HomeStreet in Seattle has agreed to buy a branch in San Marcos, Calif., from Silvergate Bank.
The $7 billion-asset HomeStreet said in a press release Friday that it will also obtain $123 million in deposits, $123 million in loans and a business lending team from the acquisition. The deal is expected to close in the first half of next year.
This acquisition would give HomeStreet its fifth branch in the San Diego area.
“We have a strong, growing presence in Southern California, and we are excited to add another bank branch,” Mark Mason, HomeStreet’s chairman, president and CEO, said in the release.
“This acquisition also substantially increases our commercial lending team in Southern California and adds a proven leader and his team to our San Diego operations,” Mason added.
Selling the branch allows Silvergate, a unit of Silvergate Capital in Brooklyn, N.Y., to increase its focus on its core fintech deposit effort and specialty lending, Alan Lane, the $2.2 billion-asset bank’s CEO, said in the release.
Barclays Capital and Breakwater Law Group advised Silvergate.
