HomeStreet in Seattle plans to buy two small Washington lenders for a total of $37.3 million.
The $2.5 billion-asset company has agreed to buy Fortune Bank in Seattle for $27 million and YNB Financial Services Corp in Yakima, Wash., for $10.3 million. It announced both agreements Friday.
Fortune Bank has two branches and $142 million in assets. HomeStreet said it plans to transfer Fortune's customer relationships to existing HomeStreet branches after the merger closes.
YNB, the parent of Yakima National Bank, has $125 million in assets and four branches in central and eastern Washington.
The two deals, along with HomeStreet's pending acquisition of two branches from AmericanWest Bank in Spokane, Wash., would give it 29 branches.
"Beyond the growth in customers, loans and deposits, these acquisitions bring us two teams of seasoned community bankers and two talented executives in David Straus, CEO of Fortune Bank, and Jeff Newgard, CEO of Yakima National Bank," HomeStreet Bank President and CEO Mark Mason said in a news release. "We are looking forward to their help in growing our franchise in Puget Sound and in central and eastern Washington."
The Federal Reserve Board freed HomeStreet from a regulatory order in March.
HomeStreet expects to complete the deals for Fortune and YNB in the fourth quarter, pending regulatory approval.