Abate Christopher J 4
4 · HERITAGE COMMERCE CORP · Filed Apr 17, 2026
Research Summary
AI-generated summary of this filing
Heritage Commerce (HTBK) Director Christopher Abate Converts 6,980 Shares
What Happened
Christopher J. Abate, a director of Heritage Commerce Corp. (HTBK), had 6,980 shares of HTBK disposed to the issuer on April 17, 2026 as part of the company’s merger into CVB Financial Corp. The HTBK shares were cancelled and converted into merger consideration — 0.65 CVB Financial (CVBF) shares per HTBK share — resulting in 4,537 CVBF shares. The Form 4 reports a $0.00 per-share cash price because the HTBK shares were exchanged under the merger, not sold for cash.
Key Details
- Transaction date: 2026-04-17; Report filed 2026-04-17 (timely).
- Transaction type/code: Disposition to issuer (D) — merger conversion.
- Shares disposed: 6,980 HTBK shares; Conversion: 6,980 × 0.65 = 4,537 CVBF shares.
- Reported cash proceeds: $0.00 (shares cancelled and converted into stock of CVBF).
- Notable footnotes: F1 — each HTBK share was converted into 0.65 CVBF shares at the Effective Time of the merger; F2 — outstanding restricted stock awards accelerated and were converted into the merger consideration.
- Shares owned after transaction: Not specified in the provided filing data.
Context
This was a corporate merger transaction (Heritage Commerce into CVB Financial), not an open-market sale, so it reflects the exchange of HTBK equity for CVBF stock under the merger agreement rather than a director-initiated liquidation. To assess value received, check CVBF’s market price around the merger Effective Time.
Insider Transaction Report
- Disposition to Issuer
Common Stock, No Par Value
[F1][F2]2026-04-17−6,980→ 0 total
Footnotes (2)
- [F1]On April 17, 2026 (the "Effective Time"), upon consummation of the transactions contemplated by the Agreement and Plan of Reorganization and Merger (the "Merger Agreement"), dated as of December 17, 2025, by and between Heritage Commerce Corp (the "Company"), a California corporation and CVB Financial Corp. ("CVBF"), a California corporation, and subject to the terms and conditions set forth in the Merger Agreement, each share of the Company's common stock outstanding immediately prior to the Effective Time was cancelled and converted into the right to receive 0.65 shares (the "Exchange Ratio") of CVBF's common stock, without interest thereon (the "Merger Consideration").
- [F2]At the Effective Time, each outstanding restricted stock award granted under any Company stock plan accelerated in full, and such restricted stock awards were converted into, and became exchanged for, the Merger Consideration.