Heritage Community Bank and U Bancshares, Inc., the parent company of UBank, jointly announced the signing of a definitive merger agreement under which Heritage Community Bank and UBank will merge in a stock and cash transaction. The combined company will operate under the UBank name, with legacy Heritage Community Bank offices to operate indefinitely as “Heritage Community Bank, a division of UBank.”
The definitive agreement has been approved by the respective Boards of Directors of the companies. The transaction, which is subject to customary closing conditions, including receipt of required regulatory and shareholder approvals, is expected to close in the first quarter of 2027.
Olsen Palmer LLC served as financial advisor and issued a fairness opinion to Heritage Community Bank.
Olsen Palmer is the #1 sell-side bank M&A advisor nationwide and one of the top 3 overall (sell-side + buy-side) based on transaction count over the last four quarters, according to S&P Global.
Transaction Announcement (PDF)