HOMESTREET, INC.
SEATTLE - August 4, 2015 - HomeStreet, Inc. ("the Company") (NASDAQ:HMST) today announced the execution of a definitive agreement for HomeStreet Bank to acquire the AmericanWest Bank branch in Dayton, Washington. The transaction is subject to several conditions including regulatory approval and the closing of a previously announced merger between AmericanWest Bank and Banner Bank. Our acquisition is expected to close in the fourth quarter of 2015.
The branch being acquired by HomeStreet Bank is located at 427 East Main, Dayton, Washington. As of June 30, 2015, the deposits are approximately $27.1 million for the Dayton branch. Additionally, HomeStreet is acquiring loans with this branch totaling approximately $4.4 million as of June 30, 2015.
The transaction will increase the number of HomeStreet's Retail Branches to 42 throughout Washington, Oregon, California and Hawaii, plus 77 Single Family Lending Branches.
"We're excited to be expanding our branch network in the Eastern Washington market," said HomeStreet Bank President, CEO and Chairman Mark K. Mason. "Supporting rural markets is key to traditional community banking-something HomeStreet Bank firmly believes in-and we look forward to serving Dayton and the surrounding agricultural community. Teams of employees from both HomeStreet and AmericanWest Bank are collaborating to ensure a seamless transition for the Dayton customers and the community."
The Dayton location will continue to operate as AmericanWest Bank until the transaction is completed. Upon closing, the branch will become part of HomeStreet Bank.
This press release contains forward-looking statements concerning HomeStreet, Inc. and HomeStreet Bank and their 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 and the successful integration of their employees and customers 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.
We caution readers 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, our ability to obtain regulatory approval and our ability to retain the assets and customers related to these branch acquisitions, and our ability to realize the benefits expected from these transactions, 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 we recognize to pose risk to the achievement of our
business goals and our operational and financial objectives more generally is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014. These factors are updated from time to time in our filings with the Securities and Exchange Commission, and readers of this release are cautioned to review those disclosures in conjunction with the discussions herein.
# # # 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, investment and insurance products and services in Washington, Oregon, Idaho, Hawaii and California. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com.
Mark K. Mason
Chairman, President & CEO HomeStreet Bank
(206) 442-5380 mark.mason@homestreet.comhttp://ir.homestreet.com Source: HomeStreet, Inc.
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