Hillsboro, Ore.-based Premier Commercial Bancorp made additional disclosures in connection with its proposed sale to Olympia, Wash.-based Heritage Financial Corp., after a lawsuit was filed seeking to enjoin the deal.
Specifically, the lawsuit accused Premier Commercial Bancorp's directors of breaching their fiduciary duties by agreeing to the sale, and of failing to disclose all material merger-related information.
Premier Commercial Bancorp decided to make the additional disclosures to avoid litigation costs and to allow shareholders of Premier Commercial to vote on the merger, among other reasons, according to a Form 8-K.
The all-stock deal was valued at approximately $88.6 million when it was announced in March.
