Inc. (“HomeStreet”) (NASDAQ:HMST), the bank holding company of HomeStreet
Bank (“the Bank”), today announced that its Bank regulators, the
Federal Deposit Insurance Corporation and the Washington Department of
Financial Institutions, have terminated a cease and desist order dated
May 2009 (“the Order”). The termination of the Order is effective as of
March 26, 2012. The company has filed or will shortly file a form 8-K
with the Securities and Exchange Commission relating to this matter.
"This is a major milestone for our Bank and reflects substantial
improvements in the risk profile and financial condition of HomeStreet
since the initiation of the Order," said Vice Chairman and CEO Mark K.
Mason. “HomeStreet’s board of directors and management have worked
closely with our regulators to meet the requirements of the Order by
building a strong credit culture, improving our asset quality, improving
core earnings, maintaining strong liquidity and strengthening our
capital position. The termination of the Order acknowledges these
“Throughout the life of the Order our regulators have demonstrated
effective supervision, allowing us the time and the ability to do those
things necessary to turn around the Bank before seeking new capital, and
we share this achievement with them. We are proud of our accomplishments
and grateful for this recognition on the part of our regulators.”
About HomeStreet, Inc.
HomeStreet is a diversified financial services company headquartered in
Seattle, Washington, and the bank holding company for HomeStreet Bank, a
state-chartered, FDIC-insured savings bank. HomeStreet Bank offers
consumer and business banking, investment and insurance products and
services in Washington, Oregon, Idaho and Hawaii. http://ir.homestreet.com.
This press release includes forward-looking statements concerning
HomeStreet and the Bank and our collective business, operations,
management plans, and expected results. Such statements are based on our
management’s beliefs, assumptions, estimates and expectations of our
future performance and involve inherent risks and uncertainties, many of
which are difficult to predict and are generally beyond management’s
control. A number of factors could cause actual results to differ
materially from those expressed in or implied by such forward-looking
statements, including our ability to meet our goals and our regulators’
expectations; fluctuations in revenue or costs; our ability to integrate
and successfully deploy our newly hired personnel; the extent of our
success in managing troubled assets; competition; changes in the banking
industry; regulatory changes; changes in the securities markets; and
fluctuations in the general economy.