04.01.25

HomeStreet To Merge With California’s Mechanics Bank

by: Dan Ennis

HomeStreet is merging into California-based Mechanics Bank in a transaction that values the Seattle-based lender at around $300 million. The deal, expected to close in the third quarter, would expand Mechanics Bank into Washington, Oregon and Hawaii and create a $23 billion-asset bank that adds 56 branches to the California lender’s 112-location footprint. The transaction gives HomeStreet a partner, four months after the Seattle lender and its previous would-be acquirer, Denver-based FirstSun Capital Bancorp, terminated their proposed combination.

Read the full article on Banking Dive