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ANNOUNCEMENTS

Celebrating our heritage of leadership

Spices and herbs in jars and bowls on a wooden table.
 

Jeff Deuel announces retirement following 14 years of service

After 14 years of service, Heritage CEO Jeff Deuel has announced his retirement. He will serve in his current capacity as CEO of Heritage Financial Corporation until May 6, 2025, at which time he will become an advisor to the Bank.

Bryan McDonald succeeds Jeff as CEO and President of Heritage Bank, effective July 1, 2024. Bryan has also assumed the role of President of Heritage Financial Corporation. He has been Heritage Bank’s Chief Operating Officer for the past five years and has been a key contributor to the bank’s growth since joining in 2014.

These leadership changes are the culmination of long-term succession planning to ensure a seamless transition for our customers, employees, shareholders, and the communities we serve. We look forward to continuing to serve you, and our communities throughout the Pacific Northwest, with the financial products, solutions and expertise that you have come to rely on from Heritage.

It is an exciting time for our Company, and we are confident in our leadership team and wish them well as they begin a new chapter for Heritage Bank.

 

Pictured left to right: Jeff Deuel, and Bryan McDonald.

 
Jeff Deuel

Meet Bryan McDonald, President & Chief Executive Officer of Heritage Bank

Effective July 1, 2024, Bryan McDonald will be promoted to President & CEO of Heritage Bank. For the past ten years, Bryan has served as an integral member of the Heritage Bank leadership team, overseeing day-to-day banking operations, and guiding the organization through three mergers, seven commercial team additions for expansion into new markets, the formation of the Heritage Bank Community Development Entity and a pandemic. Bryan’s commercial banking experience spans a variety of leadership positions, including commercial lending, operations, retail, credit, and corporate strategies. 
Seeing the impact our bankers have on the communities and businesses we serve.  The advice and services they provide to our customers and each other are making a difference every day.  An expanded line of credit allowing a customer to take advantage of a growth opportunity, a new community facility, or the comfort customers gain experiencing their daily banking needs being taken care of by our excellent team.  
Continue the strategies that have allowed the bank to grow and be a dependable partner to our customers during all economic conditions. This translates to maintaining strong capital, liquidity, and a consistent approach to risk management. Adding to our services to meet the evolving needs of our customers.  And when the culture is a fit, expanding into new markets through the addition of commercial teams or the acquisition of banks seeking a partner.
Continued bank consolidation along with the various impacts of technology delivering new services, competitors, risks, and operating efficiencies. The number of banks has dropped 50% in the past 20 years, going from 9,194 in 2003 to 4,623 at the end of 2023. Heritage Bank has been the beneficiary of this consolidation, growing to over 11 times its original asset size back in 2003 to $7.1 billion today. Consolidation and market disruption are ongoing in 2024 and we will continue to make the opportunities this creates central to our growth strategies.
My wife Kristin and I spend much of our spare time watching our daughter’s activities which include dance recitals, volleyball, and softball.  We are really glad she chose volleyball as her fall sport as it’s nice to be inside this time of year in the Pacific Northwest! Beyond family, I also enjoy anything on or around the water including kayaking, fishing, boat rides, or just walking on the beach.

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