Banking News

Bank of Idaho to Purchase Five Branches from HomeStreet Bank, Expand Service Into Eastern Washington

Bank of Idaho to Purchase Five Branches from HomeStreet Bank, Expand Service Into Eastern Washington

Bank of Idaho Holding Co., the holding company for Bank of Idaho, together with HomeStreet, Inc., the parent company of HomeStreet Bank, announced that HomeStreet Bank and Bank of Idaho have executed a definitive agreement under which Bank of Idaho will acquire from HomeStreet Bank an Eastern Washington branch network, including the branches’ lending business and employees.

“This sale allows HomeStreet to focus our retail banking branch strategy on the larger metropolitan markets in the western United States”

BOID will extend its branch footprint by acquiring five branches in Spokane, Kennewick, Dayton, Yakima, and Sunnyside.

“Bank of Idaho’s roots serving communities across the western landscape make it a perfect fit in Eastern Washington,” Bank of Idaho President and CEO Jeff Newgard said. “Our shared values – and way of life – will be a comfort to all our customers, who will experience great service, enhanced opportunity and dedication to community Bank of Idaho is known for in our new, united footprint.”

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“This sale allows HomeStreet to focus our retail banking branch strategy on the larger metropolitan markets in the western United States,” said HomeStreet Bank President, CEO and Chairman Mark K. Mason. “We are confident that Bank of Idaho will continue to provide our Eastern Washington branch customers with the excellent service and community focus they have come to expect. Jeff Newgard, who was previously the President and CEO of Yakima National Bank, has a proven track record of excellence in banking in the Eastern Washington markets. Teams of employees from both HomeStreet and Bank of Idaho are collaborating to ensure a seamless transition for our Eastern Washington customers and the community.”

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It is anticipated that the transaction will close on or before August 1, 2022 subject to customary regulatory application processes and approvals. Bank of Idaho and HomeStreet are committed to working closely together to assist clients during the transition and meet all client customer service needs through the completion of the transaction.

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