Heritage Commerce Corp Awarded the Twelfth Annual Raymond James Community Bankers Cup

Rhea-AI Summary

Heritage Commerce Corp (NASDAQ: HTBK), parent company of Heritage Bank of Commerce, has been awarded the 2023 Raymond James Community Bankers Cup, marking its fifth recognition. The Cup honors the top 10% of community banks in the U.S. for superior financial performance and stability. This year, Heritage Commerce Corp ranked 14th out of 21 banks chosen from 203 eligible banks, based on profitability, operational, and balance sheet metrics. This achievement is especially significant as the company celebrates its 30th anniversary. The bank has assets ranging from $500 million to $10 billion as of December 31, 2023. Heritage Bank of Commerce operates full-service branches across various California locations and is an SBA Preferred Lender.

Positive

• Awarded the 2023 Raymond James Community Bankers Cup, marking its fifth recognition.
• Ranked 14th out of 21 banks in the top 10% of community banks in the U.S.
• Evaluated based on various profitability, operational, and balance sheet metrics.
• Celebrating its 30th anniversary, signifying long-term stability and growth.
• Operates numerous branches across California, indicating a strong regional presence.
• Recognized as an SBA Preferred Lender, enhancing its credibility and market position.

Negative

• The ranking of 14th out of 21 suggests room for improvement compared to top-tier banks.
• The award does not necessarily translate to immediate financial gains or stock price increases.
• No specific financial metrics or data provided to substantiate the bank's performance improvement.

SAN JOSE, Calif., May 20, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ: HTBK) (the "Company"), parent company of Heritage Bank of Commerce (the "Bank"), has been awarded the 2023 Raymond James Community Bankers Cup as one of the top 10% of community banks in the United States. Winners are recognized for demonstrating superior performance in various measurements of financial performance and stability. This marks the fifth time that the Company has earned this recognition.

"We are honored once again to be recognized by Raymond James as one of the top performing community banks in the nation, a testimony to the solid foundation we have built to generate long term growth,” stated Clay Jones, President and Chief Executive Officer. “The award is especially significant this year as we celebrate our 30^th Anniversary as a team committed to prioritizing the needs of our clients and contributing to the growth and prosperity of the communities we serve. We look forward to ongoing growth in 2024.”

Of the 203 community banks that were considered for the 2023 Community Bankers Cup, Heritage Commerce Corp ranked 14^th out of the top 21 banks chosen, based on various profitability, operational and balance sheet metrics. The pool of banks included all exchange-traded domestic banks, excluding mutual holding companies, with assets between $500 million and $10 billion as of December 31, 2023.

Heritage Commerce Corp, a bank holding company established in October 1997, 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, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, 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 San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.

Member FDIC

For additional information, contact:
Debbie Reuter
EVP, Corporate Secretary
Direct: (408) 494-4542
Debbie.Reuter@herbank.com

FAQ

What is the significance of Heritage Commerce Corp winning the 2023 Raymond James Community Bankers Cup?

Winning the 2023 Raymond James Community Bankers Cup signifies that Heritage Commerce Corp is among the top 10% of community banks in the U.S. for superior financial performance and stability.

How many times has Heritage Commerce Corp won the Raymond James Community Bankers Cup?

Heritage Commerce Corp has won the Raymond James Community Bankers Cup five times.

What was Heritage Commerce Corp's rank among the top community banks in the U.S. for 2023?

Heritage Commerce Corp ranked 14th out of 21 banks chosen for the 2023 Raymond James Community Bankers Cup.

What are the criteria for the Raymond James Community Bankers Cup?

The Cup is awarded based on various measurements of financial performance and stability, including profitability, operational, and balance sheet metrics.

What is the asset range of Heritage Commerce Corp as of December 31, 2023?

Heritage Commerce Corp has assets ranging from $500 million to $10 billion as of December 31, 2023.

Where are Heritage Bank of Commerce's full-service branches located?

Heritage Bank of Commerce operates full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek.

Is Heritage Bank of Commerce an SBA Preferred Lender?

Yes, Heritage Bank of Commerce is an SBA Preferred Lender.