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The company sold 24,000 shares of its fixed rate cumulative perpetual preferred stock, series A, with a related warrant to purchase 276,074 shares of the company's common stock.
Company CEO Brian L. Vance said that participation in TARP would increase Heritage's capacity to lend and improve its ability to proactively work with our borrowers in difficult times, among other benefits.
The preferred securities will pay a cumulative dividend of 5% per annum for the first five years and 9% per annum thereafter if not redeemed first. Redemption is precluded in the first three years, except with the proceeds of a "qualified equity offering."
Heritage said that Treasury has agreed not to exercise voting power with respect to any shares of common stock that may be issued upon exercise of the warrant. If the warrant is exercised in full, Heritage will receive proceeds totaling $3.6 million.
Olympia, Washington-based Heritage Financial is a bank holding company that operates two community banks, Heritage Bank and Central Valley Bank. Heritage Bank serves Pierce, Thurston, Mason and south King Counties in the South Puget Sound region of Washington through fourteen full-service banking offices and its online banking website.
Central Valley Bank serves Yakima and Kittitas Counties in central Washington through six full-service banking offices and its website.
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Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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