Heritage Financial in Olympia and Banner Corp. of Walla Walla said Tuesday they've been approved to receive infusions from the U.S. Treasury's capital program.
Heritage Financial in Olympia said today it has preliminary approval to receive $27.6 million as part of the U.S. Treasury’s program to infuse capital into regional banks. The program extends to smaller banks the kind of government support provided last month to Bank of America, JPMorgan Chase and seven other major banks.
Banner Corp. of Walla Walla, which is the parent company of Banner Bank and Islanders Bank, also said today that it has preliminary approval to issue the Treasury $124 million in senior preferred stock and related warrants to buy up to $18.6 million in common stock.
Heritage plans to issue the Treasury about $24 million in senior preferred shares, plus warrants to buy about $3.6 million in common stock. The anticipated sale of the preferred stock is contingent on execution of closing documents and registration with the Securities and Exchange Commission.
“We are a well capitalized, financially strong company and receiving the additional capital enhances Heritage’s capacity to lend to our communities and to take advantage of future growth opportunities,” CEO Brian Vance said in a release.
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Heritage operates two community banks, Heritage Bank and Central Valley Bank.
Banner and Heritage are the just latest Washington banks participating in the Treasury program.
On Monday, Cascade Financial of Everett said it would receive about $39 million from the program, and last week Seattle-based Washington Federal said it would receive a $200 million.
Melissa Allison: 206-464-3312 or email@example.com