HomeStreet Responds to Blue Lion Capital Letters to Shareholders
- The Company received an unsolicited proposal to purchase their DUS Business for $57 million.
- Board of Directors and management determined that the proposed price was inadequate.
- None.
September 22, 2023
To: HomeStreet Shareholders
RE: Company response to Blue Lion Capital letters to shareholders
In several recent letters to our Board of Directors and shareholders written by Chuck Griege, managing partner of Blue Lion Capital, he has proposed the Company sell our FNMA Delegated Underwriter and Servicer business (per Griege the “DUS license”) and related loan servicing portfolio (together our “DUS Business”) and utilize the gain and proceeds to sell certain low yielding loans and reduce borrowings. In these letters Mr. Griege has stated that the value of our DUS Business is “between
On September 15, 2023, the Company received an unsolicited non-binding written proposal to purchase our DUS Business (including our related loan servicing portfolio carried at
Our Board of Directors and management have analyzed the DUS Purchase Proposal and determined that the price proposed was inadequate in relation to the resulting benefit and value of the DUS Business to our Company and as such a sale of our DUS Business at this price was not in the best interests of the Company.
/s/ Mark K. Mason
Mark K. Mason
Chairman and Chief Executive Officer
About HomeStreet
HomeStreet, Inc. (Nasdaq: HMST) is a diversified financial services company headquartered in
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SVP Corporate Marketing Director
HomeStreet, Inc.
Misty Ford (206) 876-5506
misty.ford@homestreet.com
Source: HomeStreet, Inc.