OLYMPIA, Wash., April 29 /PRNewswire-FirstCall/ -- Heritage Financial
Corporation (Nasdaq: HFWA) today announces that it intends to convert one of
its wholly-owned subsidiaries, Heritage Bank, Olympia, Washington, into a
Washington state commercial bank. Presently, Heritage Bank operates as a
Washington state savings bank. Donald V. Rhodes, Chairman, President and Chief
Executive Officer of Heritage Financial Corporation stated, "Though Heritage
Bank began as a savings and loan, our product mix has made us more like a
commercial bank. Because we have evolved into more of a commercial bank-like
entity, we believe that the conversion of Heritage Bank into a Washington state
commercial bank more accurately reflects the operation of the bank."
Heritage Financial Corporation is a $640 million bank holding company
headquartered in Olympia, Washington. The Company operates two banks, Heritage
Bank and Central Valley Bank, N.A. Heritage Bank serves Pierce, Thurston and
Mason counties in the south Puget Sound region of Washington through its 12
full-service banks and its Internet website http://www.HeritageBankWA.com. Central
Valley Bank, N.A. serves Yakima and Kittitas counties in central Washington
through its six full-service banking offices.
Heritage Financial Corporation's common stock trades on the NASDAQ Stock
Market under the symbol "HFWA." Additional information about Heritage
Financial Corporation can be found on its Internet website at http://www.HF-WA.com.
SOURCE Heritage Financial Corporation
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Related links:
http://www.HF-WA.com
CONTACT:
Donald V. Rhodes of Heritage Financial
Corporation, +1-360-943-1500
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