-
Heritage Financial (HFWA) in Olympia, Wash., has agreed to buy Washington Banking (WBCO) in Oak Harbor. Heritage will pay about $265 million in cash and stock for Washington Banking, the companies said Wednesday.
October 23 -
Heritage Financial is paying 1.5 times tangible book value for Valley Community, but the markets welcomed the deal because Heritage expects to slash the seller's expenses as much as 50% because of market overlaps.
March 18 - Maryland
Regulators failed four banks late Friday, pushing the total number of collapses this year to 143. Closures are now are at their highest point since the S&L crisis.
November 5 - Oregon
Five bank closures in four states Friday cost the federal government an additional $334 million in losses.
July 30
Heritage Financial in Olympia, Wash., has agreed to an early termination of its Federal Deposit Insurance Corp. loss-share agreements for its purchase of two failed banks in 2010.
The $3.5 billion-asset bank
"We expect there will be an immediate positive impact to ongoing earnings through the elimination of the FDIC indemnification asset amortization expense and the FDIC clawback liability expense," Brian Vance, chief executive, said in a news release.
The loss-share agreements were tied to Heritage's purchase in 2010 of two failed Washington banks:
