SAN JOSE, Calif., May 11, 2020 (GLOBE NEWSWIRE) — Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce, announced today that it received the 2019 Raymond James Community Bankers Cup award. The award recognizes the top 10% of a select group of community banks chosen by Raymond James based on various profitability, operational efficiency, and balance sheet metrics. This marks the third time in the last four years that Heritage Commerce Corp earned this recognition.
“Being recognized once again in the top 10% of this select group of community banks is a great affirmation of our extraordinary staff and their commitment to our customer-centered, relationship-based banking strategy, our clients and the communities we serve,” said Keith A. Wilton, President and Chief Executive Officer.
The pool of banks considered for recognition includes all exchange-traded domestic banks, excluding mutual holding companies and potential acquisition targets, with assets between $500 million and $10 billion as of December 31, 2019.
Of the 255 community banks considered for the 2019 Community Bankers Cup, the top 10% demonstrated superior performance on a relative basis in one or more of the following measurements of financial performance and stability: 1) nonperforming assets to loans and real estate owned, 2) five-year average core deposit percentage, 3) net interest margin, 4) efficiency ratio, 5) return on average assets, and 6) return on average tangible common equity.
Heritage Commerce Corp ranked 10th out of the top 26 banks chosen, which places it in the top 5% of all community banks considered for the award.
Heritage Commerce Corp, a bank holding company established in February 1998, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, Sunnyvale, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in Santa Clara, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.
For additional information, contact:
EVP, Corporate Secretary
Direct: (408) 494-4542