Heritage Financial Corporation ("Heritage") has announced the completion of its merger with Olympic Bancorp, Inc. and Kitsap Bank. The merger, effective January 31, 2026, involved the issuance of approximately 7,167,600 shares of Heritage's common stock as consideration in the transaction. Shareholders of Olympic received 45.0 shares of Heritage's common stock for each share of Olympic capital stock, with cash to be paid in lieu of any fractional shares.
Following the merger, Heritage now welcomes Kitsap Bank's customers and employees to Heritage Bank. Heritage Bank, a full-service commercial bank, operates in Washington, Oregon, and Idaho. It also does business under the Whidbey Island Bank name on Whidbey Island and the Kitsap Bank name for branches acquired in the merger.
These changes mark a significant development for Heritage, as it expands its branching network and customer base. The company's stock is traded on the NASDAQ Global Select Market under the symbol "HFWA."
These developments are indicative of Heritage's growth and expansion strategy, as it strengthens its position in the market and broadens its customer reach. Today the company's shares have moved -1.84% to a price of $25.09. Check out the company's full 8-K submission here.
