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SAN JOSE - Heritage Commerce Corp (NASDAQ:HTBK), the parent company of Heritage Bank of Commerce and a $604 million market cap regional bank with a notable 5.37% dividend yield, announced Monday the appointment of Christopher J. Abate to its Board of Directors, expanding the board from eight to nine members. According to InvestingPro data, the bank has maintained dividend payments for 13 consecutive years, demonstrating consistent shareholder returns.
Abate will serve on the board’s Audit Committee and Personnel and Compensation Committee, according to a company press release.
The new director brings over 20 years of financial services industry experience, currently serving as Chief Executive Officer of Redwood Trust, Inc. since May 2018. He has been a director at Redwood Trust since December 2017 and has held various leadership positions there since joining in April 2006, including President, Chief Financial Officer, and Controller.
"His deep experience in real estate and finance, coupled with his extensive leadership skills and insight, will be a valued addition and complement the contributions of the other members of our Board," said Julie Biagini-Komas, Chair of the Board.
Prior to joining Redwood Trust, Abate worked at PricewaterhouseCoopers LLP. He holds a B.A. in accounting and finance from Western Michigan University and an M.B.A. from the University of California at Berkeley and Columbia University.
Heritage Commerce Corp was established in 1997 as the parent company of Heritage Bank of Commerce, which operates 16 full-service branches across Northern California. The bank also owns Bay View Funding, which provides working capital factoring financing to various industries throughout the United States. Trading at a P/E ratio of 15.4, InvestingPro analysis suggests the stock is currently undervalued, with additional metrics and insights available to subscribers. The company maintains strong profitability, with positive earnings expected for the current fiscal year.
In other recent news, Heritage Commerce Corp has announced a quarterly cash dividend of $0.13 per share, payable on August 21, 2025, to shareholders of record as of August 7, 2025. The company also appointed Seth Fonti as Executive Vice President and Chief Financial Officer, effective immediately. Fonti brings over two decades of financial and strategic leadership experience, having previously worked with MUFG Americas Holding Corporation. Additionally, Julianne Biagini-Komas has been named the new Chair of the Board of Directors, succeeding Jack W. Conner. Biagini-Komas, a Certified Public Accountant, has been with the board since 2014 and has served as Vice Chair since October 2024. Her previous leadership in the Audit Committee has been noteworthy, and Conner expressed confidence in her ability to guide the company. These developments come as the company continues to focus on strategic growth and leadership transitions.
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