Manatt’s Craig Miller, leader of the financial services group, and corporate and finance associate Dieu Nguyen represented Presidio Bank in its $200 million merger with Heritage Commerce Corp. The transaction was announced on May 16 and closed on October 11.
The transaction created San Francisco Bay Area’s leading community business bank, with more than $4 billion in total assets and 17 branches. Three Presidio directors also joined Heritage’s board, including CEO Steve Heitel. Clay Jones, Presidio’s president, became president of Heritage’s community business banking group.
Presidio Bank is a San Francisco-based full-service commercial bank with additional branches in Palo Alto, San Mateo, San Rafael, and Walnut Creek, California, and provides financial services to small to mid-size businesses and business owners.
The deal was covered by Retail Banker International.
Manatt's deal team included tax, employee benefits and executive compensation partners David Herbst and Jeff Mannisto; environmental litigation partner Pete Duchesneau; employment and labor partner Sharon Bauman; venture capital and emerging companies partner Brian Kelly; and paralegal Sandra Zapf.