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Stock impact report

HomeStreet to merge with California's Mechanics Bank [Yahoo! Finance]

Bank of America Corporation (BAC) 
Last bank of america corporation earnings: 4/15 06:45 am Check Earnings Report
US:NYSE Investor Relations: investor.bankofamerica.com
Company Research Source: Yahoo! Finance
HomeStreet has found a landing spot. The bank will merge into Walnut Creek, 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 into Washington, Oregon and Hawaii, and create a $23 billion-asset bank that adds 56 branches to the California lender's 112-location footprint. “We are excited through this transaction to extend our market presence with a full West Coast footprint from San Diego to Seattle,” Carl Webb, the chair of Mechanics' board, said in a statement Monday. “This strategic merger also provides us with the opportunity to become a publicly traded bank holding company, which better positions Mechanics Bank for future opportunities.” 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. That deal, Show less Read more
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