Heritage Financial Corporation (NASDAQ: HFWA) and Premier Commercial Bancorp (OTC Pink: PRCB) have jointly announced the signing of a definitive agreement under which Heritage will acquire Premier in an all-stock transaction valued at approximately $88.6 million.
D.A. Davidson & Co. served as financial advisor and provided a fairness opinion to Heritage’s board of directors. The transaction is the 98th publicly announced M&A advisory transaction for the D.A. Davidson Financial Institutions Group since 2011.
Olympia, Washington-based Heritage has a network of 60 offices in Washington and Oregon, while Premier serves the metropolitan area of greater Portland, Oregon, with six branch locations. The transaction is expected to close in the third quarter of 2018.
Full transaction details can be found here.