HomeStreet Bank Announces Acquisition of Three California Branches; Stinson Serves as Legal Counsel
U.S. Bancorp and MUFG Union Bank recently announced that they have entered into a definitive agreement to sell three MUFG Union Bank branches in San Bernardino County, California to HomeStreet Bank. Stinson served as legal counsel to HomeStreet Bank and the transaction is anticipated to be completed within the first quarter of 2023. The acquisition will extend HomeStreet's number of branches in Southern California to 20. In the acquisition, HomeStreet will assume approximately $490 million in deposits and $17 million in loans.
HomeStreet Bank is headquartered in Seattle, Washington and serves consumers and businesses in the western United States and Hawaii. U.S. Bancorp is based in Minneapolis, Minnesota and serves millions of customers on a local and global scale. MUFG Union Bank is based in San Francisco, California and consists primarily of retail banking branches in the West Coast states.