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In return, Heritage Financial, parent company to Heritage Bank, will issue senior preferred shares to the Treasury department along with warrants to purchase $3.6 million in common stock, the company said.
Although the federal government is investing in the company, Treasury will not have any influence or involvement in the management of the bank, President and CEO Brian Vance said.
Heritage already exceeds regulatory requirements for well-capitalized banks, but the investment will boost its risk-based capital to about 13.5 percent, the company said.
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