HomeStreet, Inc. (NASDAQ: HMST), the parent company of
HomeStreet Bank, of Seattle, Washington, and Boston Private Bank
& Trust Company (“Boston Private”) of Boston, Massachusetts
today announced that HomeStreet Bank and Boston Private have
entered into an agreement for HomeStreet Bank to acquire two
branches, one located in Granada Hills and one in Burbank,
California, from Boston Private. In the proposed transaction,
HomeStreet Bank expects to acquire approximately $110 million in
deposit accounts. This transaction is subject to customary closing
conditions and regulatory approval.
The transaction would increase the number of HomeStreet’s Retail
Branches to 12 in Southern California.
“We are excited to add these two branches to our Southern
California network,” said HomeStreet Bank President, CEO and
Chairman Mark K. Mason. “Not only do these branches add to the
strategy of increasing our density in one of the most attractive
markets in the United States, they are also each located near
offices of our affinity partner, Kaiser Permanente. We welcome the
employees and customers of these branches and look forward to
serving the Burbank and Granada Hills communities.”
“Boston Private remains very committed to the Southern
California market,” said George Schwartz, President, Boston Private
Bank, & CEO, Boston Private Banking Group. “We are positioning
our footprint and optimizing our resources to operate where we can
best develop and serve our wealth management, private banking,
trust clients, and our local community, as evidenced by our new
offices in Beverly Hills and Downtown Los Angeles. Our five offices
in Southern California are generating strong performance and we
will continue to expand our presence in this exciting market.”
Both locations will continue to operate under the Boston Private
brand until the transaction is completed. Upon closing, the
branches will become part of HomeStreet Bank.
Sandler O'Neill + Partners, L.P. served as financial advisor and
Goodwin Procter LLP served as legal advisor to Boston Private in
this transaction.
About HomeStreet, Inc.
Now in its 96th year HomeStreet, Inc. (NASDAQ:HMST) is a
diversified financial services company headquartered in Seattle,
Washington and is the holding company for HomeStreet Bank, a
state-chartered, FDIC-insured commercial bank. HomeStreet offers
consumer, commercial and private banking services, investment and
insurance products and originates residential and commercial
mortgages and construction loans for borrowers located in the
Western United States and Hawaii. The bank has consistently
received an “outstanding” rating under the federal Community
Reinvestment Act (CRA). Additional information on HomeStreet Bank
can be found at www.homestreet.com.
About Boston Private
Boston Private is a leading provider of fully integrated wealth
management, trust and private banking services. For more than 25
years, Boston Private has taken a highly personalized approach to
serving the complex financial needs of individuals, families,
business owners, private partnerships, nonprofits and community
partners. Boston Private is also an active provider of financing
for affordable housing, first-time homebuyers, economic
development, social services, community revitalization and small
businesses.
Headquartered in Boston, Boston Private has 35 offices across
the U.S. including Boston, San Francisco, San Jose, Los Angeles and
Palm Beach. Private banking and trust services are provided through
Boston Private Bank & Trust Company. Wealth management services
are provided through Boston Private Wealth LLC, an SEC registered
investment adviser and a wholly owned subsidiary of Boston Private
Bank & Trust Company.
Boston Private Bank & Trust Company is a subsidiary of
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH). For more
information, visit www.bostonprivate.com.
Forward Looking Statements
This press release contains forward-looking statements
concerning HomeStreet, Inc., HomeStreet Bank and Boston Private
Bank & Trust Company and their respective 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,
regulatory approvals, the successful integration of their employees
and customers, future plans, growth strategies and the potential
for customer growth, as well as statements that anticipate these
events, are forward looking in nature. Forward-looking statements
are based on many beliefs, assumptions, estimates and expectations
of future performance, taking into account information currently
available to the parties, 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 and Boston Private
Bank & Trust Company’s control. Forward-looking statements
speak only as of the date made, and neither HomeStreet Bank nor
Boston Private Bank & Trust Company undertake to update them to
reflect changes or events that occur after that date.
Readers are cautioned 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, the parties’ ability to obtain federal and state
regulatory approval, retention of the assets, deposits and
customers related to the purchase and assumption agreement,
HomeStreet’s ability to realize the revenue enhancements and other
benefits expected from these transactions, and HomeStreet’s ability
to successfully integrate the operations of these two branches, may
be limited due to future risks and uncertainties including, but not
limited to, changes in general economic conditions that impact the
parties’ markets and business, actions by the Federal Reserve
affecting monetary and fiscal policy, regulatory and legislative
actions that may constrain the parties’ ability to do business, and
the competitive environment. A discussion of the factors that each
of the parties recognizes to pose risk to the achievement of its
business goals and operational and financial objectives more
generally is contained in their respective Annual Reports on Form
10-K for the fiscal year ended December 31, 2015 and Quarterly
Reports on Form 10-Q for the period ended March 31, 2016. These
factors are updated from time to time in the parties’ respective
filings with the Securities and Exchange Commission, and readers of
this release are cautioned to review those disclosures in
conjunction with the discussions herein.
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version on businesswire.com: http://www.businesswire.com/news/home/20160622005299/en/
Investor Relations:Boston
PrivateAdam Bromley,
617-912-4386abromley@bostonprivate.comorHomeStreet, Inc.Gerhard
Erdelji, 206-515-4039gerhard.erdelji@homestreet.comorMedia Relations:Boston PrivateSteve Brownell,
617-912-4402sbrownell@bostonprivate.comorHomeStreet, Inc.Michael
Rubbinaccio,
206-389-4433Michael.rubbinaccio@homestreet.comorwww.homestreet.com/newsroom
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