Brief: Heritage Commerce Corp And Presidio Bank Announce Agreement To Merge

Heritage Commerce

17/05/2019 24:04

May 16 (Reuters) - Heritage Commerce Corp  HTBK.O :
    * AND PRESIDIO BANK ANNOUNCE AGREEMENT TO MERGE
    * TRANSACTION VALUED AT APPROXIMATELY $200.3 MILLION, OR
$30.18
PER PRESIDIO COMMON SHARE
    * MERGER WILL INCREASE HERITAGE'S TOTAL ASSETS TO
APPROXIMATELY
$4.0 BILLION ON A PRO FORMA BASIS
    * THREE MEMBERS OF PRESIDIO'S BOARD WILL JOIN BOARD OF
DIRECTORS
OF HERITAGE AND HBC
    * HERITAGE COMMERCE- ON A PRO FORMA BASIS, HOLDERS OF
PRESIDIO
COMMON SHARES WILL OWN ABOUT 26.5% OF ISSUED AND OUTSTANDING
HERITAGE COMMON STOCK
    * BOARD OF DIRECTORS OF HERITAGE AND PRESIDIO HAVE APPROVED
THE
TRANSACTION
    * CLAY JONES, PRESIDENT OF PRESIDIO, WILL JOIN HBC AS
EXECUTIVE
VICE PRESIDENT
    * HERITAGE COMMERCE -SHAREHOLDERS OF PRESIDIO TO GET FIXED
EXCHANGE RATIO OF 2.470 SHARES OF CO'S STOCK IN EXCHANGE FOR
EACH SHARE OF PRESIDIO COMMON STOCK
    * TRANSACTION IS EXPECTED TO CLOSE IN Q4 OF 2019

Source text for Eikon:  ID:nGNX2cBhnw 
Further company coverage:  HTBK.O 

 ((Reuters.Briefs@thomsonreuters.com;))