Yakima National Bank Sold to HomeStreet
HomeStreet Bank, a Seattle-based bank, announced it will buy Yakima National Bank for about $10.3 million in order to expand its reach in Eastern and Central Washington.
The Seattle-based bank is drawn to Yakima National’s strong commercial-lending business which will add to the large commercial real estate business HomeStreet already possesses.
The Yakima Herald Republic reports Yakima National Bank president and CEO Jeff Newgard will stay on and serve as HomeStreet Bank’s executive vice president and regional president for Central and Eastern Washington.
Yakima National’s four branches will now be able to take on bigger lending deals because of the backing by HomeStreet’s larger asset base, which allows for larger projects in a variety of areas.
HomeStreet Bank will introduce additional products and the new name with hopes to retain all of Yakima National Bank’s 38 employees.
The deal is pending approval and expected to close by the fourth quarter of this year with only minor changes expected to occur for customers.