Heritage Financial acquires Puyallup-based Valley Bank

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Olympia-based Heritage Financial, parent of Heritage Bank, has acquired Puyallup-based Valley Bank

The deal, announced Tuesday, will give the combined company $1.6 billion in assets and an increased presence in the South Sound.

The transaction has been approved by both boards of directors and now faces approval by Valley shareholders and bank regulators. The formalities should be complete by the third quarter.