HomeStreet Bank will have its first West Seattle branch within a few months when its purchase of the AmericanWest Bank branch in The Junction closes. The deal for HomeStreet to buy that branch – which was Viking Bank until AW bought that company in 2011 – and an AmericanWest branch in Bainbridge Island has just been announced. Ahead, the official news release:
HomeStreet, Inc. (“the Company”) (NASDAQ:HMST) today announced the execution of a definitive agreement for HomeStreet Bank to purchase two AmericanWest Bank branches in Western Washington. The transaction is subject to regulatory approval and is expected to close in the third quarter of 2013.
The two branches being acquired by HomeStreet Bank are located in:
Bainbridge Island – 921 Hildebrand Lane, Bainbridge Island (Kitsap County)
West Seattle – 4022 SW Alaska Street, Seattle (King County)
As of June 30, 2013, the deposits are approximately $36.50 million for the two branches combined. Additionally, HomeStreet is acquiring loans with these two branches totaling approximately $2.15 million as of June 30, 2013. The transaction increases the number of HomeStreet’s retail deposit branches to 19 in the Puget Sound region of Washington and 25 overall. The net cash received will be used to reduce the balance of HomeStreet’s outstanding short-term borrowings.
“These are both very good locations for us and expedite the process of increasing the density of our retail deposit branch network in our core market area without the time and expense of de novo branches,” said HomeStreet Bank President, CEO and Chairman Mark K. Mason. “We are working closely with our colleagues at AmericanWest Bank to create a smooth transition for the customers and employees of these two branches.”
The Bainbridge Island and West Seattle locations will continue to operate as AmericanWest Bank branches until the transaction is completed. Upon closing, the two branches will become part of HomeStreet Bank.
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