Heritage Bank has announced the completion of its previously announced acquisition of Puget Sound Bank.
“We are fortunate to have the opportunity to partner with Puget Sound Bank, located in Bellevue, Washington, which is one of the fastest growing markets in the Northwest and expands our presence in King County,” said Brian L. Vance, CEO of Olympia-based Heritage. “We are very pleased to welcome Puget Sound's customers and employees to Heritage Bank and look forward to continuing to provide quality services and opportunities to them.”
Heritage will issue an aggregate of 4,112,347 shares of its common stock in the transaction. Under the terms of the merger agreement, the exchange ratio has been computed based on the closing prices of Heritage's common stock for a period prior to closing. As a result, shareholders of Puget Sound immediately prior to the merger will receive 1.1688 shares of Heritage's common stock, with cash to be paid in lieu of any fractional shares.
“We are also pleased to welcome Stephen A. Dennis to the Boards of Directors of Heritage and Heritage Bank,” added Brian Charneski, chairman of the boards at Heritage. “He was a founding member of the Puget Sound Board of Directors and has extensive leadership experience and business acumen. He is also actively involved in the community and appreciates the importance of community banking relationships.”
Dennis received his undergraduate degree in construction management from the University of Washington and an MBA from the University of Colorado.