SEATTLE--(BUSINESS WIRE)--HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc. (NASDAQ:HMST), yesterday completed its previously announced purchase of two retail deposit branches and related deposit accounts from Boston Private Bank & Trust Company (“Boston Private”).
The branches, located in southern California, are expected to add approximately $104 million in deposits and increase the bank’s retail deposit branch network to 13 in southern California.
“We are happy to welcome the Boston Private branches to our network of branches in southern California,” said Mark K. Mason, HomeStreet chairman, president and CEO. “The branches are located in one of the most attractive markets in the United States and the branch staff members have excelled in providing quality customer service to meet the financial needs of the community. We look forward to continuing and enhancing those relationships in Granada Hills and Burbank, as well as the surrounding communities.”
The branches will begin operating as HomeStreet Bank branches on Monday, November 14, 2016.
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).
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 Southern California 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.