HomeStreet Bank Buys Two Local Branches

HomeStreet Inc., the parent company of HomeStreet Bank, has agreed to purchase two Southern California banks — one in Burbank and one in Granada Hills — from Boston Private Bank & Trust Co. of Boston. With the transaction, the Seattle financial services company anticipates acquiring approximately $110 million in deposit accounts from the two banks. After the deal closes, pending regulatory approval, HomeStreet will own 12 retail branches in Southern California, including one in Panorama City. “We are excited to add these two branches to our Southern California network,” Mark Mason, HomeStreet Bank’s chief executive, said in a statement. “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.” HomeStreet has an agreement with Kaiser Permanente to offer banking and home loan benefits to its employees, retirees and family members. Kaiser Permanente has offices in Glendale, which is adjacent to Burbank, and Granada Hills. Both banks will continue to operate under Boston Private until the deal closes. At that time, the banks will switch over to be a part of the HomeStreet Bank brand.