Market Overview

HomeStreet to Acquire Fortune Bank, Yakima National Bank

HomeStreet Bank and its holding company, HomeStreet, Inc. (NASDAQ: HMST)
have entered into two separate merger agreements pursuant to which
HomeStreet Bank will acquire Seattle-based Fortune Bank for
approximately $27.0 million, and Yakima National Bank, based in Yakima,
Wash., and parent holding company, YNB Financial Services Corp. (“Yakima
National”), for approximately $10.3 million. The combined company had
approximately $3.0 billion in assets on a pro forma basis as of June 30,
2013.

The proposed transactions, which have been approved by the boards of
directors of HomeStreet, Fortune and Yakima National, are subject to
Fortune's and Yakima National's shareholders' approval and regulatory
approval. The proposed transactions are expected to close in the fourth

See full press release

Posted-In: News Guidance Contracts Management M&A Global

 

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