HomeStreet filed for a $190 million IPO

HomeStreet, a Seattle-based community bank with 20 branches and 9 lending centers in the Northwest and Hawaii, plans to offer 7.8 million shares at $22 to $24 per share.


In May, the troubled lender had filed to raise up to $210 million, to shore up its thin capital cushion, although that initial figure was used to calculate the registration fees.

On July 8, the company filed an amendment statement with the regulators to raise $190 million in its IPO.

HomeStreet brings banking home to the Pacific Northwest and Hawaii. The parent company of HomeStreet Bank operates some 30 branches and loan offices in Washington, Oregon, and Hawaii. Serving individuals and businesses, the bank offers standard services, including checking, savings, and money market accounts, CDs, credit cards, loans and mortgages, and investments. The bank originates home loans both directly and through a joint venture, Windermere Real Estate, which operates about 45 offices in Washington and Oregon. HomeStreet also provides specialty financing for income-producing properties. It operates an insurance agency as well.

• Headquarters: Seattle, WA
• operates some 30 branches and loan offices in Washington, Oregon, and Hawaii
• Website: http://www.homestreet.com

As of March 31, the bank needed to raise $132.2 million in additional capital to satisfy its regulators, according to its filings with the U.S. Securities and Exchange Commission.

Homestreet, which had total assets of $2.23 billion as of June 30, is under orders by the Office of Thrift Supervision and the Federal Deposit Insurance Corp to reduce troubled assets and raise capital.

The bank, whose loan portfolios include commercial real estate, construction, land development and commercial businesses, saw bad loans soar during the downturn.