HomeStreet, a full-service community bank operating primarily in the Pacific Northwest, announced terms for its IPO on Tuesday. The Seattle, WA-based company plans to raise $55 million by offering 1,250,000 shares at a price range of $43.00 to $45.00. At the midpoint of the proposed range, HomeStreet would command a market value of $127 million. HomeStreet, which was founded in 1921 and booked $49 million in sales for the 12 months ended September 30, 2011, plans to list on the NASDAQ under the symbol HMST. FBR Capital Markets is the lead underwriter on the deal, which is expected to price the week of February 13th.
HomeStreet filed for its IPO on May 6, 2011 and first set terms on July 26, 2011. It then postponed on August 9th and again on December 7th. The proposed deal sizes were $180 million (August) and $165 million (December). The market cap at the previous price range (same for both deals) was $214 million.
