Heritage Bank has long been respected in the Puget Sound area as a local provider of commercial banking services. Founded in Olympia in 1927, the financial institution has made a name for itself across the region, with 59 branch locations spanning from Bellingham to Portland.
In July, Heritage Bank further cemented its name in the local banking landscape when it announced it had acquired Bellevue-based Puget Sound Bank in a transaction valued at approximately $126.1 million.
The acquisition supports Heritage Bank’s growth into the Eastside and Seattle, two markets it tapped into in 2010 but would like to expand in.
“Puget Sound Bank has a really great reputation in the King County market,” said Heritage Bank president and COO Jeff Deuel. “Their business expands beyond Bellevue, but they’re kind of known in the market as being the premier community bank here. It was just an organization that we felt would add luster to our own name.”
Founded in 2005, Puget Sound Bank has been the preeminent business bank in Seattle and on the Eastside for more than 10 years. Working closely with small- and medium-size businesses, Puget Sound Bank spent more than a decade earning its reputation as a trusted and respected business bank in the region. Through the acquisition, Heritage Bank aims to preserve the qualities Puget Sound has built its reputation around, while also bringing added value to existing customers.
“We love what (Puget Sound Bank) is doing,” said Deuel, “and we don’t want to disrupt it in any way, if we can help it.” One change, however, that Deuel mentioned that customers can expect to see will be the addition of all of the products that Heritage Bank already offers its customers, like its mortgage and auto-lending platforms.
Through the acquisition, Heritage Bank will move its existing Bellevue location to Puget Sound Bank’s location at Bellevue Place. The move is expected to occur sometime during the first quarter of 2018.
Additionally, Puget Sound Bank CEO Jim Mitchell will join Heritage Bank as market president for all of King County. “Jim’s done a great job building his bank, and we’re looking to him to keep doing that, but for the entire county,” said Deuel.
“We are very happy to join Heritage and believe this combination will provide significant value to our shareholders, clients, and employees,” Mitchell said in a statement. “We also believe this is a natural fit which increases lending capabilities, expands capital resources, and provides a more expansive product offering to the Seattle-Bellevue business community.”