SEATTLE—Erik D Hand, Executive Vice President and Mortgage Lending Director at HomeStreet, Inc. (NASDAQ:HMST), has reported the sale of 5,000 shares of the company's common stock. The transaction, which took place on December 17, 2024, was executed at a price of $11.45 per share, amounting to a total value of $57,250. According to InvestingPro data, the stock currently trades at $10.81, with analysis indicating the company is currently trading below its Fair Value.
Following this transaction, Hand retains direct ownership of 4,724 shares. Additionally, he holds an indirect interest in 3,166.12 shares through the HomeStreet, Inc. 401(k) Savings Plan, as of June 30, 2024.
This activity was disclosed in a Form 4 filing with the Securities and Exchange Commission, showcasing the latest stock movement by a key executive at the Seattle-based financial services company.
In other recent news, HomeStreet, a commercial bank based in Washington, has terminated its merger agreement with FirstSun Capital Bancorp (NASDAQ:CBNK) and Dynamis Subsidiary, Inc. This development was disclosed in an 8-K filing with the Securities and Exchange Commission. The termination of the agreement, initially announced on January 16, 2024, was mutually agreed upon by all parties involved.
The specifics of the mutual termination agreement, which outlines the conditions and finalization of the termination, can be referenced in full in the exhibit attached to the report. Notably, HomeStreet has not disclosed the reasons for terminating the merger agreement, and the details are confined to the formal documentation provided in the 8-K filing.
This termination represents a significant shift from HomeStreet's earlier plans for strategic consolidation within the banking sector, as announced earlier in 2024. The financial terms or any potential penalties associated with the termination of the merger agreement were not disclosed in the filing. These recent developments leave investors and stakeholders in both HomeStreet and FirstSun to consider the implications of this change in strategy.
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