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News Breaks | | | | December 28, 2012 | | 08:01 EDT |  | HMST | HomeStreet announces termination of MOU
HomeStreet Bank, a wholly owned subsidiary of HomeStreet, Inc., has been notified by the Federal Deposit Insurance Corporation and Washington Department of Financial Institutions that its Memorandum of Understanding was terminated effective December 27. The Memorandum of Understanding, dated March 26, required, among other things, the maintenance of a minimum Tier 1 capital ratio of 9%, a plan to reduce adversely classified assets to levels to be established by mutual agreement with the regulators, and a restriction on payment of dividends from the Bank to HomeStreet. The Bank is no longer required to comply with these items. | |
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