Heritage Commerce Acquisition, Valuation & Financials

Heritage Commerce was acquired by CVB Financial for $811M in December 2025, a 4.1x multiple on $198M of revenue.

Heritage Commerce acquisition price

$811M

Acquired by CVB Financial · Dec 2025

Heritage Commerce revenue at acquisition

$198M

Last twelve months · Dec 2025

Heritage Commerce revenue multiple at acquisition

4.1x

EV/Revenue · Dec 2025

Heritage Commerce market cap before the deal

$769M

FRA: XHC · Mar 2026

Heritage Commerce Overview

About Heritage Commerce

Heritage Commerce Corp operates as a bank holding company. The company, through its subsidiary, offers commercial banking services to small and medium-sized businesses and their owners, managers, and employees. It operates through two reportable segments, namely Banking and Factoring. A majority of its revenue is generated from the Banking segment, which provides various loan products, including commercial and industrial loans, commercial real estate loans, construction loans, etc. This segment also focuses on deposit generation on relationship accounts, encompassing non-interest bearing demand, interest bearing demand, money market accounts, certificates of deposit, and savings accounts.


Founded

1993

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Services

Revenue

$198M (Dec 2025)

Valuation

$811M (acquired Dec 2025)

Heritage Commerce Acquisition

Heritage Commerce was acquired by CVB Financial for $811M on 17 December 2025.

The acquisition price implies a 4.1x revenue multiple on $198M of revenue.

CVB Financial Corp, parent company of Citizens Business Bank, agreed to acquire Heritage Commerce Corp, parent company of Heritage Bank of Commerce, in an all-stock transaction valued at approximately $811 million, or $13.00 per share. Heritage Bank of Commerce, founded in 1994, specializes in commercial and small business banking services with a concentrated presence throughout the San Francisco Bay Area. The merger, announced December 17, 2025, will create a top-performing California business bank with approximately $22 billion in combined assets, more than 75 offices and branches, and comprehensive geographic coverage across California's major business banking markets. CVB Financial shareholders will own approximately 77% of the combined entity while Heritage Commerce shareholders will hold the remaining 23%. The deal represents Citizens Business Bank's largest acquisition by assets in company history and directly addresses a key strategic objective to expand into the Bay Area, complementing its existing Orange County-based operations. Leadership continuity includes David Brager remaining as CEO of the combined organization, Clay Jones transitioning from Heritage CEO to President, and two Heritage directors joining Citizens' Board of Directors. The transaction is expected to close in Q2 2026, subject to customary regulatory approvals and shareholder votes. Financial projections indicate the deal will be immediately accretive to Citizens' earnings per share, with earnings per share projected to increase 13.2% in 2027, though the combination carries a 7.7% dilution to tangible book value per share with an approximately 2.5-year earn-back period.

Heritage Commerce acquisition details
AcquirerDateTypePriceEV/Revenue
17 Dec 2025Strategic M&A$811M4.1x

Heritage Commerce as a Public Company

Heritage Commerce traded as FRA: XHC before it was taken private. Its acquisition was announced in December 2025. March 2026 is its last month on record as a listed company, with a market cap of $769M and an enterprise value of $769M.

Last-twelve-month revenue was $200M, and the shares traded at 3.8x EV/Revenue.

Over the 4 years before that, its market cap grew from $680M in March 2022 to $769M, while revenue grew from $160M to $200M.

Heritage Commerce market cap while listed

Heritage Commerce EV/Revenue (LTM) while listed

Heritage Commerce financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EV/Revenue
Mar 2026$769M$200M3.8x
Mar 2025$587M$177M3.3x
Mar 2024$525M$189M2.8x
Mar 2023$508M$196M2.6x
Mar 2022$680M$160M4.2x

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Heritage Commerce traded.

Heritage Commerce Competitors

Heritage Commerce competitors include listed companies like Banque Marocaine pour le Commerce et l'Industrie, NLB Banka, Standard Chartered Bank and Peapack Private, and private ones like China Wanxiang Holding and United Bank.

Public and private companies comparable to Heritage Commerce
CompanyHQStatusRevenueValuationRevenue Multiple
Banque Marocaine pour le Commerce et l'IndustrieMoroccoMoroccoPublicly listed$434M$812M1.9x
NLB BankaNorth MacedoniaNorth MacedoniaPublicly listed$131M$814M-
Standard Chartered BankGhanaGhanaPublicly listed$157M$815M-
Peapack PrivateUnited StatesUnited StatesPublicly listed$276M$806M2.4x
China Wanxiang HoldingChinaHangzhouPrivate-$819M-
United BankIndiaKolkataPrivate-$759M-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Banque Marocaine pour le Commerce et l'Industrie$434M-1.9x1.9x--
NLB Banka$131M-6.2x---
Standard Chartered Bank$157M-5.2x---
Peapack Private$276M-2.9x2.4x--
NICO Holdings$868M$131M0.9x-6.2x-
Alerus Financial$221M-3.7x2.7x--
Independent Bank$218M-3.7x3.2x--
Financial Institutions$244M-3.3x3.1x--

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Common questions about Heritage Commerce

When was Heritage Commerce founded?Heritage Commerce was founded in 1993.
Where is Heritage Commerce headquartered?Heritage Commerce is headquartered in United States.
Is Heritage Commerce publicly listed?No, Heritage Commerce was acquired by CVB Financial in December 2025.
Who acquired Heritage Commerce?Heritage Commerce was acquired by CVB Financial in December 2025.
How much was Heritage Commerce acquired for?Heritage Commerce was acquired for $811M in December 2025, a 4.1x revenue multiple.
Which companies are comparable to Heritage Commerce?Companies comparable to Heritage Commerce include Banque Marocaine pour le Commerce et l'Industrie, NLB Banka, Standard Chartered Bank, Peapack Private, China Wanxiang Holding and United Bank.
What was Heritage Commerce's market cap before the acquisition?Heritage Commerce had a market cap of $769M in March 2026, its last month on record as a listed company, trading at 3.8x EV/Revenue.
What was Heritage Commerce's revenue as a public company?Heritage Commerce's last reported twelve-month revenue was $200M (March 2026).

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