This merger with HomeStreet Bank gives our organization the chance to grow with our clients,” said Fortune Bank President and CEO Dave Straus. “We will have a wider range of products and a greater capacity to lend, and we will also be able to continue the same great customer service and active community involvement.”
Yakima National Bank currently operates four branches in the Central and Eastern Washington cities of Yakima, Selah, Sunnyside and Kennewick. Total assets were approximately $125 million, loans were $94 million and deposits totaled $114 million as of June 30, 2013. These locations will operate as Yakima National Bank branches until the transaction is completed, at which time they will become part of the HomeStreet Bank network.
“I believe this transaction is very positive for Yakima National Bank’s shareholders, customers, and employees,” said President and CEO Jeff Newgard. “We are excited to become a part of the HomeStreet organization, and we look forward to using HomeStreet Bank’s resources to strengthen and expand our business while continuing to provide locally focused banking services to our customers. Increased lending limits, combined with access to HomeStreet’s vast array of consumer and commercial products, offer a great benefit to our customers and communities we serve. HomeStreet’s progressive approach to community banking complements Yakima National Bank’s high-touch relationship banking that our customers have come to expect, and will allow for seamless integration of our teams, as well as greater market penetration and growth.”
The acquisition of the two banks, along with the pending acquisition of retail deposit branches from AmericanWest Bank, will increase the net number of HomeStreet retail deposit branches to 29.
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 timing and likelihood of the consummation of the acquisitions, shareholder approvals, regulatory approvals and the successful integration of their employees and 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, 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 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.