HomeStreet Bank entered a non-bidding letter of intent for Homebridge Financial Services, Inc. to acquire assets related to HomeStreet's stand-alone home loan centers, as well as personnel, according to a recent press release.
“We are excited to be working with Homebridge as the potential home for our high performing network of home loan centers and personnel,” said Mark K. Mason, chairman, president, and CEO of HomeStreet.
“Our network of office locations and origination personnel complement the existing Homebridge business well. We hope to conclude our negotiations and announce a transaction in the first quarter, and to begin the process of moving our home loan centers, fulfillment facilities and mortgage personnel to their new home.”
Homebridge will be able to review the proposed transaction in full, including terms and conditions.
“Homebridge is one of the largest privately held, non-bank lenders in the United States, and in my opinion shares our culture and values, fulfilling our goal of identifying a company that could provide a dynamic platform for our team’s continued success,” said Rose Marie David, Senior EVP of Mortgage Lending for HomeStreet.
“With 2,500 associates throughout its 200 retail branches and two wholesale divisions, our leadership team is excited about the alignment and the potential we can realize in coming together.”
*This post was updated to reflect a correction. The original post stated that HomeStreet Bank issued a letter of intent to acquire Homebridge Financial Services.
To learn more about the proposed transaction, click on the image above.