Heritage Bank and Puget Sound Bank have jointly announced that the Washington Department of Financial Institutions and the Federal Deposit Insurance Corporation have approved their proposed merger.

The consummation of the proposed merger remains subject to receipt of the approval of the Puget Sound shareholders and the satisfaction of other customary closing conditions.  Puget Sound's special meeting of shareholders is scheduled for Jan. 4, 2018.

The Federal Reserve Board also granted Heritage's requested waiver from its application filing requirements.

“We are pleased with the progression of closing the transaction with Puget Sound and look forward to the enhanced synergies with merging the two companies,” said Brian Vance, Heritage CEO.

“We look forward to partnering with Heritage to benefit our shareholders, customers and the communities we serve,” echoed Jim Mitchell, CEO of Puget Sound Bank.