Heritage Bank of Commerce
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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: Heritage Commerce Corp
Actual Acquirer: Heritage Bank of Commerce
Target: Tri-Valley Bank
Deal Type: Bank & Thrift Company
Agreement Date12/20/2017
Announcement Date12/20/2017
Announced Deal Value ($M)31.11
StatusCompleted
Completion Date4/6/2018
Announced Deal Value Per Share ($)0.76
Consideration Breakout
Common Stock ($M)31.7
Common Stock Issued1,889,613
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)145.3169.3
Price / Tangible Book (%)145.3169.3
Price / Earnings (x)4.216.2
Price / Deposits (%)24.5726.20
Price / Assets (%)21.1422.80
Tangible Book Premium/ Deposits (%)11.9916.18
Deal Terms
Description of Consideration
Heritage Commerce Corp. has exchanged 0.0489 shares of its common stock for each of the outstanding share of Tri-Valley Bank.
Accounting MethodAcquisition
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)14,029
Estimated Cost Savings (%)50.00
Estimated Cost Savings ($000)1,992
Est. Restructuring Charges ($000)4,400
Maximum Termination Fee ($000)1,500
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)0.048900
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)1,768
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1Accretive0.50NANANA
2Accretive2.40NA501,992
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesMJC Partners LLC
SellerYesFIG Partners LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBuchalter, A Professional Corp
SellerYesSheppard Mullin Richter

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