San Jose, Calif.-based Heritage Commerce Corp. and San Francisco-based Presidio Bank provided an additional disclosure regarding their deal in response to a class-action suit filed against them.
The class-action suit, which was filed July 29, alleged that the companies and their respective boards breached their fiduciary duties, which includes duties of disclosure, among other things. The companies said while they believe the claims are without merit, they provided the disclosure to avoid encountering potential obstacles in completing the transaction.
The additional disclosure made certain changes in the financial statistics cited by Presido Bank's financial adviser, Sandler O'Neill.
Heritage Commerce is set to acquire Presidio Bank in a $200.3 million deal, and the transaction is expected to close in the fourth quarter. Three Presidio Bank directors will join the boards of Heritage Commerce and Heritage Bank of Commerce.