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Slide #59. Washington Banking Company — Heritage Financial
Washington Banking Company (WBCO)
Washington Banking Company (Nasdaq:WBCO), the holding company for Whidbey Island Bank, today announced its shareholders overwhelmingly approved the merger with Heritage Financial Corporation (Nasdaq:HFWA). More than 97% of the shares voting at Washington Banking's special meeting of shareholders voted in favor of the merger, representing more than 80% of all outstanding shares.
Washington Banking is a bank holding company whose primary business is conducted by its subsidiary, Whidbey Island Bank (the Bank). The business of the Bank consists primarily of accepting deposits from the public and originating loans. The Bank is a Washington state-chartered bank that conducts a community commercial banking business. The Bank also provides nondeposit managed investment products and services, which are not Federal Deposit Insurance Corporation insured. Co.'s primary market area consisted of Island, King, San Juan, Skagit, Snohomish and Whatcom counties in northwest Washington. As of Dec 31 2012, Co. had total assets of $1.69 billion and total deposits of $1.51 billion.
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Buy (3.20 out of 4)
(ranked higher than approx. 100% of all stocks covered)
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