HomeStreet, Inc. and Simplicity Bancorp Merger Scheduled for March 1, 2015
28 February 2015 - 09:00AM
Business Wire
HomeStreet, Inc. (NASDAQ:HMST) (“HomeStreet”) today announced
that its merger with Simplicity Bancorp and the merger of
HomeStreet’s subsidiary, HomeStreet Bank, with Simplicity Bank is
scheduled for completion on March 1, 2015. The combined company
will operate as HomeStreet, Inc. and conduct banking operations as
HomeStreet Bank. Post-merger, HomeStreet expects to have
approximately $4.4 billion in assets, $2.8 billion in loans and
$3.1 billion in deposits, and a network of 99 deposit branches and
lending centers.
Under the terms of the 100% stock agreement, Simplicity
stockholders will receive one share of HomeStreet common stock for
each share owned of Simplicity common stock.
“This merger represents a significant expansion of HomeStreet’s
commercial and consumer banking activities in Southern California,”
said HomeStreet CEO Mark K. Mason. “We are looking forward to
servicing Simplicity customers, including current and former
employees of Kaiser Permanente, with a substantially expanded menu
of products and services. We will work diligently toward a smooth
transition and uninterrupted, high quality service to customers,
and to extend our strong corporate citizenship program to the
communities served by our new branches.”
MJ Capital Partners, LLC served as financial advisors and Davis
Wright Tremaine LLP served as legal advisors to HomeStreet, Inc.
Keefe, Bruyette & Woods, Inc. served as financial advisors and
Luse Gorman Pomerenk & Schick, PC served as legal advisors to
Simplicity Bancorp, Inc.
Forward-Looking Statements
This press release contains forward-looking statements
concerning HomeStreet, Inc. and HomeStreet Bank, and their
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
successful transition of Simplicity Bank operations and products
and services that may be offered to former Simplicity Bank
customers, 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 our future
performance, taking into account information currently available to
us. Such statements involve inherent risks and uncertainties, many
of which are difficult to predict and are generally beyond
HomeStreet’s control. 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) is a diversified financial
services company headquartered in Seattle, Washington, and the
holding company for HomeStreet Bank, a state-chartered,
FDIC-insured savings bank. HomeStreet Bank offers consumer and
business banking, mortgage lending, commercial real estate and
residential construction financing, private banking, investment and
insurance products and services in the Western United States and
Hawaii. Certain information about our business can be found on our
investor relations web site, located at
http://ir.homestreet.com
HomeStreet, Inc.Terri Silver, 206-389-6303VP, Investor Relations
& Corporate
Communicationsterri.silver@homestreet.comhttp://ir.homestreet.com
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