HomeStreet Bank moving into West Seattle by buying AmericanWest branch in The Junction

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.

coffee July 9, 2013 (4:35 pm)

Oh crap, I bank there and LOVE the employees.

westseatown July 9, 2013 (4:56 pm)

We also LOVE the employees at the West Seattle branch. Megan and Adrienne are awesome! I hope they all stay throught the changes.

coffee July 9, 2013 (6:39 pm)

According to the branch they all stay and account holders become part of homestreet.

BMC July 9, 2013 (7:54 pm)

I love HomeStreet Bank – how wonderful!! I will be closing my Chase account and moving there : )

wsrocks! July 10, 2013 (11:13 am)

I think I’ll be closing my chase account too. Homestreet is locally owned, isn’t it?

WSB July 10, 2013 (11:32 am)

As best I could find out on their website, they have Seattle headquarters.

Kelly July 10, 2013 (11:35 am)

Their web site says Washington, Oregon, Idaho, Hawaii and California.
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How can anybody still be banking with Chase?

G July 10, 2013 (2:08 pm)

I still bank with Chase for the convenience. Some of the same staff work there who were with WAMU. Lots of ATMS and multi-state branches, which is good for me.

bolo July 10, 2013 (2:17 pm)

This averages a “new” bank per year. Since 2011: Viking Bank ==> AmericanWest Bank ==> HomeStreet Bank. My home mortgage has been bought out a few times in the last few years also. Looks like the banking industry is happy again with mergers and aquisitions. Maybe time to start looking for signs of the next disaster?