HomeStreet Announces the Completion of our Previously Announced Sale of Five Eastern Washington Branches and Related Deposits

Rhea-AI Summary

HomeStreet, Inc. (Nasdaq: HMST) announced the sale of five retail deposit branches in eastern Washington, closing on July 29, 2022. The transaction resulted in an estimated gain of $4 million. The assets involved included $185 million in deposits, $42 million in loans, and $2 million in other assets.

This strategic decision reflects HomeStreet's ongoing efforts to streamline operations and focus on core banking functions while enhancing overall financial performance.

Positive

• Estimated gain of $4 million from the sale of retail deposit branches.
• Streamlining operations, allowing the company to focus on core banking.

Negative

• None.

SEATTLE--(BUSINESS WIRE)-- HomeStreet, Inc. (Nasdaq: HMST) (“HomeStreet”), the parent company of HomeStreet Bank (the “Bank” and together with HomeStreet, the “Company”), today announced that on July 29, 2022 we closed the sale of five retail deposit branches in eastern Washington, including the branches' lending businesses and employees, for an estimated gain of $4 million. The balance of deposits, loans and other assets sold were $185 million, $42 million and $2 million, respectively.

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. 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. HomeStreet Bank is the winner of the 2022 "Best Small Bank" in Washington Newsweek magazine award. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005962/en/

Executive Vice President and Chief Financial Officer:

HomeStreet, Inc.

John Michel (206) 515-2291

john.michel@homestreet.com

http://ir.homestreet.com

or

Media Relations:

Misty Ford, 206-876-5506

misty.ford@homestreet.com

Source: HomeStreet, Inc.

FAQ

What branches did HomeStreet, Inc. sell on July 29, 2022?

HomeStreet, Inc. sold five retail deposit branches in eastern Washington.

How much gain did HomeStreet, Inc. report from the sale of branches?

HomeStreet, Inc. reported an estimated gain of $4 million from the sale.

What were the total assets sold by HomeStreet, Inc. in the branch sale?

The total assets sold included $185 million in deposits, $42 million in loans, and $2 million in other assets.

What is the stock symbol for HomeStreet, Inc.?

The stock symbol for HomeStreet, Inc. is HMST.