HomeStreet Bank and its investment company, HomeStreet, Inc. announced that they have entered into two separate merger agreements. HomeStreet Bank said that they will acquire Fortune Bank for US$27.0 million. HomeStreet Bank said that they will also acquire Yakima National Bank, located in Yakima, Washington. Alongside the acquisition, HomeStreet Bank will also buy Yakima National Bank parent holding company, YNB Financial Services Corp. The deal was tagged at US$10.3 million.
"We are excited to have the Fortune Bank and Yakima National Bank teams join ours. We admire their approach to community banking and we share their commitment to community service and a desire to provide great service and real value to their customers," said HomeStreet Bank President and CEO Mark K. Mason.
The transactions were approved by the HomeStreet, Fortune and Yakima National's board of directors. HomeStreet said that the transactions are expected to close by the fourth quarter of 2013.
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