SOURCE: HomeStreet Bank

June 04, 2007 13:36 ET

HomeStreet Bank Receives "Outstanding" Marks Under Community Reinvestment Act

SEATTLE, WA--(Marketwire - June 4, 2007) - HomeStreet Bank has received an "outstanding" rating under the Community Reinvestment Act (CRA), a federal regulation that evaluates how effectively federally-insured banks and thrifts meet the credit needs of their communities, including low- and moderate-income residents. HomeStreet Bank is one of very few banks in the country, and one of only two based in the Northwest and Hawaii, that has maintained an outstanding rating since the evaluation process was initiated in 1989.

"We are very proud of this rating because it signifies recognition, on a federal level, of our service to customers and communities of all income ranges," said Kathryn Williams, community relations director and CRA officer for HomeStreet Bank. "It's also important because it allows us to continue doing business the way that we feel is most effective for meeting the needs of our customers, in line with our long-term values."

The Federal Deposit Insurance Corporation (FDIC) evaluated HomeStreet Bank's lending, service, and investment practices and its compliance in these areas as they relate to CRA criteria. The bank was recognized for its work providing loans to home buyers of low and moderate income, including through innovative programs such as its Hometown Home Loan employer-assisted housing program; and for making financial products and services available to individuals and communities of low and moderate income. It was also recognized for financing a large number of community development loans, many of which include affordable units, as well as loans provided to affordable housing programs and community organizations that meet the housing needs of low- and moderate-income individuals and families.

Other factors leading to HomeStreet's outstanding rating included its growth in small business loans to locally-owned businesses. In addition, it recognized HomeStreet Bank's employee volunteer service, fundraising efforts and charitable contributions in support of community organizations that serve the needs of low- and moderate-income people, such as the programs supported through the bank's annual Community Housing Awards.

"HomeStreet Bank puts great emphasis on its role as a community partner," continued Williams. "While the CRA evaluation is only one way of measuring the benefit we provide to our communities, it is rewarding to have our efforts recognized in this way."

Now in its 86th year, HomeStreet Bank is one of the largest privately-owned banks in the Northwest and Hawaii. The bank has $2.5 billion in assets and 30 branches and offers a full range of financial services including business banking and lending, consumer banking, mortgage lending, residential construction financing, income property financing, and insurance services. Each year, HomeStreet contributes two percent of its pre-tax profits to organizations in its communities. For more information about HomeStreet Bank, visit the company's web site at www.homestreet.com.

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