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HomeStreet shareholders defy proxy advisory firm stand, re-elect 3 directors

Shareholders of Seattle-based HomeStreet Inc. opted to listen to their board and re-elected all three Class III directors, against the advice of a major proxy advisory firm.

David Ederer and George Kirk were re-elected with more than 90% of votes in favor. Thomas King received 13,211,165 votes for his re-election and 9,035,711 against, with 21,977 abstentions.

Earlier, the company attributed the opposing recommendation of the proxy firm, which it did not name, to a settlement made with the U.S. Securities and Exchange Commission regarding an accounting error in the company's fair value hedge for certain commercial real estate loans and swaps.