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Simplicity Bank Merges with Seattle-Based HomeStreet Bank

March 02, 2015SEATTLE—March 2, 2015—Seattle-based HomeStreet Bank (HomeStreet) today announced the completion of its merger with Simplicity Bank, a seven-branch community bank located in Southern California.

SEATTLE—March 2, 2015—Seattle-based HomeStreet Bank (HomeStreet) today announced the completion of its merger with Simplicity Bank, a seven-branch community bank located in Southern California. The combined company will operate as HomeStreet Bank, which now has a network of 99 deposit branches and lending centers in the Western United States and Hawaii.

“This merger represents a significant expansion of HomeStreet’s commercial and consumer banking activities in Southern California,” said HomeStreet CEO Mark K. Mason.” We are looking forward to servicing Simplicity customers, including current and former employees of Kaiser Permanente, with a substantially expanded menu of products and services. We will work diligently to ensure a smooth transition and uninterrupted, high quality service to customers, and to extend our strong corporate citizenship program to the communities served by our new branches.”

HomeStreet Bank is one of the largest community banks headquartered in Washington State. It is a leading mortgage lender and full-service commercial and consumer bank and offers a wide range of products and services including home construction and renovation, commercial real estate financing, and a wide range of Small Business Administration (SBA) loan types.

HomeStreet opened its first California home loan center in Pasadena in February 2012 and currently has 18 home loan centers throughout the state. The merger with Simplicity signifies the expansion of HomeStreet’s retail banking services to California.

HomeStreet Bank has consistently received an "Outstanding" rating under the Community Reinvestment Act since the program began in 1989. The federal regulation focuses on how well a bank serves low- and moderate-income individuals, families and communities. HomeStreet has initiated its CRA-qualified investment activities in the Los Angeles area with an investment in the community development financial institution, Pan American Bank.

“Community partnership has been a top priority for us since our founding,” continued Mason. “Our approach is to develop meaningful and multifaceted partnerships that may include employee volunteer service, leadership through board and committee membership, teaching financial literacy and first-time homebuyer classes, holding food and supply drives, sharing financial resources in the form of charitable contributions and sponsorships, and tailoring banking and lending products and services to serve a broad spectrum of community members. I am very proud that in 2014, our employees donated more than 16,000 hours of service to organizations in our communities.”

HomeStreet has received a variety of awards and recognition including for its efforts to address affordable housing and economic development needs, creating special programs to meet the needs of first-time homebuyers, achievements in expanding homeownership opportunities, creative and innovative achievements as a community bank, and being an exemplary corporate citizen.

For more information on HomeStreet Bank, visit www.homestreet.com.

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About HomeStreet, Inc.

HomeStreet, Inc. (NASDAQ:HMST) is a diversified financial services company headquartered in Seattle, Washington, and the holding company for HomeStreet Bank, a state-chartered, FDIC-insured savings bank. HomeStreet Bank offers consumer and business banking, mortgage lending, commercial real estate and residential construction financing, private banking, investment and insurance products and services in the Western United States and Hawaii. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com.