HomeStreet To Acquire Fortune Bank, Yakima National Bank

(RTTNews) - HomeStreet Bank and its holding company HomeStreet Inc. (HMST) Friday entered into two separate merger deals pursuant to which HomeStreet Bank will acquire Seattle-based Fortune Bank for about $27 million, and Yakima National Bank, based in Yakima, Washington, for about $10.3 million. The combined company had about $3.0 billion in assets on a pro forma basis as of June 30.

The proposed deals, which have been approved by the boards of HomeStreet, Fortune and Yakima National, are subject to Fortune's and Yakima National's shareholders' approval and regulatory approval.

The proposed deals are expected to close in the fourth quarter of 2013.

As of June 30, Fortune Bank operates two branches in Seattle and Bellevue with total assets of about $142 million, loans of $103 million and deposits of $121 million.

Yakima National Bank currently operates four branches in the Central and Eastern Washington cities of Yakima, Selah, Sunnyside and Kennewick. Total assets were about $125 million, loans were $94 million and deposits totaled $114 million as of June 30.

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.