SEATTLE--(BUSINESS WIRE)--HomeStreet, 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.
About HomeStreet, Inc.
Now in its 97th 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 respective operations, performance, financial conditions and likelihood of success. All statements other than statements of historical fact are forward-looking statements. In particular, statements about the timing and likelihood of the consummation of the acquisition, regulatory approvals, the successful integration of employees and customers, future plans, growth strategies and the potential for customer growth, 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 future performance, taking into account information currently available, 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.
Readers are cautioned that a number of factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Among other things, the ability to obtain federal and state regulatory approval for the transaction, retention of the assets, deposits and customers related to the branch to be acquired, HomeStreet’s ability to realize the revenue enhancements and other benefits expected from these transactions, and HomeStreet’s ability to successfully integrate the operations of this branch, may be limited due to future risks and uncertainties including, but not limited to, changes in general economic conditions that impact our markets and our business, actions by the Federal Reserve affecting monetary and fiscal policy, regulatory and legislative actions that may constrain our ability to do business, and the competitive environment. A discussion of the factors that HomeStreet recognizes to pose risk to the achievement of its business goals and operational and financial objectives more generally is contained in its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and Quarterly Report on Form 10-Q for the period ended March 31, 2017. These factors are updated from time to time in HomeStreet’s filings with the Securities and Exchange Commission, and readers of this release are cautioned to review those disclosures in conjunction with the discussions herein.