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AI brief of an SEC Form 8-K · Heritage Financial (HFWA)

Heritage Financial to acquire Olympic Bancorp in $176.6 million all-stock deal

Mixed Impact 5 of 5 m&a Written later

Heritage Financial Corporation agreed on September 25, 2025 to merge Olympic Bancorp, Inc., the holding company for Kitsap Bank, into Heritage in an all-stock transaction with an implied total value of approximately $176.6 million. Olympic shareholders will receive 45.0 Heritage shares for each Olympic share and will own about 17.4% of the combined company, so Heritage shareholders will own about 82.6%; the company expects closing in the first quarter of 2026, subject to regulatory and shareholder approvals.

Key points

  • Implied total deal value of approximately $176.6 million, based on Heritage's $24.64 closing price on September 24, 2025
  • Exchange ratio of 45.0 Heritage shares per Olympic share; Olympic shareholders to own about 17.4% of the combined company
  • Kitsap Bank had total assets of about $1.7 billion and total deposits of $1.4 billion as of June 30, 2025 per the press release
  • Expected closing in the first quarter of 2026; termination fee of $7,000,000 applies in certain circumstances

The filing

CompanyHeritage Financial (HFWA)
Form8-K, current report
Filed with the SECSep 25, 2025, 7:30 PM ET
Accession number0001628280-25-042858

Items reported: 1.01 Material Definitive Agreement7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 25, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.