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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 5, 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 5, 2020, HomeStreet, Inc. ("HomeStreet" or the "Company") announced that the Board of Directors has authorized a $10 million increase to the recently approved $25 million share repurchase program (the "Repurchase Program"), bringing the aggregate amount that the Company may purchase under the current Repurchase Program up to $35 million of its issued and outstanding Common Stock, no par value. The additional $10 million authorization remains subject to a confirmation of the non-approval of HomeStreet's federal regulator, the Federal Reserve, and repurchases above $25 million will not be made unless and until such confirmation of non-objection is received by the Company.

A press release issued by HomeStreet on March X 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 5, 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 Authorization of an Additional $10 Million of Share Repurchase Program
SEATTLE -March 5, 2020 - (BUSINESS WIRE) - HomeStreet, Inc. (Nasdaq:HMST) (the "Company" or "HomeStreet"), the parent company of HomeStreet Bank, today announced that the Board of Directors has authorized the repurchase of up to an additional $10 million under the Company’s previously authorized $25 million share repurchase program for up to $35 million in aggregate amount of shares of the Company’s common stock, no par value, from shareholders, which represents approximately 5.5% of the Company’s currently outstanding common stock based on the closing price of the stock as of March 4, 2020. Repurchases of shares may be made in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and applicable federal securities laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The additional $10 million authorized by the Board for this repurchase program is subject to regulatory approval, and repurchases above the original $25 million authorization, for which the Company has already received notice of non-objection, will not be commenced unless and until such non-objection is received with respect to the additional amount.
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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