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Heritage Financial Corporation Announces
Completion Of Acquisition Of Puget Sound Bancorp

2018 January 16 by

OLYMPIA, Wash., Jan. 16, 2018 /PRNewswire/ — (NASDAQ: HFWA) Heritage Financial Corporation (“Heritage”), the parent company of Heritage Bank, announced that effective January 16, 2018, it completed its previously announced acquisition of Puget Sound Bancorp, Inc. (“Puget Sound”), Bellevue, Washington and the merger of Puget Sound Bank, the bank subsidiary of Puget Sound, into Heritage Bank.

Brian L. Vance, Chief Executive Officer of Heritage and Heritage Bank, stated, “We are fortunate to have the opportunity to partner with Puget Sound Bank, located in Bellevue, Washington, which is one of the fastest growing markets in the Northwest and expands our presence in King County. We are very pleased to welcome Puget Sound’s customers and employees to Heritage Bank and look forward to continuing to provide quality services and opportunities to them.”

Heritage will issue an aggregate of 4,112,347 shares of its common stock in the transaction. Under the terms of the merger agreement, the exchange ratio has been computed based on the closing prices of Heritage’s common stock for a period prior to closing and as a result shareholders of Puget Sound immediately prior to the merger will receive 1.1688 shares of Heritage’s common stock with cash to be paid in lieu of any fractional shares. Puget Sound shareholders will receive information shortly on how to exchange their Puget Sound shares for Heritage shares.

“We are also pleased to welcome Stephen A. Dennis to the Boards of Directors of Heritage and Heritage Bank,” said Brian Charneski, Chairman of the Boards. “He was a founding member of the Puget Sound Board of Directors and has extensive leadership experience and business acumen. He is also actively involved in the community and appreciates the importance of community banking relationships.” Mr. Dennis received his undergraduate degree in construction management from the University of Washington and an MBA from the University of Colorado.

About Heritage
Heritage Financial Corporation is an Olympia-based bank holding company with Heritage Bank, a full-service commercial bank, as its sole wholly-owned banking subsidiary. Heritage Bank has a branching network of 60 banking offices in Washington and Oregon. Heritage Bank also does business under the Central Valley Bank name in the Yakima and Kittitas counties of Washington and under the Whidbey Island Bank name on Whidbey Island. Heritage’s stock is traded on the NASDAQ Global Select Market under the symbol “HFWA”. More information about Heritage Financial Corporation can be found on its website at www.hf-wa.com and more information about Heritage Bank can be found on its website at www.heritagebanknw.com.

Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as “may,” “expected,” “anticipate,” “continue,” or other comparable words. In addition, all statements other than statements of historical facts that address activities that Heritage expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the Securities and Exchange Commission reports of Heritage Financial Corporation, particularly the Form S-4 and its Form 10-K for the year ended December 31, 2016, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management. Specific risks in this press release include among other things: the expected cost savings, synergies and other financial benefits from the merger with Puget Sound might not be realized within the expected time frames or at all, and costs or difficulties relating to integration matters might be greater than expected.

SOURCE Heritage Financial Corporation

Related Links
http://www.HF-WA.com

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29th Consecutive 5-Star Rating for PSB

2017 December 1 by

Highest Rating (“Superior”)

December 1, 2017 – For the 29th consecutive quarter BauerFinancial, an independent research firm that analyzes and reports on banks and credit unions, has rated Puget Sound Bank “superior” (5 stars). The rating system ranges from zero to five stars. Some of the criteria rated (but not limited to) include: capital level, asset quality, profitability, loan delinquencies, reserves and regulatory compliance.

BauerFinancial has been analyzing and reporting on the nation’s banks since 1983. This 5-start rating indicates that Puget Sound Bank is one of the strongest banks in the nation.

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Puget Sound Bancorp Reports Third Quarter Results

2017 October 18 by

Record Profits Before One-Time Transaction Costs
Zero Nonperforming Assets

BELLEVUE, Wash., October 18, 2017 – Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, announced record net income for the quarter ending September 30, 2017 of $1.4 million or $0.42 per share before one-time extraordinary costs of $441,000 related to the acquisition by Heritage Financial Corporation (“Heritage”) (NASDAQ: HFWA) reported in July 2017. With the costs, net income for the quarter was $1.1 million or $0.33 per share. This compares to $724,712 or $0.21 per share for the year-earlier quarter which included a one-time $700,000 charge-off.

Read the complete news release.

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Puget Sound Bank Partners with Bankers Care

2017 September 29 by

Program to Help State’s Hungry

September 29, 2016 – Just as Puget Sound Bank has done for the last four years, we joined the Washington Bankers Association at Westlake Center in Seattle for the closing event of Bankers Care 2017 to benefit Northwest Harvest.

Puget Sound Bank joined community banks across the state to fight hunger in Washington. Pictured left to right: Megan Managan of Washington Bankers Association, Brad Ogura and Kim Carhee of Puget Sound Bank, and Glen Simecek of WBA.

Puget Sound Bank has been pleased to participate in this event since its inception in 2013.

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Puget Sound Bank Rated 5 Stars By BauerFinancial

2017 September 11 by

Highest Rating (“Superior”)

September 11, 2017 – For the 28th consecutive quarter BauerFinancial, an independent research firm that analyzes and reports on banks and credit unions, has rated Puget Sound Bank “superior” (5 stars). The rating system ranges from zero to five stars. Some of the criteria rated (but not limited to) include: capital level, asset quality, profitability, loan delinquencies, reserves and regulatory compliance.

BauerFinancial has been analyzing and reporting on the nation’s banks since 1983. This 5-start rating indicates that Puget Sound Bank is one of the strongest banks in the nation.

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Equifax Data Breach: Steps to Protect Yourself

2017 September 8 by

September 8, 2017 — As you may have seen, Equifax, one of the nation’s three major credit reporting agencies, experienced a data breach that affects 143 million American consumers. What can consumers to to protect themselves? Click on the link below for more information from the Federal Trade Commission, the nation’s consumer protection agency that works to prevent fraudulent, deceptive and unfair business practices in the marketplace.

Read the complete news article.

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Heritage Financial Corporation to Acquire Puget Sound Bancorp, Inc.

2017 July 26 by

Heritage Expands its Business Banking
Franchise in Seattle-Bellevue Metropolitan Area

July 26, 2017 — Heritage Financial Corporation (“Heritage”) (NASDAQ: HFWA) and Puget Sound Bancorp, Inc. (“Puget Sound”) (OTCQB: PUGB) jointly announced today the signing of a definitive agreement under which Heritage will acquire Puget Sound in an all stock transaction valued at approximately $126.1 million, or $35.84 per share, based on the closing price of Heritage common stock of $27.15 on July 26, 2017.

Read the complete news release.

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Puget Sound Bancorp Reports 18% Net Income Growth

2017 July 26 by

Zero Nonperforming Assets at Quarter-End

July 26, 2017 – Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today reported net income of $1.3 million or $0.37 per share for the quarter ending June 30, 2017, as compared to $1.1 million or $0.32 per share for the year earlier period.

“This double-digit (18%) earnings growth results from our strong and disciplined balance sheet growth, an improving interest-rate environment, and fees from increasing loan commitments,” said Jim Mitchell, Puget Sound Bank chief executive officer, “We are pleased to deliver this bottom-line growth as we continually invest to improve the customer experience at Puget Sound Bank.”

Read the complete news release.

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5-Star BauerFinancial Recognition

2017 June 20 by


June 20, 2017 — Puget Sound Bank earned a five-star “superior” rating from BauerFinancial, the nation’s leading independent bank and credit union rating firm, for the 27th consecutive quarter.

Star ratings are released quarterly and assigned on a scale of zero-to-five stars, with five being the strongest. Ratings are based on the overall financial picture of the financial institution.

BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. The ratings are independent, meaning no institution is able to pay to be rated or excluded.

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PSB Named a Top Corporate Philanthropist by PSBJ

2017 May 17 by

May 17, 2017 — Puget Sound Bank has been recognized by the Puget Sound Business Journal as one of Washington state’s top corporate philanthropists. The Corporate Citizenship and Healthy Community Champion Awards luncheon held today at the Seattle Sheraton honored corporate philanthropists and companies who have made significant contributions in Washington.

Puget Sound Bank placed on the Journal’s “Corporate Philanthropists – Small” category (revenue of $20 million or less) at position 7, up from position 10 last year. For the past nine years the Puget Sound Business Journal has compiled information for corporate giving in Washington state. Puget Sound Bank has placed on the list in 2014, 2015, 2016 and 2017.

In 2016 we have been active supporting a variety of organizations, including Victim Support Services, King County Police Union, Nellie Goodhue Group Homes, Summit Assistance Dogs, Bellevue LifeSpring, Elizabeth Gregory Home, Boys and Girls Clubs of Bellevue, St. Vincent dePaul School, Invest in Youth, Crush Kid’s Cancer, Washington Women in Need, and Bellevue College Foundation.

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