HomeStreet Bank Completes Purchase of El Cajon Branch
September 18 2017 - 9:15AM
Business Wire
HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc.
(Nasdaq:HMST), completed its previously announced purchase of a
retail deposit branch and related deposit accounts from Opus Bank
on September 15, 2017. In connection with the purchase, HomeStreet
acquired approximately $21.5 million in customer deposits. The bank
did not acquire any loans as part of the transaction.
This acquisition increases the number of HomeStreet Bank’s
retail deposit branches to four in San Diego County, and 16 in
Southern California.
“We are happy to welcome the employees and customers of this
branch to our network of retail deposit branches in Southern
California,” said Mark K. Mason, HomeStreet chairman, president and
CEO. “The branch is located in El Cajon, California, a fast growing
community in East San Diego County and is also near an office of
our affinity partner, Kaiser Permanente.”
The branch will begin operating as HomeStreet Bank on Monday,
September 18, 2017.
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. In particular, statements about the successful
integration of employees and customers and expectation of growth
opportunities in the San Diego County market, as well as statements
that anticipate these events, are forward looking in nature.
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. You should consider, among other things, the risk factors
included in our periodic reports filed with the Securities and
Exchange Commission, including but not limited to our most recent
Quarterly Report on Form 10-Q for the second quarter of this year.
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.
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
through its various operating subsidiaries. The company operates
two primary business segments: Mortgage Banking, which originates
and purchases single family residential mortgage loans, primarily
for sale into secondary markets; and Commercial & Consumer
Banking, including commercial real estate, commercial lending,
residential construction lending, retail banking, private banking,
investment, and insurance services. Its principal subsidiaries are
HomeStreet Bank and HomeStreet Capital Corporation. Certain
information about our business can be found on our investor
relations web site, located at http://ir.homestreet.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170918005402/en/
HomeStreet, Inc.Investor Relations:Gerhard
Erdelji, 206-515-4039gerhard.erdelji@homestreet.comorMedia
Relations:Michael Brandt,
206-876-5506michael.brandt@homestreet.comwww.homestreet.com/newsroom
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