Heritage Financial (HFWA) to Acquire Northwest Commercial Bank for $3M
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Heritage Financial Corporation (Nasdaq: HFWA) the parent company of Heritage Bank, today announced the signing of a definitive agreement to acquire Northwest Commercial Bank ("NCB") of Lakewood, Washington for cash consideration of $3.0 million, or $5.50 per share.
The NCB shareholders can potentially receive additional consideration based on an earn-out structure, which could provide an additional $1.8 million, or $3.34 per NCB share.
Prior to closing NCB will redeem outstanding TARP preferred stock of approximately $2.0 million from the U.S. Treasury.
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The NCB shareholders can potentially receive additional consideration based on an earn-out structure, which could provide an additional $1.8 million, or $3.34 per NCB share.
Prior to closing NCB will redeem outstanding TARP preferred stock of approximately $2.0 million from the U.S. Treasury.
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