Heritage Commerce Corp (NASDAQ: HTBK) has announced the appointment of Christopher J. Abate to its board of directors, expanding the board to nine members from eight. Abate will also serve as a member of 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 serving as the chief executive officer of Redwood Trust, Inc. since May 2018 and has been a director since December 2017.
Heritage Commerce Corp, established in October 1997, is the parent company of Heritage Bank of Commerce, which was established in 1994 and has full-service branches across various locations. The bank is also an SBA preferred lender, and its subsidiary, Bay View Funding, based in San Jose, CA, provides business-essential working capital factoring financing to various industries throughout the United States.
The addition of Christopher J. Abate to the board brings a wealth of experience and knowledge to Heritage Commerce Corp, enhancing the leadership and strategic capabilities of the company. Following these announcements, the company's shares moved 1.39%, and are now trading at a price of $9.825. For the full picture, make sure to review HERIT's 8-K report.
