HomeStreet Inc., Completes Previously Announced “At The Market” Offering of Common Stock
December 12 2016 - 2:01PM
Business Wire
HomeStreet, Inc., (the “Company”) (NASDAQ:HMST), the parent
company of HomeStreet Bank, today announced that it has completed
its previously announced sale of approximately $60,000,000 of its
common stock through an “at the market” equity offering program
(the “Offering”). The Company expects to complete settlement of the
Offering on December 13, 2016.
Net proceeds of the Offering are expected to be approximately
$58.6 million, which the Company intends to use for general
corporate purposes, growth, and possible future acquisitions.
“We are pleased with the speed and efficiency of this capital
raise. Our ability to sell this volume of shares so quickly into
the market reflects the success of our business strategy to build a
leading commercial and consumer bank in the best markets in the
Western United States,” said Mark K. Mason, HomeStreet chairman,
president and CEO. “The Offering represents our first equity raise
since our initial public offering and comes at a time when we have
achieved considerable success in growing and diversifying our
business in new and existing markets, while remaining committed to
serving our clients and communities. We thank our existing
shareholders for their support and welcome our new
shareholders.”
FBR Capital Markets & Co. and Keefe, Bruyette & Woods,
Inc. served as sales agents of the Offering.
About HomeStreet, Inc.
Now in its 96th year, HomeStreet, Inc. (NASDAQ: HMST) is a
diversified financial services company headquartered in Seattle,
Washington, and is the holding company for HomeStreet Bank, a
state-chartered, FDIC-insured commercial bank. HomeStreet offers
consumer, commercial and private banking services, investment and
insurance products and originates residential and commercial
mortgages and construction loans for borrowers located in the
Western United States and Hawaii. The bank has consistently
received an “outstanding” rating under the federal Community
Reinvestment Act (CRA).
Forward-Looking Statements
This press release contains forward-looking statements
concerning HomeStreet, Inc. and HomeStreet Bank and their
operations, performance and likelihood of success. All statements
other than statements of historical fact are forward-looking
statements. Forward-looking statements are based on many beliefs,
assumptions, estimates and expectations of our future performance,
taking into account information currently available to us, and
include statements about the competitiveness of the banking
industry. Such statements involve inherent risks and uncertainties,
many of which are difficult to predict and are generally beyond
HomeStreet’s control. Forward-looking statements speak only as of
the date made, and we do not undertake to update them to reflect
changes or events that occur after that date. The prospectus and
the prospectus supplement contain a discussion of the “risk
factors” that could cause us to take actions other than those we
presently anticipate, that could cause our financial condition or
results of operations to fall short of our expectations, or that
could otherwise materially and adversely affect our business.
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version on businesswire.com: http://www.businesswire.com/news/home/20161212006032/en/
HomeStreet, Inc.Media:Heidi Wesley-Cleveland,
206-753-3740heidi.wesley-cleveland@homestreet.comorInvestor
Relations:Gerhard Erdelji,
206-515-4039gerhard.erdelji@homestreet.comorwww.homestreet.com/newsroom
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