Form 4: Heritage Commerce Corp Merger Completion

Director Stephen G. Heitel reports the cancellation of Heritage Commerce Corp shares following the merger with CVB Financial Corp.

Summary

• Heritage Commerce Corp completed its merger with CVB Financial Corp on April 17, 2026.
• Director Stephen G. Heitel disposed of 216,078 shares of common stock as part of the merger transaction.
• Each share of Heritage Commerce Corp common stock was converted into 0.65 shares of CVB Financial Corp common stock.
• All outstanding restricted stock awards were accelerated and converted into the merger consideration.

Sentiment

Score: 5

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

Positives

• Successful completion of the merger agreement dated December 17, 2025.
• Full acceleration of restricted stock awards for the reporting person.

Negatives

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

Risks

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

Future Outlook

The company has been acquired by CVB Financial Corp; future operations will be integrated into the acquirer's business model.

Industry Context

StockSavvy.ai notes that this transaction represents continued consolidation within the regional banking sector, as smaller institutions seek scale through mergers with larger regional players like CVB Financial Corp.

Comparison to Industry Standards

• The 0.65 exchange ratio is consistent with standard stock-for-stock merger premiums observed in recent regional bank acquisitions.
• Acceleration of restricted stock awards upon change-in-control is a standard practice in executive compensation agreements.

Stakeholder Impact

• Shareholders of Heritage Commerce Corp have received shares of CVB Financial Corp.
• Director and officer roles at Heritage Commerce Corp are effectively concluded or transitioned.

Next Steps

• Final delisting of Heritage Commerce Corp shares from public exchanges.
• Integration of operations into CVB Financial Corp.

Key Dates

Keywords

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