HomeStreet Announces Completion of the Purchase of Southern California Branches
February 13 2023 - 8:45AM
Business Wire
HomeStreet, Inc. (Nasdaq: HMST) (“HomeStreet”), the parent
company of HomeStreet Bank (the “Bank” and together with
HomeStreet, the “Company”), announced the completion of the
purchase of three former MUFG Union Bank, N.A. branches in Southern
California.
“We are excited to welcome the employees and customers of these
branches to HomeStreet Bank,” said Mark K. Mason, HomeStreet’s
Chairman of the Board, President, and Chief Executive Officer. “The
addition of these three branches now brings HomeStreet’s total
number of branches in Southern California to 20, including four in
San Bernardino County. Additionally, this acquisition will increase
our customer base by approximately 24,000 accounts. We have an
outstanding record of customer service and community involvement,
and we look forward to having a positive impact on the new
customers and communities we will be serving.”
The acquisition included deposits, customer relationships,
related loans, owned real estate and fixed assets associated with
the branches. We also retained the employees of the branches. As
part of the purchase agreement, HomeStreet assumed approximately
$400 million in deposits and purchased $22 million in loans.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq: HMST) is a diversified financial
services company headquartered in Seattle, Washington, serving
consumers and businesses in the Western United States and Hawaii.
The Company is principally engaged in real estate lending,
including mortgage banking activities, and commercial and consumer
banking. Its principal subsidiaries are HomeStreet Bank and
HomeStreet Capital Corporation. HomeStreet Bank is the winner of
the 2022 "Best Small Bank" in Washington Newsweek magazine award.
Certain information about our business can be found on our investor
relations web site, located at http://ir.homestreet.com. HomeStreet
Bank is a member of the FDIC and an Equal Housing Lender.
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version on businesswire.com: https://www.businesswire.com/news/home/20230213005078/en/
Executive Vice President and Chief Financial Officer:
HomeStreet, Inc. John Michel (206) 515-2291
john.michel@homestreet.com http://ir.homestreet.com
or
Media Relations: Misty Ford, (206) 876-5506
misty.ford@homestreet.com
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