2022-05-11 | NDAQ:HMST | Press release
Bank of Idaho Holding Co. (OTCQX: BOID) (“BOID”), the holding company of Bank of Idaho, with HomeStreet, Inc.. (Nasdaq: HMST) (“HomeStreet”), the parent company of HomeStreet Bank, today announced that HomeStreet Bank and Bank of Idaho signed a definitive agreement under which Bank of Idaho will acquire from HomeStreet Bank a branch network in eastern Washington, including the&CloseCurlyQuote branches; business and employee loans.
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BOID will expand its branch presence by acquiring five branches in Spokane, Kennewick, Dayton, Yakima and Sunnyside.
“Bank of Idaho’s roots in serving communities across the Western landscape make it a perfect fit in Eastern Washington,” said Jeff Newgard, President and CEO of Bank of Idaho. “Our Shared Values - and our way of life – will be a comfort to all of our customers, who will experience excellent service, enhanced opportunities, and a dedication to community that Bank of Idaho is known for in our new united footprint. ”
“This sale allows HomeStreet to focus our retail banking branch strategy in the larger metropolitan markets of the western United States,” said HomeStreet President, CEO and Chairman of the Board. Bank, Mark K. Mason. “We are confident that Bank of Idaho will continue to provide our customers in the Eastern Washington branch with the excellent service and community focus they have come to expect. Jeff Newgard, who previously served as President and Chief Executive Officer of Yakima National Bank, has a proven track record of banking excellence in the Eastern Washington markets.Teams of HomeStreet and Bank of Idaho employees work together to ensure a smooth transition for our customers from eastern Washington and the community.”
The transaction is expected to close no later than August 1, 2022, subject to customary application processes and regulatory approvals. Bank of Idaho and HomeStreet are committed to working closely together to assist customers during the transition and to meet all customer service needs of customers throughout the transaction.
MJC Partners, LLC, served as exclusive financial advisor to BOID. Stinson LLP served as an advisor to Bank of Idaho Holding Co.
About Bank of Idaho Holding Co.
Bank of Idaho has been a financial institution in the East Idaho community since 1985, when the original location opened in downtown Idaho Falls at the corner of Capital and B Street. Later expansion to include 10 full-service locations and 4 mortgage offices across the state. Shares of Bank of Idaho Holding Company opened for public trading on the OTC-QX market under the symbol BOID in October 2019. With community growth always a priority, Bank of Idaho is focused on small businesses and is a leader in SBA lending. For more information, please visit https://www.bankofidaho.com.
About Home Street, Inc.
HomeStreet, Inc. (Nasdaq: HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. The Company is primarily engaged in real estate lending, including mortgage banking business, and corporate and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. HomeStreet Bank is the winner of Washington Newsweek’s 2022 “Best Small Bank” award. Certain information about our business is available on our Investor Relations website, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and is an Equal Housing Lender.
About MJC Partners, LLC
MJC Partners, LLC is a leading Los Angeles-based investment bank and advisory firm that provides a full range of strategic, transactional and valuation-related services to clients across multiple industry groups, focusing on focus on financial services. For more information on MJC partners, visit www.mjcpartners.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, regarding HomeStreet, Inc., HomeStreet Bank, Bank of Idaho Holding Company, and Bank of Idaho and their operations, performance, and likelihood of success. Bank of Idaho Holding Co. and Bank of Idaho (together, the “Company”) and HomeStreet, Inc. and HomeStreet Bank (together “HomeStreet”) intend that these forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict and the expectations described above are necessarily subject to risks and uncertainties that could cause actual results to differ materially and adversely. Forward-looking statements are based on numerous beliefs, assumptions, estimates and expectations of our future performance, taking into account information currently available to us. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and generally beyond the control of HomeStreet and Bank of Idaho. You should consider, among other things, the risk factors included in our periodic reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K for the first quarter of this year. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect changes or events after such date. Neither BOID nor HomeStreet is responsible for any statements or disclosures regarding any party other than HomeStreet, Inc. and HomeStreet Bank or Bank of Idaho Holding Company and Bank of Idaho, as applicable, that may be contained in this press release.
Neither BOID nor HomeStreet undertakes to publicly revise these forward-looking statements to reflect subsequent events or circumstances.