Heritage Commerce in San Jose, Calif., has agreed to buy Tri-Valley Bank in San Ramon, Calif.
The $2.8 billion-asset Heritage Commerce said in a press release Wednesday that it will pay $31.6 million in stock for the $147.2 million-asset Tri-Valley. The deal is expected to close in the second quarter.
The acquisition “represents the continuation of our strategic growth in the San Francisco Bay area and offers an opportunity to further expand our presence within our existing market footprint,” Walter Kaczmarek, Heritage Commerce’s president and CEO, said in the release.
The deal should be accretive to Heritage Commerce’s tangible book value and earnings, excluding transaction costs.
MJC Partners and Buchalter advised Heritage. FIG Partners and Sheppard Mullin Richter & Hampton advised Tri-Valley.