SEATTLE--(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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