Exhibit 99.1
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| | | | FOR IMMEDIATE RELEASE DATE: September 14, 2009 |
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| CONTACT: | | Brian L. Vance |
| | President and Chief Executive Officer |
| | (360) 943-1500 |
HERITAGE FINANCIAL ANNOUNCES COMMENCEMENT OF $35 MILLION PUBLIC
OFFERING OF COMMON STOCK
Olympia, WA - HERITAGE FINANCIAL CORPORATION (NASDAQ GS: HFWA) (“Company”) announced today that it has commenced an underwritten public offering of approximately $35 million of its common stock. The net proceeds from the offering will be used to support opportunistic acquisitions, organic growth and general corporate purposes. The capital will also position the Company for the future redemption of some or all of the preferred stock issued to the U.S. Treasury under the TARP Capital Purchase Program.
Keefe, Bruyette & Woods, Inc. is serving as lead book-running manager of the offering, and D.A. Davidson & Co. is a co-manager. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any.
Any shares issued will be issued pursuant to a prospectus supplement filed as part of the Company’s effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3 (File No. 333-156271).
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers will be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, or by calling toll-free (800) 966-1559 or from D.A. Davidson & Co., Equity Capital Markets, 8 Third Street North, Great Falls, MT 59401 or by calling toll-free (800) 332-5915.
About Heritage Financial
Heritage Financial Corporation is a bank holding company headquartered in Olympia, Washington. The Company operates two community banks, Heritage Bank and Central Valley Bank. Heritage Bank serves Pierce, Thurston, south King and Mason Counties in the south Puget Sound region of Washington through its fourteen full-service banking offices and its Online Banking Websitewww.HeritageBankWA.com. Central Valley Bank serves Yakima and Kittitas Counties in central Washington through its six full- service banking offices and its Online Banking Websitewww.CVBankWA.com. Additional information about Heritage Financial Corporation is available on its Internet Websitewww.HF-WA.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. In this press release we make forward-looking statements about our ability to raise common capital, the amount of capital we intend to raise and our intended use of that capital. Specific risks that could cause results to differ from the forward-looking statements are set forth in our filings with the SEC and include, without limitation, negative reaction to our public offering, unfavorable pricing of the offering and deterioration in the economy or our loan portfolio that could alter our intended use of the capital.
