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HomeStreet Bank to acquire Bank of Oswego branches

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HomeStreet Bank to acquire Bank of Oswego branches

Seattle-based HomeStreet Bank, a unit of ($5.42 billion), isacquiring certain assets and limited liabilities from ($61.2 million)relating to its two branches in Lake Oswego, Ore.

The liabilities being acquired include deposits. Accordingto a May 11 news release, the total deposits for both branches are approximately$52.4 million. HomeStreet has also agreed to acquire loans with balancestotaling $42.9 million as of March 31, among certain other assets.

HomeStreet noted in its news release that it "will notassume any liability relating to any ongoing litigation involving any formerofficer or director" in the transaction.

In November 2015, a U.S. District Court judge that Bank of Oswego mustcover the legal costsof former CEO Dan Heine as he faces federal bank fraud charges.

The acquisition — expected to close in the third quarter —is subject to approval by regulators and Bank of Oswego shareholders.The deal would increase HomeStreet's number of branches in the Portland, Ore.,metro area to five.

According to SNL data and the bank's website, Bank of Oswegoonly has two active branches.