For 100 years, HomeStreet Bank has led customers through a variety of economic climates, and it's prepared to do the same for many more years to come. Simple economics requires a bank to grow year after year, but growth alone doesn't explain the successful 100-year legacy of HomeStreet Bank, the Seattle-based community bank that serves residents of Washington, Oregon, California, and Hawaii.
"It's not enough to grow for growth's sake," says Mark Mason, Chairman of the Board, President, and CEO of HomeStreet, Inc., the parent company of HomeStreet Bank. "We focus on getting better, not just bigger. Our customers know us for the relationships we build together and for our involvement in the communities where we work. Our strong culture drives this. How large a bank gets should be limited by their ability to maintain a customer-centric culture."
Guided by three simple yet meaningful principles—do the right thing for the customer, take great care of employees, and be a good corporate citizen—HomeStreet bankers are ready to assist customers with their greatest challenge yet: rebuilding in the wake of the pandemic.
Through the good times and the bad
HomeStreet Bank's story is intertwined with the American ideals of growth, prosperity, and community. Launched by W. Walter Williams in 1921 as a mortgage finance company, the bank was an early customer of Fannie Mae and Freddie Mac and led the U.S. in originating veteran loans. Over the years, HomeStreet has become an active lender to commercial real estate interests and has evolved into a bank that is friendly to both commercial and consumer interests. When Mason took the company public in 2012, HomeStreet Bank became the second-best performing IPO of the year—and the most profitable bank in the nation.
Through it all, HomeStreet has maintained a steadfast commitment to its ideals. It gives generously to food and housing agencies, and its employees volunteer thousands of hours annually to these organizations. Customers experience HomeStreet's culture every time they walk through its doors and are greeted by name.
"We hire bankers who like people," Mason says. "When people truly enjoy their jobs, it's easy for them to demonstrate our culture."
Today, HomeStreet's humanist approach to banking is critical for small business customers looking to recover from pandemic-induced financial ruin.
"We serve local small business owners, and we are here to refinance their loans and rehabilitate their credit," Mason says. "We are their lifeline, and we're going to be patient and stay with them."
Evidence of that came early during the pandemic when HomeStreet and other community banks distributed the majority of Paycheck Protection Program (PPP) loans to a far greater degree than national banks did.
"We are proud of our 100-year history and of what we stand for," Mason says. "We've been here for our customers through wars, depressions, recessions, and pandemics, and we will be here for them during the good times, too."
To learn more about HomeStreet Bank and how they can assist you, visit Homestreet.com.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq: HMST) (the "Company") is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The Company's primary business is community banking, including commercial real estate lending, commercial lending, residential construction lending, single-family residential lending, retail banking, private banking, investment, and insurance services. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Certain information about their business can be found on their investor relations website.