Jeff Rulis

Kelly Motta

Liam Coohill

Adam Butler

Adam Kroll

Andrew Terrell

Charlie Driscoll

David Feaster

Eric Spector

Jackson Laurent

Jeffrey Rulis

Matthew Clark

- Heritage Financial has announced an agreement to acquire **Olympic Bancorp**, the holding company of Kitsap Bank, which has **$1.7 billion in total assets**, in an **all-stock transaction**.  **[1046025_2159267_1]** **[1046025_2159267_2]** 
- The implied deal value is approximately **$176.6 million**, based on Heritage's stock price as of September 24, and Olympic shareholders will receive **0.45 shares of Heritage common stock** for each Olympic share.  **[1046025_2159267_2]** 
- The merger is projected to deliver an **18% EPS pickup in 2027** and tangible book value dilution of **under 10%** at closing, with an earn-back period of approximately **three years**.  **[1046025_2159267_2]** 
- Heritage targets **35% cost savings**, with **45% expected in 2026** and **100% in 2027 and beyond**, and expects to extend its geographic footprint, leveraging Kitsap's **1.09% cost of total deposits**.  **[1046025_2159267_1]** **[1046025_2159267_2]** 
- Heritage is putting **share buybacks on hold** to conserve capital for the deal, which is expected to close in **Q1 2026**.  **[1046025_2159267_2]** **[1046025_2159267_3]**

Heritage Financial Announces Acquisition of Olympic Bancorp

- Heritage Financial Corporation (HFWA) announced its acquisition of Olympic Bancorp, Inc., the holding company for Kitsap Bank, in an **all-stock transaction**.  **[1046025_2158657:6]** **[1046025_2158657:11]** 
- The deal is valued at **$176.6 million** in aggregate consideration for Olympic, based on HFWA's stock price as of September 24, 2025.  **[1046025_2158657:11]** 
- The merger is projected to be **18% accretive to EPS in 2027** and have a **3-year TBV earnback**.  **[1046025_2158657:6]** **[1046025_2158657:7]** 
- Kitsap Bank contributes **$1.7 billion in total assets** and **$1.4 billion in total deposits** with a **1.09% cost of deposits** as of June 30, 2025.  **[1046025_2158657:6]** 
- This strategic expansion positions HFWA as a leading community bank in the Puget Sound region, increasing its pro forma assets to **$9 billion**, with an anticipated closing in **Q1 2026**.  **[1046025_2158657:0]** **[1046025_2158657:6]** **[1046025_2158657:7]** **[1046025_2158657:11]** **[1046025_2158657:13]**

Heritage Financial Corporation to Acquire Olympic Bancorp

- Heritage Financial Corporation (HFWA) announced the acquisition of Olympic Bancorp, Inc., the holding company for Kitsap Bank, in an **all-stock transaction**.  **[1046025_0001628280-25-042858_ex991pressreleaseofheritag.htm:0]** 
- As of **June 30, 2025**, Kitsap Bank reported **$1.7 billion in total assets**, **$941.6 million in total loans**, and **$1.4 billion in total deposits**.  **[1046025_0001628280-25-042858_ex991pressreleaseofheritag.htm:0]** 
- The implied total deal value is approximately **$176.6 million**, based on HFWA's closing stock price of **$24.64 on September 24, 2025**.  **[1046025_0001628280-25-042858_ex991pressreleaseofheritag.htm:1]** 
- The merger is expected to close in the **first quarter of 2026** and is anticipated to generate **18% earnings per share accretion** upon full realization of operating efficiencies.  **[1046025_0001628280-25-042858_ex991pressreleaseofheritag.htm:1]**

Heritage Financial Corporation to Acquire Olympic Bancorp, Inc.

- Heritage Financial Corporation will acquire Olympic Bancorp, Inc., the holding company for Kitsap Bank, in an **all-stock transaction** with an implied total deal value of approximately **$176.6 million** based on Heritage's closing stock price on September 24, 2025.  **[1046025_20250925SF83756:0]** 
- The acquisition is expected to result in approximately **18% earnings per share accretion** for Heritage following the full realization of operating efficiencies, and is anticipated to enhance Heritage's pro forma financial metrics, including profitability and efficiency ratios.  **[1046025_20250925SF83756:0]** 
- Following the transaction, the combined company is projected to have total assets of approximately **$8.8 billion**, total loans of approximately **$5.7 billion**, and total deposits of approximately **$7.2 billion**.  **[1046025_20250925SF83756:0]** 
- The merger is subject to regulatory and shareholder approvals and is expected to close in the **first quarter of 2026**.  **[1046025_20250925SF83756:1]**

HERITAGE FINANCIAL CORP /WA/ (HFWA)