HomeStreet Reports Q3 Loss Amidst Pending Merger

HomeStreet ( (HMST) ) just unveiled an announcement.

HomeStreet, Inc., a Seattle-based bank, is navigating a challenging financial landscape, reporting a third-quarter loss of $7.3 million amidst a pending merger with FirstSun Capital Bancorp. While regulatory hurdles have delayed the merger, HomeStreet is exploring strategic alternatives, including selling $800 million in multifamily loans to enhance liquidity and profitability. Despite a dip in net interest margins, the bank’s tangible book value has seen an improvement, signaling potential for future growth as interest rates decrease.

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