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HomeStreet Announces Agreement to Acquire Branch in San Diego County

June 12, 2017HomeStreet, Inc. (NASDAQ: HMST), the parent company of HomeStreet Bank of Seattle, Washington, today announced that HomeStreet Bank has entered into an agreement to acquire a branch located in El Cajon, California from Opus Bank (“Opus”) of Irvine, California, including approximately $28 million in deposits held at that branch. The transaction is subject to customary closing conditions including receipt of regulatory approval.

This acquisition would increase the number of HomeStreet’s retail deposit branches to four in San Diego County and 16 in Southern California.

“We are excited to be adding this bank branch to our Southern California network,” said HomeStreet Bank President, CEO and Chairman Mark K. Mason. “Not only is this branch strategically located in the fast growing east San Diego county area, but it is situated near an office of our affinity partner, Kaiser Permanente. We look forward to welcoming the employees and customers of this branch and to serving El Cajon and the surrounding communities.”

The El Cajon Branch will continue to operate as usual under the Opus Bank brand until the transaction is completed. Upon closing, the branch will become part of HomeStreet Bank.