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EXHIBIT 99
FOR IMMEDIATE RELEASE
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DATE: June 26, 20000
CONTACT: Donald V. Rhodes
Chairman, President and
Chief Executive Officer
(360) 943-1500
HERITAGE FINANCIAL CORPORATION BOARD
AUTHORIZES NEW STOCK REPURCHASE PROGRAM
Heritage Financial Corporation, Olympia, WA (Nasdaq: HFWA): Donald V. Rhodes,
Chairman, President and CEO of Heritage Financial Corporation today announced
that as of June 23, 2000, Heritage has purchased 892,000 of the approximately
975,000 shares authorized as announced in its February 18, 2000, press release
and expects to complete this round soon. Once Heritage completes the second
round of stock repurchases, it will have acquired about 19% of its outstanding
shares since beginning the repurchase of shares in October 1999. Heritage
completed its initial round of stock repurchases amounting to 1,082,000 shares
as announced in October of 1999, on February 22, 2000.
In addition, Mr. Rhodes announced that the Board of Directors of Heritage
Financial Corporation has authorized management to obtain regulatory approval
for it to acquire an additional 10% of its outstanding shares, or approximately
890,000 shares, in open market transactions or in privately negotiated
transactions at times considered to be appropriate. The additional share
repurchases will commence upon the completion of the current round.
Heritage Financial Corporation is a $ 531 million asset sized bank holding
company headquartered in Olympia, Washington. Heritage operates two community
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 twelve full-service banking offices. Central Valley Bank serves
Yakima and Kittitas Counties in central Washington through its six full-services
banking offices.
