Heritage Financial raises $49.9 million

Heritage Financial Corp., parent company to Heritage Bank, has raised nearly $50 million in a second public offering of its common stock, about $15 million more than the company expected to raise.

On Tuesday, the company raised $49.9 million by issuing about 4.3 million shares at $11.50 a share. The public offering, the company’s second since it went public in 1998, also included about 566,000 shares to cover the underwriters’ over-allotment option, according to a news release.

After underwriting discounts, commissions and expenses, Heritage Financial expects to net $46.6 million. The underwriters of the offering were Keefe, Bruyette & Woods Inc. of New York and D.A. Davidson & Co. of Montana.

“We are very pleased with the results of our public offering,” President and Chief Executive Brian Vance said. “The strong level of investor interest in the offering validates the strength of our franchise.”

Investor demand boosted the offering to about $50 million from the $35 million the company sought to raise last week.

Rolf Boone, The Olympian