Bank of Idaho in Idaho Falls has agreed to buy five branches in eastern Washington from HomeStreet in Seattle.
The $737 million-asset Bank of Idaho said in a press release Tuesday that it will also gain the branches’ lending business and employees. The deal is expected to close by Aug. 1.
Bank of Idaho did not disclose the price it will pay.
“This sale allows HomeStreet to focus our retail banking branch strategy on the larger metropolitan markets in the western United States,” Mark Mason, HomeStreet’s chairman, president and CEO, said in the release. “Teams of employees from both HomeStreet and Bank of Idaho are collaborating to ensure a seamless transition for our Eastern Washington customers and the community.”