HomeStreet Bank

{{short description|American bank}}

{{Redirect|Continental, Inc.|other companies with similar names|Continental (disambiguation){{!}}Continental}}

{{Infobox company

| name = HomeStreet Inc.

| logo = HomeStreet logo.jpg

| logo_size = 140px

| type = Public

| traded_as = {{NASDAQ|HMST}}

| industry = Commercial banking

| foundation = {{start date and age|1921}}, in Seattle, Washington, United States

| location = 601 Union Street
Seattle, Washington, United States

| locations = 67{{cite web|url=https://www.homestreet.com/about-us|title=HomeStreet Bank About Us|website=www.homestreet.com}}

| key_people = Mark Mason (chairman and CEO)

| products = Checking accounts
Savings accounts
Retirement accounts
Mortgage loans
Personal investing
Private banking
Business loans

| revenue = {{profit}} US$264.32 million (2019)

| net_income = {{profit}} US$17.51 million (2019)

| assets = $6.8 billion (December 31, 2019)

| num_employees = 1,071 (December 31, 2019)

| homepage = {{url|https://homestreet.com/}}

}}

HomeStreet, Inc., d.b.a HomeStreet Bank, together with its subsidiaries, provides various financial services primarily in Washington, Oregon, California, and Hawaii. The company was founded as Continental Mortgage and Loan Company in 1921 by W. Walter Williams.{{cite web |last1=Flom |first1=Eric L. |title=Williams, W. Walter (1894-1983) |url=https://www.historylink.org/File/7193 |website=HistoryLink |access-date=April 29, 2022 |date=January 3, 2005}} It changed its name to Continental Savings Bank in 1986.{{cite news|title=Continental Savings Bank changing name|date=6 April 2000|publisher=Seattle Times|author=Tyrone Beason|url=https://archive.seattletimes.com/archive/20000406/4013841/continental-savings-bank-changing-name|access-date=27 December 2018}} In May 2000, the named changed to HomeStreet Bank. {{Cite web|url=https://archive.seattletimes.com/archive/20000406/4013841/continental-savings-bank-changing-name|title=Business {{!}} Continental Savings Bank changing name|website=community.seattletimes.nwsource.com|access-date=2019-01-10}} Its current headquarters are in Seattle, Washington.{{Cite web|url=https://www.housingwire.com/articles/47555-for-nearly-100-years-this-community-bank-has-made-homeownership-personal|title=For nearly 100 years, this community bank has made homeownership personal|website=www.housingwire.com|language=en|access-date=2018-12-13}}

After the 2008 financial crisis, the bank suffered heavy losses.{{Cite web |url=https://www.seattletimes.com/business/homestreet-bank-nets-89-million-in-ipo/|title=HomeStreet Bank nets $89 million in IPO|last=staff|first=Seattle Times|date=2012-02-15|website=The Seattle Times|language=en-US |access-date=2018-12-14}}{{cite web|title=HomeStreet Bank's parent company plans IPO |url=https://www.seattlebusinessmag.com/blog/homestreet-banks-parent-company-plans-ipo|date=13 May 2011 |publisher=Seattle Business|accessdate=27 December 2018}} In 2012, in order to satisfy regulatory capital requirements, it raised $89 million in an IPO, ending four generations of control by the Williams family.

In 2018 the bank won a court case following its attempt to stop a hedge fund placing its own candidates on the board.{{cite news|url=https://www.wsj.com/articles/new-activist-is-dealt-a-second-blow-in-homestreet-fight-1526939476|title=New Activist Is Dealt a Second Blow in HomeStreet Fight|date=21 May 2018|work=The Wall Street Journal|accessdate=27 December 2018|author=Cara Lombardo}}{{cite web|url=https://www.forbes.com/sites/christopherskroupa/2018/05/01/evolving-shareholder-trends-takeaways-from-the-homestreet-bank-proxy-fight/#694c13e650ad|archive-url=https://web.archive.org/web/20181227181429/https://www.forbes.com/sites/christopherskroupa/2018/05/01/evolving-shareholder-trends-takeaways-from-the-homestreet-bank-proxy-fight/#694c13e650ad|url-status=dead|archive-date=December 27, 2018|work=Forbes|title=Evolving Shareholder Trends: Takeaways From The HomeStreet Bank Proxy Fight|date=1 May 2018|accessdate=27 December 2018|author=Christopher P. Skroupa}}

It was announced in November 2018 that HomeStreet Bank would acquire the San Marcos, California retail branch and business lending team of Silvergate Bank. The transaction was expected to be finalized in the first half of 2019.{{Cite web|url=https://www.businesswire.com/news/home/20181116005044/en/HomeStreet-Bank-Acquire-Business-Lending-Team-San|title=HomeStreet Bank to Acquire Business Lending Team and San Marcos Retail Branch of Silvergate Bank|date=2018-11-17|website=www.businesswire.com|language=en|access-date=2018-12-28}}

On March 24, 2020, HomeStreet suspended its $27 million stock buyback plan during the COVID-19 pandemic.{{cite news|url=https://www.seattletimes.com/business/homestreet-suspends-27m-stock-buyback-plan-during-coronavirus-crisis/|date=March 24, 2020|newspaper=The Seattle Times|title=HomeStreet suspends $27M stock buyback plan during coronavirus crisis}}