UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 7, 1998
Heritage Commerce Corp
(Exact name of registrant as specified in its charter)
CA 00-23877 77-0469558
(State of other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
150 Almaden Blvd., San Jose, CA 95113
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (408) 947-6900
None
Former name or former address, if changed since last report.)
Item 5. Other Events.
Heritage Bank East Bay has announced that approvals to open for
business have been received from the California Department of
Financial Institutions and the Federal Deposit Insurance
Corporation.
The new community business bank has established its presence in
the East Bay market over the last ten months as a branch office
of its sister bank, Heritage Bank of Commerce. Both banks are
subsidiaries of Heritage Commerce Corp.
Heritage Bank East Bay President & CEO, Richard Conniff
expressed his excitement about the impending launch of the new
Bank. "We are looking forward to operating as an independent
community business bank in the East Bay," stated Conniff. "We
have become an integral part of the East Bay business community
and look forward to taking advantage of the tremendous
opportunities available to us as a full fledged independent
bank. Heritage Bank East Bay will offer a full line of business
banking services, catering to the needs of small to medium-
sized businesses, professional firms and the executives who own
and operate them. Our services will include a full range of
deposit accounts, cash management, executive banking and credit
facilities custom-tailored to meet the specific needs of our
clients."
"In addition to the Heritage Bank East Bay main office at 3077
Stevenson Boulevard, Fremont, we established a Loan Production
Office at Bishop Ranch in San Ramon in September of this year.
The establishment of that office is in keeping with Heritage's
commitment to building a strong presence in the East Bay,"
continued Conniff.
Heritage Bank East Bay will open its doors with a local Board
of Directors comprised of ten individuals, most of whom live,
work and are actively involved in the East Bay community. The
Board will be led by Chairman John W. Larsen, a retired East
Bay banker. Mr. Larsen has an extensive banking background,
most recently as senior credit officer at California Bancshares
(now U.S. Bank). He is joined by Richard L. Conniff: President
& Chief Executive Officer of Heritage Bank East Bay; William
Nethercott: EVP & Chief Operating Officer of Heritage Bank East
Bay; Kenneth Corsello: EVP/Chief Credit Officer of Heritage
Commerce Corp; David Beretta: Vintaco Corporation; Robert P.
DeMarta: Ireland San Filippo & Company; Robert Dimino: Attorney
at Law; Karen Serpa: Consultant; Barbara Barrie: East Bay
Community Leader, and Henry Yin: Giant Y, Inc.
Heritage Commerce Corp, parent company of both Heritage Bank
East Bay and Heritage Bank of Commerce, announced financial
results for the quarter ended September 30, 1998, with total
assets of $399 million, up 56% over the $255 million reported
at September 30, 1997, and net income of $574 thousand, up 34%
over the $429 thousand reported for the same period in 1997.
Total loans and deposits at quarter-end September 30, 1998 were
$222 million and $364 million, respectively.
Heritage Commerce Corp common stock is publicly traded on the
NASDAQ National Market under the symbol 'HTBK'.
Forward Looking Statement Disclaimer
This release may contain forward-looking statements that are
subject to risks and uncertainties. Such risks and
uncertainties may include but are not necessarily limited to
fluctuations in interest rates, inflation, government
regulations and general economic conditions, and competition
within the business areas in which the Company is conducting
its operations, including the real estate market in California
and other factors beyond the Company's control. Such risks and
uncertainties could cause results for subsequent interim
periods or for the entire year to differ materially from those
indicated. For a discussion of factors which could cause
results to differ, please see the Company's reports on Forms
10-K and 10-Q as filed with the Securities and Exchange
Commission and the Company's press releases. Readers should not
place undue reliance on the forward-looking statements, which
reflect management's view only as of the date hereof. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or
circumstances.
SIGNATURES
Under the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Date: December 7, 1998
HERITAGE COMMERCE CORP
By:
/s/ Lawrence D. McGovern
Lawrence D. McGovern
Chief Financial Officer
(Principal Financial and
Accounting Officer)
