HomeStreet Bank in Seattle is buying another batch of branches.
The $5.3 billion-asset company said in a press release Tuesday that it will buy two branches in the California markets of Granada Hills and Burbank from the $7.3 billion-asset Boston Private Financial Holdings in Boston.
A HomeStreet spokesman said the company will pay a 2.5% deposit premium for $110 million in deposits; no loans are included in the acquisition. The deal is expected to close in the fourth quarter. The overall price was not disclosed.
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HomeStreet in Seattle has raised $65 million from issuing senior debt. The $4.8 billion-asset company said in a press release Friday that the proceeds from the offering with support growth and other general corporate purposes.
May 20 -
Boston Private Financial Holdings is expanding its footprint in California, opening a new office in Los Angeles on June 1. The company will have 35 offices nationwide, including 14 on the West Coast.
May 9 -
Boston Private Financial Holdings appointed its bank president, George Schwartz, to the newly created position of chief executive of its private banking group.
April 11
HomeStreet has 48 branches in five states, including 10 in Southern California. The company plans to keep the 10 employees working at the Boston Private branches, the spokesman said.
HomeStreet in recent years has reached deals in to
Boston Private announced in May that it would
"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," George Schwartz, president of Boston Private Bank and chief executive of Boston Private Banking Group, said in the release.
Sandler O'Neill served as financial adviser, and Goodwin Procter served as legal adviser in the deal announced Tuesday.
