakima Valley areas as a division of Heritage Bank.
“Central Valley Bank has been part of Heritage since 1999 and the merger allows the two banks to operate more efficiently and supports our overall strategies,” said Brian Vance, CEO of Heritage Financial Corporation, Heritage Bank and Central Valley Bank.
Another factor in the combination is that Mike Broadhead, president of central Washington affiliate, will be retiring in April 2014 and therefore, the integration of the two entities is part of an overall management succession plan.
“Central Valley Bank will operate as a division of Heritage Bank providing minimal impact to our customers,” Vance said. “We look forward to continuing to serve the Yakima Valley marketplace.”