SOURCE: HomeStreet Bank

June 05, 2008 15:49 ET

HomeStreet Bank Contributes $10,000 to Portland Housing Center

PORTLAND, OR--(Marketwire - June 5, 2008) - HomeStreet Bank has made a $10,000 charitable contribution to the Portland Housing Center in support of the organization's work assisting low- to moderate-income home buyers achieve homeownership through education, outreach, one-on-one counseling and down payment assistance.

HomeStreet's involvement with Portland Housing Center (PHC) spans more than a decade, in which time staff have served on the board, taught classes for new home buyers, and arranged mortgage financing for PHC clients. HomeStreet Bank provided the second most mortgage loans of all lenders -- nearly $8 million in first mortgages to PHC clients -- in the last fiscal year. Additionally, throughout the course of the partnership, HomeStreet has contributed nearly $119,000 to Portland Housing Center.

"Many of the people we work with from Portland Housing Center did not initially think that buying a home was in their immediate plans," said Jennifer Larsen, manager of HomeStreet Bank's Affinity Lending Center in Portland and current Chair of the PHC Board of Directors. "The Portland Housing Center provides important, in-depth services to people in our community. Through its work, hundreds of people each year are helped to become homeowners."

Portland Housing Center was founded in 1991 to educate lower-income home buyers in order to increase the number of homeowners in Portland. The Center now provides a wide variety of services for all incomes and stages of homeownership and serves as an educational resource center for renters, landlords, homebuyers and homeowners. In addition to education and counseling, the Center offers down payment assistance.

Founded in 1921, family- and employee-owned HomeStreet Bank is one of the largest privately-owned banks in the Northwest and Hawaii. Headquartered in Seattle, the company has assets of $2.9 billion and a network of 30 branch and mortgage offices. HomeStreet Bank is one of the only banks in the country that has consistently received an "outstanding" rating under the Community Reinvestment Act (CRA). Each year, HomeStreet contributes at least two percent of its pre-tax profits to organizations in its communities.

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