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Shareholder activist names its HomeStreet board nominees

A shareholder activist has named its nominees for HomeStreet Inc.'s board.

Roaring Blue Lion Capital Management LP will push for the election of Ronald Tanemura and Paul Miller to the board. Tanemura is a director at TPG Specialty Lending Inc. and is a nonexecutive director on the boards of two Intercontinental Exchange Inc. subsidiaries. Miller, meanwhile, had led FBR Capital Markets' financial institutions group and covered HomeStreet's stock.

The investor will also ask shareholders to vote in favor of two proposed bylaw amendments: one requiring that separate people hold the chairman and CEO roles, and another implementing one-year director terms.

Roaring Blue Lion beneficially owns 5.97% of Seattle-based HomeStreet.

HomeStreet, in its acknowledgement of Roaring Blue Lion's plans, noted the January appointment of long-term shareholder Mark Patterson to the board and its ongoing search for another candidate to meet HomeStreet's diversity goals. HomeStreet also pointed out that Roaring Blue Lion's original nominee, Charles Griege Jr., had been interviewed for "several hours" before being found unqualified for the position.

HomeStreet added that Keefe Bruyette & Woods Inc. and Sidley Austin LLP are acting as the company's financial adviser and legal counsel, respectively.