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: Focus Business Bank
Deal Type: Bank & Thrift Company
Agreement Date4/23/2015
Announcement Date4/23/2015
Announced Deal Value ($M)54.81
StatusCompleted
Completion Date8/20/2015
Announced Deal Value Per Share ($)16.41
Consideration Breakout
Common Stock ($M)60.2
Common Stock Issued5,456,713
Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)169.3206.7
Price / Tangible Book (%)169.3206.7
Price / Earnings (x)37.362.6
Price / Deposits (%)14.9318.14
Price / Assets (%)13.8016.79
Tangible Book Premium/ Deposits (%)7.4010.99
Deal Terms
Description of Consideration
Heritage Commerce Corp exchanged 1.8235 shares of its common stock for each outstanding share of Focus Business Bank.
Accounting MethodAcquisition
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)32,620
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)7,500
Maximum Termination Fee ($000)2,740
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)1.8235
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)6,285
Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1Accretive10.00NANANA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesKeefe Bruyette & Woods Inc.
SellerYesSandler O'Neill & Partners LP

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBuchalter Nemer Fields
SellerYesManatt Phelps & Phillips LLP

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