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 Commerce Corp.
Target: Western Holdings Bancorp
Deal Type: Bank & Thrift Company
Agreement Date5/9/2000
Announcement Date5/9/2000
Announced Deal Value ($M)39.40
Completion Date10/1/2000
Announced Deal Value Per Share ($)13.18
Consideration Breakout
Common Stock ($M)36.5
Common Stock Issued3,797,000
Deal Pricing Ratios
Price / Book (%)318.7295.2
Price / Tangible Book (%)318.7295.2
Price / Earnings (x)21.620.0
Price / Deposits (%)18.2516.91
Price / Assets (%)17.1215.86
Tangible Book Premium/ Deposits (%)15.4713.81
Deal Terms
Description of Consideration
Heritage issued 1.2264 shares for each Western Holdings share held.
Accounting MethodPooling of Interests
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)2,000
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)1.226400
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)11.0000
% of Shares Outstanding19.90
Shares Under Option543,818
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesHoefer & Arnett Inc.
SellerYesBaxter Fentriss & Company

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBingham McCutchen LLP
SellerYesSheppard Mullin Richter

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