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Fed, California regulator OK Heritage Bank of Commerce, Presidio Bank deal

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Fed, California regulator OK Heritage Bank of Commerce, Presidio Bank deal

The Federal Reserve and the California Department of Business Oversight have approved the proposed merger of California-based Heritage Bank of Commerce with Presidio Bank.

Presidio Bank in May agreed to merge with Heritage Bank of Commerce in an all-stock deal valued at about $200.3 million, or $30.18 per Presidio common share, based on Heritage's May 16 closing stock price of $12.22.

The transaction is expected to close in the fourth quarter. It is still subject to the approval of Heritage Commerce Corp. shareholders and Presidio Bank shareholders at meetings to be held Aug. 27.

Upon completion of the deal, the combined entity will have about $4.0 billion in assets and 17 branches in the Greater San Francisco Bay Area, after branch consolidation.