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March 26, 2019

HomeStreet Bank acquires Silvergate Bank San Marcos deposit branch

HomeStreet Bank has wrapped up the acquisition of the San Marcos, California deposit branch of Silvergate Bank.

Under the agreement, HomeStreet absorbed certain related commercial loans.

The branch starting operating under the HomeStreet brand on 25 March 2019.

The takeover boosts HomeStreet’s retail deposit branches to five in San Diego County.

Overall, the bank now has 17 retail branches in Southern California.

The acquisition was first announced in November last year.

At that time, it was said that HomeStreet will take over deposits worth around $123m as part of the deal.

The bank also acquired the branch’s business lending team.

The team includes Christian Weissmann, who will now serve as branch manager at HomeStreet.

At the same time, HomeStreet has appointed Silvergate chief banking officer Dino D’Auria as its regional president of commercial lending.

HomeStreet chairman, president and CEO Mark Mason said: “We welcome the employees of the San Marcos branch and the business lending team and the acquired customers of Silvergate Bank to our growing banking business in Southern California.”

HomeStreet provides products covering the areas of consumer, commercial and private banking. The bank is based in Seattle.

Last month, HomeStreet announced plans to sell majority of its home loan and mortgage business.

 

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