SAN JOSE, Calif.–(GLOBE NEWSWIRE)–Heritage Commerce Corp (Nasdaq:HTBK), today announced that as a result of the continual improvement of the financial condition of the Company and its banking subsidiary Heritage Bank of Commerce (the “Bank”) over the past 16 months, the Federal Reserve Bank of San Francisco (“FRB”) and the State of California Department of Financial Institutions (“DFI”) issued a joint order terminating the regulatory written agreement (“Written Agreement”) entered into on February 17, 2010, among the Company, the Bank, the FRB and the DFI. Effective immediately, the Company and the Bank will no longer be subject to the terms and conditions of the Written Agreement.
“The termination of our Written Agreement is another indication of our improved financial condition. This important milestone confirms that our efforts to reduce problem assets and return to profitability have been successful,” said Walter Kaczmarek, President and Chief Executive Officer. “At March 31, 2011, we announced our third consecutive quarter of profitability and reconfirmed our capital ratios substantially exceeded regulatory requirements for a well-capitalized institution at the holding company and the Bank. We are now in excellent position to move forward and build our franchise again.”