Heritage Financial Corp. (HFWA), the parent company of wholly-owned subsidiaries, Heritage Bank and Central Valley Bank, announced Monday that Central Valley Bank will merge into Heritage Bank. Central Valley Bank will operate as Heritage Bank dba Central Valley Bank.
"The decision to merge Central Valley Bank with Heritage Bank was ultimately one of management succession and economies of scale…. Additionally, Mike Broadhead, President of Central Valley Bank, has announced his intent to retire from full-time employment in April of 2014 and as a result, we felt this was an opportune time to make this transition," said Brian Vance, Chief Executive Officer of Heritage Financial Corporation, Heritage Bank and Central Valley Bank.
As part of this consolidation, Heritage will file with the appropriate federal and state bank regulators an application to merge the bank subsidiaries. The consolidation is expected to be completed in the second quarter of 2013, following regulatory approvals.
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