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) January 5, 1999
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 No.)
incorporation)
150 Almaden Blvd., San Jose, CA 95113
(Address of principal (Zip Code)
executive offices)
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.
For Release: January 5, 1999
Heritage Bank of Commerce Adds
Key Executive to Lead Market Expansion
The Board of Directors of Heritage Commerce Corp
announced today the appointment of Brad Smith as
Chairman of the Board of Heritage Commerce Corp. Smith,
the former President & CEO of South Valley Bank in
Gilroy, will also serve as President & CEO of Heritage's
planned South Valley expansion.
William Del Biaggio Jr., who is stepping down as
Chairman of the Board of Heritage Commerce Corp, will
remain a member of the Board. He remains Chairman of the
Board of Directors of the company's lead banking unit,
Heritage Bank of Commerce.
John Rossell, President & CEO of Heritage Commerce
Corp and President & CEO of the company's lead banking
unit, Heritage Bank of Commerce, continues in his
current role. Mr. Rossell also continues to serve as a
member of the Board of Directors of both Heritage
Commerce Corp and of the company's lead banking unit,
Heritage Bank of Commerce.
Richard Conniff, President & CEO of Heritage Bank
East Bay, continues in his current role. Mr. Conniff
also continues to serve as a member of the Board of
Directors of Heritage Commerce Corp.
"Brad has an unparalleled reputation in the banking
industry and tremendous South Valley experience, which
will be key to leading our expansion into that area. He
will be a perfect complement to John Rossell in San Jose
and Dick Conniff in the East Bay," according to William
Del Biaggio, Jr., Chairman of Heritage Bank of Commerce
and a member of the Heritage Commerce Corp Board. "Brad
has an extensive banking background spanning a period of
over 25 years. In his 14-year role as President & CEO of
South Valley Bank, he was instrumental in building the
Bank into a widely recognized, high performing community
bank."
Heritage Bank of Commerce was founded in San Jose
in 1994. In 1997, the Bank formed a holding company,
Heritage Commerce Corp, to serve as a vehicle for owning
and operating multiple banks. Heritage Bank East Bay was
formed in Fremont in 1998 as the Company's second wholly
owned bank.
"The South Valley is the next logical market for
us," according to John Rossell, the CEO of Heritage
Commerce Corp. "It has tremendous potential for growth
and it is contiguous to our existing markets."
Smith states: "I am very impressed by Heritage's
philosophy of business banking with an emphasis on local
management and strong community relations. I'm excited
about being a part of an organization with such solid
values, and am looking forward to taking an active role
in the growth of such a fine banking organization."
Heritage Commerce Corp is the holding company for
Heritage Bank of Commerce, headquartered in downtown San
Jose, and Heritage Bank East Bay, headquartered in the
city of Fremont, with an office in San Ramon. Both Banks
cater to the banking needs of small and medium-sized
businesses and the individuals who own and operate those
businesses. In addition, Heritage is an active
commercial and residential construction lender, asset
based lender and Small Business Administration
Guaranteed (SBA) lender. Heritage also originates home
loans.
Heritage Commerce Corp, parent company of both
Heritage Bank East Bay and Heritage Bank of Commerce,
previously 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.
- - END -
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: January 5,1999 HERITAGE COMMERCE CORP
By: /s/ Lawrence D. McGovern
Lawrence D. McGovern
Chief Financial Officer (Principal
Financial and Accounting Officer)
