The parent company of Olympia-based Heritage Bank — Heritage Financial Corporation — announced today it’s official acquisition of Oregon-based Premier Commercial Bancorp effective today.  The acquisition includes the merger of Premier’s subsidiary bank, Premier Community Bank.

As part of the agreement, Heritage will “issue an aggregate of 2,848,651 shares of its common stock in the transaction.” Premier Commercial shareholders will be contacted on how to exchange their shares for Heritage stock.

“We welcome Premier Community Banks’s customers and employees to Heritage Bank and look forward to continuing to provide excellent service and quality products to each of them,” said Brian L. Vance, chief executive officer of Heritage and Heritage Bank. “We are pleased to have the opportunity to partner with Premier Community Bank and expand our presence in the Portland market.”

With the current acquisition, Heritage Bank now has 65 branches in Washington and Oregon.