(Reuters) – HomeStreet Financial institution mentioned Friday it has agreed to promote almost $990 million of its multifamily industrial actual property loans to Financial institution of America.
BofA agreed to pay about $906 million for the loans, representing almost 92% of the portfolio worth, HomeStreet reported.
“The conclusion of this settlement (…) is step one within the implementation of a brand new strategic plan, which ought to lead to a return to profitability of the financial institution on a consolidated foundation firstly of subsequent 12 months ” mentioned Mark Mason, CEO of HomeStreet.
Proceeds from the sale can be used to repay debt owed to the Federal Dwelling Mortgage Financial institution and to repay brokered deposits, that are costlier than core deposits, HomeStreet mentioned.
(Reporting by Niket Nishant in Bangalore; Modifying by Shilpi Majumdar)
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