SEATTLE, Wash. – August 12, 2016 – HomeStreet, Inc. (“the Company”) (NASDAQ:HMST) today announced that its wholly-owned subsidiary, HomeStreet Bank, has completed its previously announced purchase of certain assets and liabilities, including two branches in Lake Oswego, Oregon, from Bank of Oswego.
The branches HomeStreet Bank has acquired are located in Lake Oswego, Oregon. As of July 31, 2016, loans and other assets totaled $41.5 million and deposits totaled $46.9 million in aggregate for both branches. The two Lake Oswego branches are now operating as HomeStreet Bank branches and increase the number of HomeStreet Bank’s retail branches to five in the Portland, Oregon metro area, which includes Vancouver, Washington.
“We are happy to welcome the customers and employees of the Lake Oswego branches to HomeStreet,” said HomeStreet Bank Chairman, President and CEO Mark K. Mason. “We look forward to the growth opportunities from the acquisition as a result of the Portland-Vancouver area’s strong employment and population growth.”
HomeStreet did not assume any liability relating to any ongoing litigation involving any former officer or director of The Bank of Oswego in this transaction.
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). Additional information on HomeStreet Bank can be found at www.homestreet.com.
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 expectations of growth opportunities in the Portland-Vancouver 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. 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.