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HomeStreet says shareholder activist's nominations invalid

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HomeStreet says shareholder activist's nominations invalid

HomeStreet Inc. disclosed that Roaring Blue Lion Capital Management LP's notice of proposals and nominations for the company's board is invalid.

Following a review, the Seattle-based bank found that the shareholder activist's notice failed on at least 32 instances to satisfy requirements under the company's bylaws. It added that the deadline has passed for Roaring Blue Lion to bring new or amended proposals for consideration at its annual shareholders' meeting.

Roaring Blue Lion recently announced that it nominated Ronald Tanemura and Paul Miller to the company's board. It also proposed measures to split the company's chairman and CEO roles and implement one-year director terms.