Heritage Financial to acquire Olympic Bancorp for ~$176.6M in stock

HERITAGE FINANCIAL CORP /WA/

Olympic Bancorp shareholders receive 45.0 HFWA shares per share; implied total deal value ~$176.6M based on $24.64 close.
Olympic shareholders will own ~17.4% of combined company; pro forma assets ~$8.8B, deposits ~$7.2B.
Kitsap Bank (Olympic subsidiary) had $1.7B assets, $941M loans, $1.4B deposits as of June 30, 2025.
Heritage expects ~18% EPS accretion after full realization of operating efficiencies; merger targeted to close Q1 2026.
Both boards unanimously approved; subject to regulatory and shareholder approvals.

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