Fortune Bank Agrees to Merge with HomeStreet
Fortune Bank (“Fortune”) today announced that it has entered into a
definitive agreement with HomeStreet, Inc. (NASDAQ: HMST) (“HMST”) and
its principal subsidiary HomeStreet Bank (“HomeStreet”) whereby Fortune
will effectively merge into HomeStreet for cash consideration of $10.25
per common share. Including the planned cash redemption of in-the-money
outstanding Fortune stock options and warrants, the aggregate
transaction value is approximately $27.0 million.