Heritage Financial Corporation plans to acquire NCB
NCB is to be bought by Heritage Financial Corporation.
Northwest Commercial Bank (NCB) is set to be acquired by Heritage Financial Corporation.
Sales negotiations resulted in the overall cash consideration for this deal hitting $3 million (£1.84 million), or $5.50 per share.
Heritage Financial Corporation has assets worth an estimated $1.3 billion, with Central Valley Bank and Heritage Bank some of its wholly-owned subsidiaries.
NCB is based in Washington and was established in 2002, dealing with small businesses, professionals and individuals.
Boards of directors from both companies engaged in a negotiation consultancy and have given their unanimous approval to the tie-up, although other customary closing conditions must be met, while regulators and NCB shareholders will also have to green-light the transaction.
"With a similar culture and approach to banking, this merger creates an opportunity for us to increase our product offerings as well as expand service capabilities, all to the benefit of our customers," NCB chief executive officer and president Kurt Graff said.
Posted by Ken Hayes
Source: Heritage Financial Corporation press release, September 14th