The $5 billion-asset company said in a regulatory filing
Wednesday that the settlement addresses claims its bank was negligent in handling,
supervising and managing depository accounts for DC Solar debtors and related investment funds.
The settlement must be approved by the bankruptcy court.
Heritage Commerce said the settlement will run through
noninterest expenses for the second quarter and that it will pursue
reimbursement from its insurance carriers.
DC Solar filed for bankruptcy protection in February 2019.
Heritage Commerce disclosed a month later that its bank had two unsecured
commercial real estate loans, with a total balance of $3.3 million, to entities
affiliated with the company.
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