Heritage Commerce Corp (NASDAQ: HTBK) has announced the appointment of Christopher J. Abate to its board of directors, expanding the board to nine members. Abate will also serve on the board's audit committee and its personnel and compensation committee.
Abate brings over 20 years of experience in the financial services industry, particularly in real estate and finance. He has been the Chief Executive Officer of Redwood Trust, Inc. since May 2018 and has been a director since December 2017.
Heritage Commerce Corp, established in 1997, is the parent company of Heritage Bank of Commerce, which was founded in 1994 and is headquartered in San Jose, California. The bank has full-service branches in various locations across California and is an SBA preferred lender. Additionally, its subsidiary, Bay View Funding, based in San Jose, provides business-essential working capital factoring financing to various industries throughout the United States.
This appointment reflects the company's strategic plans and its efforts to bring in leaders with extensive experience to provide value for both the board and shareholders. As a result of these announcements, the company's shares have moved 1.75% on the market, and are now trading at a price of $9.86. Check out the company's full 8-K submission here.
