Heritage Commerce Corp names Seth Fonti as new CFO

SAN JOSE, Calif. - Heritage Commerce Corp (NASDAQ:HTBK), the parent company of Heritage Bank of Commerce, announced Thursday the appointment of Seth Fonti as Executive Vice President and Chief Financial Officer, effective immediately. The $608 million market cap bank currently trades at a P/E ratio of 14.5x and is considered undervalued according to InvestingPro analysis.

Fonti brings over 20 years of financial and strategic leadership experience to the role. He most recently served as Managing Director and Head of Strategy, Corporate Development, and Strategic Finance for MUFG Americas Holding Corporation, the regional division of one of the world’s largest global banks.

"Seth is a forward-thinking and trusted financial leader with an impressive record of driving growth, increasing efficiency, and leading through complex transformations," said Clay Jones, President and Chief Executive Officer of Heritage Bank of Commerce, according to the press release.

During his time at MUFG Americas, Fonti led initiatives across strategy, enterprise-wide financial planning, balance sheet optimization, risk management, and capital planning. He was recognized as a top 0.1% manager and selected for MUFG Americas’ Global Leaders Forum.

Prior to his role at MUFG Americas, Fonti worked as a financial institutions investment banker with Macquarie Capital, Fox-Pitt Kelton, and JP Morgan. He holds an M.B.A. in Finance from Georgetown University and a B.A. from Rollins College.

Heritage Commerce Corp was established in 1997 as the parent company of Heritage Bank of Commerce, which was founded in 1994. The bank operates full-service branches across multiple California locations including San Jose, San Francisco, Oakland, and other cities throughout the region. The company has maintained dividend payments for 13 consecutive years, currently offering a 5.26% yield. InvestingPro data reveals several more key metrics and insights about the company’s financial performance and outlook.

In other recent news, Heritage Commerce Corp announced the appointment of Julianne Biagini-Komas as the new Chair of the Board of Directors. She takes over from Jack W. Conner, who will remain on the Board as Chair Emeritus through October 2025 to assist with the transition. Biagini-Komas has been a member of the board since 2014 and has served as Vice Chair since October 2024. Additionally, Heritage Commerce Corp declared a quarterly cash dividend of $0.13 per share, continuing its tradition of regular quarterly payouts since 2013. This dividend will be distributed on May 22 to shareholders on record as of May 8. Heritage Commerce Corp operates Heritage Bank of Commerce, which is recognized as an SBA Preferred Lender. These recent developments highlight the company’s ongoing commitment to shareholder returns and leadership continuity.

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