M&A Deal Summary

Heritage Financial Acquires Washington Banking

On May 1, 2014, Heritage Financial acquired financial services company Washington Banking for 265M USD

Acquisition Highlights
  • This is Heritage Financial’s 6th transaction in the Financial Services sector.
  • This is Heritage Financial’s largest (disclosed) transaction.
  • This is Heritage Financial’s 6th transaction in the United States.
  • This is Heritage Financial’s 5th transaction in Washington.

M&A Deal Summary
Date 2014-05-01
Target Washington Banking
Sector Financial Services
Buyer(s) Heritage Financial
Deal Type Add-on Acquisition
Deal Value 265M USD
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Lane Powell PC (Legal)

Target

Washington Banking

Oak Harbor, Washington, United States
website
Washington Banking Company is a provider of commercial banking services and company operates as the bank holding company for Whidbey Island Bank.

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Buyer(S) 1

Buyer

Heritage Financial

Olympia, Washington, United States

website

Category Company
Founded 1927
Sector Financial Services
Employees748
Revenue 168M USD (2015)
DESCRIPTION

Heritage Financial Corporation is a provider of various financial services to small businesses and general public and operates as the bank holding company for Heritage Bank. Heritage Financial Group, Inc. is the holding company for HeritageBank of the South, a community-oriented bank serving primarily Georgia, Florida and Alabama through 36 banking locations, 20 mortgage offices, and 5 investment offices.

DEAL STATS #
Overall 6 of 8
Sector (Financial Services) 6 of 8
Type (Add-on Acquisition) 6 of 8
State (Washington) 5 of 6
Country (United States) 6 of 8
Year (2014) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-15 Valley Community Bancshares

Puyallup, Washington, United States

Valley Community Bancshares is a provider of commercial banking services to small and medium-sized businesses, professionals, and other individuals.

Buy $44M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-26 Puget Sound Bancorp

Bellevue, Washington, United States

Puget Sound Bancorp, Inc. is a commercial bank specialized needs of small- and medium-sized businesses, select commercial real estate projects, professional service providers and high net worth individuals. Puget Sound Bancorp was founded in 2005 and is based in Bellevue, Washington.

Buy $126M
Mergr

Product

Company

Legal