Remaining Mortgage Business Positioned for Ongoing Profitability
SEATTLE–(BUSINESS WIRE)–HomeStreet, Inc. (Nasdaq: HMST) or (“HomeStreet”), the parent company of
HomeStreet Bank (the “Bank”), today announced the second closing of the
sale of assets and transfer of offices and personnel to Homebridge
Financial Services, Inc. (“Homebridge”). As part of this closing an
additional 17 stand-alone, satellite, and fulfillment offices related to
the Bank’s home loan center-based single family mortgage origination
business, were transferred to Homebridge, bringing the total of
transferred offices in this transaction to 47. In addition,
approximately 110 additional former HomeStreet single family origination
and support personnel have been hired as employees of Homebridge,
bringing the number of former HomeStreet employees hired by Homebridge
to approximately 452.
“This second closing of the offices and personnel transferring to
Homebridge represents a significant achievement for HomeStreet toward
its long-term strategic goals,” said Mark K. Mason, HomeStreet Chairman,
President, and CEO. “On behalf of the Board of Directors, I would like
to thank those employees who are part of this transaction for their hard
work and wish them well with their careers at Homebridge, along with
those HomeStreet employees who worked so hard to make the transition as
smooth as possible.”
HomeStreet was advised in the transaction by Keefe, Bruyette & Woods, A
Stifel Company as financial advisor and Mayer Brown LLP and Davis
Wright Tremaine LLP as legal counsel.
Forward-Looking Statements
This press release contains forward-looking statements concerning
HomeStreet, Inc. and HomeStreet Bank, and their operations, performance
and likelihood of success. All statements other than statements of
historical fact are forward-looking statements. In particular, certain
statements in this release are both forward looking and subject to
factors outside of our control, including market conditions, regulatory
decisions and the actions of third parties, that may impact our ability
to meet our expectations. This includes statements about anticipated
future profitability of our mortgage business and the expected impact to
the volatility of our earnings. Forward-looking statements are based on
many beliefs, assumptions, estimates and expectations of our future
performance, taking into account information currently available to us,
and include statements about the competitiveness of the financial
services industry. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are generally
beyond HomeStreet’s control. You should consider, among other things,
the risk factors included in our periodic reports filed with the
Securities and Exchange Commission, including but not limited to our
most recent Quarterly Report on Form 10-Q for the quarter ended March
31, 2019. Forward-looking statements speak only as of the date made, and
we do not undertake to update them to reflect changes or events that
occur after that date.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) (the “Company”) is a diversified
financial services company headquartered in Seattle, Washington, serving
consumers and businesses in the Western United States and Hawaii through
its various operating subsidiaries. The Company’s primary business is
community banking, including: commercial real estate lending, commercial
lending, residential construction lending, single family residential
lending, retail banking, private banking, investment, and insurance
services. Its principal subsidiaries are HomeStreet Bank and HomeStreet
Capital Corporation. Certain information about our business can be found
on our investor relations web site, located at http://ir.homestreet.com.
Important Additional Information and Where to Find It
The Company has filed a definitive proxy statement on Schedule 14A and
accompanying WHITE proxy card with
the Securities and Exchange Commission (the “SEC”) in connection with
the solicitation of proxies for its 2019 Annual Meeting of Shareholders.
SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE COMPANY’S DEFINITIVE PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free
copy of the proxy statement and accompanying WHITE
proxy card, any amendments or supplements to the proxy statement and
other documents that the Company files with the SEC from the SEC’s
website at www.sec.gov
or the Company’s website at http://ir.homestreet.com
as soon as reasonably practicable after such materials are
electronically filed with, or furnished to, the SEC.
Contacts
HomeStreet, Inc.
Investor Relations:
Gerhard Erdelji, 206-515-4039
[email protected]
or
Media
Relations:
Michael Brandt, 206-876-5506
[email protected]
