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: Diablo Valley Bank
Deal Type: Bank & Thrift Company
Agreement Date2/8/2007
Announcement Date2/8/2007
Announced Deal Value ($M)69.49
StatusCompleted
Completion Date6/20/2007
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)24.0
Common Stock ($M)42.6
Common Stock Issued1,732,298
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)409.1369.8
Price / Tangible Book (%)409.1369.8
Price / Earnings (x)24.034.9
Price / Deposits (%)34.0329.01
Price / Assets (%)30.4226.15
Tangible Book Premium/ Deposits (%)35.0826.82
Deal Terms
Description of Consideration
Heritage Commerce issued 1,732,298 of its shares and paid approximately $24.0 million in cash to acquire all outstanding common stock of Diablo Valley Bank. Options were exchanged for cash.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)43,457
Estimated Cost Savings (%)33.62
Estimated Cost Savings ($000)2,000
Est. Restructuring Charges ($000)652
Maximum Termination Fee ($000)3,380
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)5,049
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesRBC Capital Markets Corp.
SellerYesHowe Barnes Hoefer & Arnett

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBuchalter, A Professional Corp
SellerYesBingham McCutchen LLP

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