Company Profile
- Heritage Commerce Corp (NASDAQ: HTBK) (“Heritage” or “the company”) is the BHC for subsidiary, Heritage Bank of Commerce (“the bank”), a commercially focused community bank that was formed in 1994, with 17 branches primarily within the San Francisco Bay Area. Heritage is headquartered in San Jose, California, a market in which the company reflects the leading market share among locally headquartered institutions.
- The growth strategy has been largely organic, with the occasional opportunistic acquisition, with three bank deals closed since 2017. Heritage has targeted banks in-market with similar operating strategies, and thus, there has not been a material shift in the loan and deposit mix or strategy. Moreover, M&A opportunities are unlikely in the near-term given the uncertainty in the industry. As such, management plans to continue to build out its presence in the Bay Area organically, which was recently supported by a de novo branch opening in…
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