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Heritage Commerce completes acquisition of Presidio Bank

Heritage Commerce Corp., the holding company of Heritage Bank of Commerce, completed its acquisition of Presidio Bank on Oct. 11.

As agreed on in the merger, Presidio shareholders will receive 2.47 Heritage common shares in exchange for each Presidio share, plus cash in lieu of any fractional shares.

On a pro forma combined basis, with the addition of Presidio, Heritage would have total assets of about $4.1 billion, total loans outstanding of approximately $2.5 billion and total deposits of roughly $3.4 billion as of June 30.

For the deal, Heritage had D.A. Davidson & Co. as financial adviser and Buchalter as legal counsel. Presidio had Sandler O'Neil & Partners LP as financial adviser and Manatt Phelps & Phillips LLP as legal counsel.