Heritage Commerce receives approval to exit TARP

Heritage Commerce Corp, the holding company of Heritage Bank of Commerce, announced that it has received the approval from its regulators and the U.S. Treasury Department to repay the $40M of Series A preferred stock issued under the TARP Capital Purchase Program. The repayment is expected to be completed on March 7. The company's strong capital levels, balance sheet, and profitability allow the Company to exit TARP without raising any additional capital or debt.