HomeStreet Inc.
TypePublic
Nasdaq: HMST
IndustryCommercial banking
FoundedSeattle, Washington, United States (1921)
Headquarters601 Union Street
Seattle, Washington, United States
Number of locations
67[1]
Key people
Mark Mason, Chairman and CEO
ProductsChecking accounts
Savings accounts
Retirement accounts
Mortgage loans
Personal investing
Private banking
Business loans
RevenueIncrease US$264.32 million (2019)
Increase US$17.51 million (2019)
Total assets$6.8 billion (December 31, 2019)
Number of employees
1,071 (December 31, 2019)
WebsiteHomeStreet.com

HomeStreet, Inc., d.b.a HomeStreet Bank, together with its subsidiaries, provides various financial services primarily in Washington, Oregon, California, and Hawaii. The company was founded as Continental Mortgage and Loan Company in 1921 by W. Walter Williams.[2] It changed its name to Continental Savings Bank in 1986.[3] In May 2000, the named changed to HomeStreet Bank. [4] Its current headquarters are in Seattle, Washington.[5]

Following the financial crisis of 2007–2008 the bank suffered heavy losses.[6][7] In 2012, in order to satisfy regulatory capital requirements, it raised $89 million in an IPO, ending four generations of control by the Williams family.[6]

In 2018 the bank won a court case following its attempt to stop a hedge fund placing its own candidates on the board.[8][9]

It was announced in November 2018 that HomeStreet Bank would acquire the San Marcos, California retail branch and business lending team of Silvergate Bank. The transaction was expected to be finalized in the first half of 2019.[10]

On March 24, 2020, HomeStreet suspended its $27 million stock buyback plan during the COVID-19 pandemic.[11]

Sponsorships

Madison Park location in Seattle, WA
Madison Park location in Seattle, WA

References

  1. ↑ "HomeStreet Bank About Us". www.homestreet.com.
  2. ↑ Flom, Eric L. (January 3, 2005). "Williams, W. Walter (1894-1983)". HistoryLink. Retrieved April 29, 2022.
  3. ↑ Tyrone Beason (6 April 2000). "Continental Savings Bank changing name". Seattle Times. Retrieved 27 December 2018.
  4. ↑ "Business | Continental Savings Bank changing name | Seattle Times Newspaper". community.seattletimes.nwsource.com. Retrieved 2019-01-10.
  5. ↑ "For nearly 100 years, this community bank has made homeownership personal". www.housingwire.com. Retrieved 2018-12-13.
  6. 1 2 staff, Seattle Times (2012-02-15). "HomeStreet Bank nets $89 million in IPO". The Seattle Times. Retrieved 2018-12-14.
  7. ↑ "HomeStreet Bank's parent company plans IPO". Seattle Business. 13 May 2011. Retrieved 27 December 2018.
  8. ↑ Cara Lombardo (21 May 2018). "New Activist Is Dealt a Second Blow in HomeStreet Fight". The Wall Street Journal. Retrieved 27 December 2018.
  9. ↑ Christopher P. Skroupa (1 May 2018). "Evolving Shareholder Trends: Takeaways From The HomeStreet Bank Proxy Fight". Forbes. Archived from the original on December 27, 2018. Retrieved 27 December 2018.
  10. ↑ "HomeStreet Bank to Acquire Business Lending Team and San Marcos Retail Branch of Silvergate Bank". www.businesswire.com. 2018-11-17. Retrieved 2018-12-28.
  11. ↑ "HomeStreet suspends $27M stock buyback plan during coronavirus crisis". The Seattle Times. March 24, 2020.
  12. ↑ "Partner With The Seahawks | Seattle Seahawks – Seahawks.com". www.seahawks.com. Retrieved 2018-12-14.
  13. ↑ "Miss HomeStreet Unlimited Hydroplane | HomeStreet Bank". www.homestreet.com. Retrieved 2018-12-14.
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