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Section 1: 8-K (8-K)

Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): March 24, 2020
 
HOMESTREET, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
Washington
 
001-35424
 
91-0186600
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
601 Union Street, Ste. 2000, Seattle, WA 98101
(Address of principal executive offices) (Zip Code)
(206) 623-3050
(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class 

 
Trading
Symbol(s)
 
Name of each exchange
on which registered
 
Common Stock, No Par Value
 
HMST
 
Nasdaq Stock Market LLC
 
[ ]
Emerging growth Company
 
 
[ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act.






Item 8.01.
Other Events
On March 24, 2020, HomeStreet, Inc. ("HomeStreet" or the "Company") announced that the Company has suspended its $25 million share repurchase program and notified its regulators of its intention to rescind its request for non-objection to its regulators for the recently authorized $10 million increase to that repurchase program. As of the close of business on March 19, 2020, the last day before the Company suspended the share repurchase plan, HomeStreet had repurchased 335,360 shares under the current plan at an aggregate cost of approximately $7.9 million. HomeStreet will retain the authority to reinstate the share repurchase program as circumstances warrant.

A press release issued by HomeStreet on March 24, 2020 regarding this additional authorization is included as Exhibit 99.1 to this Current Report on Form 8-K.
 
Item 9.01
Financial Statements and Exhibits*
(d) Exhibits
Description






Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 24, 2020

 
 
 
 
HomeStreet, Inc.
 
 
 
 
By:
 
/s/ Godfrey B. Evans
 
 
 
Godfrey B. Evans
 
 
 
Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary

 
 
 
 
 



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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit





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HomeStreet, Inc. Announces Suspension of Share Repurchase Program
SEATTLE -March 24, 2020 - (BUSINESS WIRE) - HomeStreet, Inc. (Nasdaq:HMST) (the "Company" or "HomeStreet"), the parent company of HomeStreet Bank, today announced that it has suspended its current share repurchase program, which had been authorized by the Board of Directors and not objected to by regulators for up to $25 million in aggregate amount of its common stock, no par value, and separately of its intention to withdraw its request for nonobjection of a subsequent increased authorization of up to an additional $10 million in aggregate amount of shares of the Company’s common stock. As of the close of business on March 19, 2020, the last day before the Company suspended the share repurchase plan, HomeStreet had repurchased 335,360 shares under the current plan at an aggregate cost of approximately $7.9 million.
“In these uncertain times of rapidly developing economic change as a result of the COVID-19 pandemic, we believe it is prudent to preserve our capital to provide more protection against potential credit losses and provide more support for lending activities that may become crucial to supporting our community,” said Mark Mason, Chairman and CEO of HomeStreet. “Our thoughts at this time are with our customers, employees and others in our community who are facing challenges, economic and otherwise, in these trying times.”
HomeStreet will retain the authority to reinstate the remainder of the $25 million share repurchase program as circumstances warrant, and the Company and its banking subsidiary maintain regulatory capital levels that exceed the designation of “well-capitalized”. In addition, HomeStreet remains ready to assist customers and employees during this challenging time.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.
Contacts:
Investor Relations:
Gerhard Erdelji, 206-515-4039
[email protected]



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