Bank of Idaho Acquisitions Close; Stinson Serves as Legal Counsel
On July 29, 2022, Bank of Idaho, the wholly-owned subsidiary of Bank of Idaho Holding Co., closed on its agreement with HomeStreet Bank to acquire five bank branches located in eastern Washington. This acquisition extends Bank of Idaho's branch footprint to Spokane, Kennewick, Dayton, Yakima, and Sunnyside, Washington. Stinson served as legal counsel to Bank of Idaho.
Stinson also served as legal counsel to Bank of Idaho Holding Co. in May for its private placement of $53.25 million of common equity. A portion of the capital raise was for the purpose of funding the HomeStreet branch acquisition. According to S&P Capital IQ, the transaction is the fourth largest year-to-date common equity offering for a U.S.-headquartered bank and the largest common equity offering for a western U.S-headquartered bank.
Bank of Idaho focuses on small businesses and is a leader in SBA lending. It has been a financial fixture in Idaho Falls since 1985, when the original location opened later expanding to include 10 full-service locations and four mortgage offices across the state. HomeStreet, Inc. is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the western United States and Hawaii. The company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation.