New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
July 1, 2014
08:15 EDTSTI, HMSTHomeStreet closes deal to sell mortgage servicing rights to SunTrust
HomeStreet (HMST), the parent company of HomeStreet Bank, announced that the Bank has executed and closed a definitive agreement selling a portion of its single family mortgage servicing rights portfolio to SunTrust Mortgage (STI). The transaction closed on June 30, and provides for the sale of the rights to service approximately $3B in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae, which represents about 25% of HomeStreet’s total single family mortgage loans serviced for others portfolio as of March 31. The sale is expected to result in an increase of approximately $5.4M in mortgage servicing income for the quarter ending June 30, HomeStreet said. The physical transfer of servicing from the Bank to SunTrust is scheduled for October 1, and is subject to customary conditions. HomeStreet will continue to service the loans between the closing date and the final transfer date. “The sale of this portfolio of mortgage servicing rights is part of our ongoing balance sheet and capital management as well as in preparation for the January 1, 2015 effective date of the new Basel III-based regulatory capital standards,” said HomeStreet CEO Mark Mason.
News For HMST;STI From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 28, 2015
11:25 EDTHMSTHomeStreet to host conference call
Subscribe for More Information
11:05 EDTHMSTHomeStreet to acquire Orange County Business Bank for $55.3M
HomeStreet has entered into a definitive agreement under which it will acquire Orange County Business Bank, a California banking corporation. The proposed transaction was approved by the boards of both companies and is expected to close late in the fourth quarter of 2015 or early in the first quarter of 2016, subject to certain conditions set forth in the merger agreement and the customary closing conditions, including OCBB shareholder and state and federal regulatory approvals. Under the terms of the agreement, HomeStreet will acquire Orange County Business Bank for $11.70 per share, or a total value of $55.3M with $5.5M paid in cash and the remainder in HomeStreet common stock. The merger agreement provides for an adjustment to the number of shares of HomeStreet stock issuable in the transaction if HomeStreet's average closing stock price, as measured during a ten-day trading day period ending on and excluding the fifth day prior to the closing date, falls outside a range of 90% to 115% of the average closing price measured during such a period prior to the signing date.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use