Form 4: Director Jack W. Conner Exits Heritage Commerce Corp

Director Jack W. Conner reports the disposal of all common stock holdings in Heritage Commerce Corp following the company's merger with CVB Financial Corp.

Summary

• Director Jack W. Conner disposed of 165,361 shares of Heritage Commerce Corp common stock on April 17, 2026.
• The transaction occurred as a result of the completed merger between Heritage Commerce Corp and CVB Financial Corp.
• All outstanding shares were cancelled and converted into the right to receive 0.65 shares of CVB Financial Corp common stock per share held.
• All outstanding restricted stock awards were accelerated in full and converted into the merger consideration.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing documenting the finalization of a previously announced merger.

Positives

• Successful completion of the merger agreement with CVB Financial Corp.
• Full acceleration and conversion of restricted stock awards for the director.

Negatives

• The reporting person no longer holds any direct beneficial ownership in Heritage Commerce Corp as the entity has been acquired.

Risks

• Integration risks associated with the merger between Heritage Commerce Corp and CVB Financial Corp.

Future Outlook

The filing does not provide a future outlook for the company as it reflects the final disposition of shares due to the completion of a merger.

Industry Context

StockSavvy.ai notes that this filing marks the formal conclusion of Heritage Commerce Corp as an independent publicly traded entity, reflecting the ongoing trend of consolidation within the regional banking sector.

Comparison to Industry Standards

• The merger structure follows standard industry practices for regional bank acquisitions, utilizing a fixed exchange ratio to facilitate the transition of shareholder equity.

Stakeholder Impact

• Shareholders of Heritage Commerce Corp have had their holdings converted into CVB Financial Corp stock.

Next Steps

• Final delisting of Heritage Commerce Corp common stock from public exchanges.

Key Dates

Keywords

Heritage Commerce Corp, HTBK, CVB Financial Corp, Merger, Form 4, Insider Transaction, Acquisition