M&A · Financials · State Commercial Banks
CVB Financial Corp to acquire Heritage Commerce Corp
Announced Dec 17, 2025 · Closed Apr 20, 2026
Deal value$811M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$13.00 per share
Transaction
- Acquirer
- CVB Financial Corp (CVBF)
- Target
- Heritage Commerce Corp (HTBK)
- Buyer type
- Strategic
- Offer price per share
- $13.00
- Enterprise value
- —
- Status
- Closed Apr 20, 2026
Deal protections
- Break fee (target pays)
- $32.5M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Piper Sandler
- JPMorgan fee
- $9.0M
Sector context · Financials
- Comparable deals
- 66 in the prior 24 months
- Premium
- Sector median 41.5%
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedDec 17, 2025
- Proxy filedFeb 12, 2026
- Definitive proxyFeb 12, 2026
- Shareholder voteMar 26, 2026
- ClosedApr 20, 2026
Valuation · fairness opinions
Trading comparablesJPMorgan$9.60$12.50
Trading comparablesJPMorgan$11.10$12.75
Discounted cash flowJPMorgan$11.40$13.90
Discounted cash flowJPMorgan$16.20$20.30
Discounted cash flowJPMorgan$16.40$22.60
Precedent transactionsPiper Sandler$8.54$13.06
Precedent transactionsPiper Sandler$9.43$14.66
Precedent transactionsPiper Sandler$14.75$23.48
Precedent transactionsPiper Sandler$14.76$24.65
Offer $13.00
Implied value per Heritage Commerce Corp share by analysis, from JPMorgan and Piper Sandler.