The Bank Slate


Heritage Financial in Wash. closing more branches

Heritage Financial in Olympia, Wash., is continuing to close branches.

The $7.1 billion-asset company said in a press release Friday that it will shutter four locations on Oct. 29.

The move will lower Heritage’s branch count to 49 locations, or a 21% decline from last fall.

Heritage’s noninterest expenses fell 1.8% in the second quarter from a year earlier, to $36.4 million. Occupancy and equipment expenses decreased by 5.6%, to $4.1 million.

Heritage’s net income rose by 29% from the first quarter, to $32.7 million. The company lost $6.1 million a year earlier after setting aside $28 million to cover potential loan problems tied to the coronavirus pandemic.

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