Heritage Bank Announces Acquisition of Branch Office in Kent, WA

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Apr 04, 2011, 06:03 ET

OLYMPIA, Wash., April 4, 2011 /PRNewswire/ -- Heritage Bank, a subsidiary of Heritage Financial Corporation ("Company") (Nasdaq: HFWA), announced today it has entered into a definitive agreement with Charter Private Bank of Bellevue, WA to acquire their Kent, WA branch and certain deposits.

(Logo: http://photos.prnewswire.com/prnh/20110127/SF37289LOGO)

"Heritage Bank entered King County with the acquisition of the Federal Way branch of Washington State Bank in 2006. In 2010, we added locations in Bellevue and Seattle through the acquisition of Cowlitz/Bay Bank. We are delighted to be acquiring a branch in Kent, which will enable us to better serve our customers in the Kent/Auburn valley. Heritage has had a long history serving the Pierce, Thurston, and Mason County markets. We look forward to welcoming the customers at the Kent location and continuing to build our footprint in King County," said Jeff Deuel, Executive Vice President and Chief Operating Officer for Heritage Bank.

It is anticipated the transaction will close on or before June 10, 2011 subject to customary regulatory application processes and approvals. Both Heritage Bank and Charter Private Bank are committed to working closely together to assist clients during the transition, and ensure all client customer service needs are met up to and through the completion of the transaction.

About Heritage Financial

Heritage Financial Corporation is a bank holding company headquartered in Olympia, Washington. The Company operates two community banks, Heritage Bank and Central Valley Bank. With the recent FDIC-assisted acquisitions of Cowlitz Bank and Pierce Commercial Bank, Heritage Bank now serves western Washington and the greater Portland, Oregon area through its twenty-six full-service banking offices and its Online Banking Website www.HeritageBankWA.com. Central Valley Bank serves Yakima and Kittitas counties in central Washington through its six full-service banking offices and its Online Banking Website www.CVBankWA.com. Additional information about Heritage Financial Corporation is available on its Internet Website www.HF-WA.com.

SOURCE Heritage Financial Corporation