HomeStreet Bank To Buy Granada Hills, Burbank Branches From Boston Private Bank

(RTTNews) - HomeStreet Bank has agreed to acquire two bank branches from Boston Private Bank & Trust Co., HomeStreet Inc. (HMST) and Boston Private said Wednesday. One branch is located in Granada Hills and the other is in Burbank, California. Boston Private Bank is a subsidiary of Boston Private Financial Holdings, Inc. (BPFH).

In the proposed transaction, HomeStreet Bank expects to acquire about $110 million in deposit accounts. The transaction would increase the number of HomeStreet's retail branches to 12 in Southern California.

Both locations will continue to operate under the Boston Private brand until the transaction is completed. Upon closing, the branches will become part of HomeStreet Bank.

HomeStreet Bank President, CEO and Chairman Mark Mason said, "Not only do these branches add to the strategy of increasing our density in one of the most attractive markets in the United States, they are also each located near offices of our affinity partner, Kaiser Permanente."