Following the completion of the acquisition, which is expected to complete during the fourth quarter of 2013, the integrated entity will have $3bn in assets on a pro forma basis as of 30 June 2013.
Approved by the boards of directors of HomeStreet, Fortune and Yakima National, the transaction is pending receipt of the shareholders approval of Fortune and Yakima National as well as certain regulatory approvals.
HomeStreet Bank president and CEO Mark Mason said that beyond the growth in customers, loans and deposits, these acquisitions bring David Straus, CEO of Fortune Bank, and Jeff Newgard, CEO of Yakima National Bank.
Straus commented, "We will have a wider range of products and a greater capacity to lend, and we will also be able to continue the same great customer service and active community involvement."
Fortune Bank manages two branches in Seattle and Bellevue with total assets of nearly $142m, loans of $103m and deposits of $121m, as of 30 June 2013.
Yakima National Bank currently operates four branches in Yakima, Selah, Sunnyside and Kennewick in Central and Eastern Washington, with total assets of $125m, loans of $94m and total deposits of $114m as of 30 June 2013.
