SEATTLE--(BUSINESS WIRE)--HomeStreet, Inc. (Nasdaq:HMST) (the “Company” or “HomeStreet”), the parent company of HomeStreet Bank (“HomeStreet Bank”), announced today that HomeStreet Bank has sold all of its ownership interest in WMS Series LLC, d/b/a Penrith Home Loans (“Penrith”). Penrith was an affiliated business arrangement between a HomeStreet subsidiary and various owners of Windermere franchisees that operates a single family mortgage origination business. HomeStreet Bank sold its interests in Penrith to a subsidiary of Windermere Services, which will continue to operate Penrith, in conjunction with the Windermere Real Estate Company franchise owners, under a new structure. HomeStreet Bank will provide certain transition services on arm’s length terms to Penrith for a period of time following this sale.
The completion of this transaction further reduces HomeStreet Bank’s concentration in single family mortgage lending, following the sale of the Bank’s stand-alone home lending centers earlier this year.
“We at HomeStreet have had the good fortune to have been in business with Windermere for over twenty years and it has been a successful part of our overall business,” said Mark Mason, CEO and President of HomeStreet. “As we continue to focus on the growth of our commercial banking operations, we felt it was the right time for HomeStreet to exit this business, but we wish Penrith all the best and expect it will continue to be a successful business as an independent company going forward.”
Forward-Looking Statements Regarding HomeStreet
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 regarding the Company’s anticipated future performance and financial condition, as well as the expected closing of the transaction, which remains subject to certain conditions, are forward looking in nature and are subject to many other factors, including changes in market conditions that may impact our ability to meet our expectations. Forward-looking statements are based on many beliefs, assumptions, estimates and expectations of our future performance, taking into account information currently available to us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond HomeStreet’s control. You should consider, among other things, the risk factors included in our periodic reports filed with the Securities and Exchange Commission, including but not limited to our most recent Quarterly Report on Form 10-Q for the third quarter of this year. 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. HomeStreet is not responsible for any statements or disclosures regarding any party other than HomeStreet, Inc. or HomeStreet Bank that may be contained in this press release.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.