Heritage Financial Corporation Board Authorizes New Stock Repurchase Program

Apr 26, 2001, 01:00 ET from Heritage Financial Corporation

    OLYMPIA, Wash., April 26 /PRNewswire/ -- Donald V. Rhodes, Chairman,
 President and CEO of Heritage Financial Corporation (Nasdaq:   HFWA)
 ("the Company") today announced that the Board of Directors of Heritage
 Financial Corporation has authorized management to obtain regulatory approvals
 for it to acquire an additional 10% of its outstanding shares, or
 approximately 800,000 shares, in open market transactions or in privately
 negotiated transactions at times considered appropriate.  This will bring the
 total number of shares repurchased to just over 35% of the March 1999 total
 outstanding.  As of April 26, 2001 Heritage has purchased 838,706 of the
 approximately 890,000 shares authorized as announced in its August 7, 2000
 press release.  The additional share repurchases will commence upon the
 completion of the current round.  Once Heritage completes the current or third
 round of stock repurchases, it will have acquired about 28% of its outstanding
 shares since beginning the repurchase of its shares in March, 1999.
     Heritage Financial Corporation is a $588 Million asset sized bank holding
 company headquartered in Olympia, Washington.  The Company operates two
 community banks, Heritage Bank and Central Valley Bank, NA.  Heritage Bank
 serves Pierce, Thurston and Mason Counties in the South Puget Sound region of
 Washington through its twelve full service banking offices and Central Valley
 Bank serves Yakima and Kittitas Counties in central Washington through its six
 full service banking offices.
 
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SOURCE Heritage Financial Corporation
    OLYMPIA, Wash., April 26 /PRNewswire/ -- Donald V. Rhodes, Chairman,
 President and CEO of Heritage Financial Corporation (Nasdaq:   HFWA)
 ("the Company") today announced that the Board of Directors of Heritage
 Financial Corporation has authorized management to obtain regulatory approvals
 for it to acquire an additional 10% of its outstanding shares, or
 approximately 800,000 shares, in open market transactions or in privately
 negotiated transactions at times considered appropriate.  This will bring the
 total number of shares repurchased to just over 35% of the March 1999 total
 outstanding.  As of April 26, 2001 Heritage has purchased 838,706 of the
 approximately 890,000 shares authorized as announced in its August 7, 2000
 press release.  The additional share repurchases will commence upon the
 completion of the current round.  Once Heritage completes the current or third
 round of stock repurchases, it will have acquired about 28% of its outstanding
 shares since beginning the repurchase of its shares in March, 1999.
     Heritage Financial Corporation is a $588 Million asset sized bank holding
 company headquartered in Olympia, Washington.  The Company operates two
 community banks, Heritage Bank and Central Valley Bank, NA.  Heritage Bank
 serves Pierce, Thurston and Mason Counties in the South Puget Sound region of
 Washington through its twelve full service banking offices and Central Valley
 Bank serves Yakima and Kittitas Counties in central Washington through its six
 full service banking offices.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X62733506
 
 SOURCE  Heritage Financial Corporation