HomeStreet Bank rises after $906 mln loan sale to Bank of America

Mechanics Bancorp

27/12/2024 15:01

** Seattle-based HomeStreet Bank's  HMST.O  shares climb ~6%
to $11.62
    ** Lender agrees to sell nearly $990 million of its
multifamily commercial real estate loans to Bank of America
 BAC.N 
    ** BAC will pay $906 mln for the portfolio, about 92% of the
total value of the loans
    ** Deal may set the stage for a return to profitability next
year, HMST says
    ** HMST has risen 6.6% YTD as of last close
    

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))