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.
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 buy Orange County Business Bank in Irvine, Calif.; a former AmericanWest branch from Banner Corp.; and two branches from Bank of Oswego in Lake Oswego, Ore.
Boston Private announced in May that it would open an office in Los Angeles to house its West Coast commercial lending and community investment teams. The company has 35 offices nationwide.
"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.