Heritage Commerce in San Jose, Calif., has agreed to buy Focus Business Bank.
The $1.7 billion-asset Heritage Commerce will pay about $55 million for the $391 million-asset Focus, which is also based in San Jose. The deal is expected to close by the end of this year.
"The pooling of our resources and knowledge will enhance our capabilities, operational efficiencies, and community outreach," Walter Kaczmarek, Heritage Commerce's chief executive, said in a press release Thursday. Kaczmarek added that the acquisition should be accretive to his company's 2016 earnings.
Keefe, Bruyette & Woods and Buchalter Nemer advised Heritage Commerce. Sandler O'Neill and Manatt Phelps & Phillip advised Focus.
