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HomeStreet submits amendment to May IPO filing with the SEC

HomeStreet going public

While companies like apply for their initial public offering (IPO) status as part of their long term growth strategy, other companies like lender HomeStreet, Inc. are ordered by the Federal Deposit Insurance Corporation’s (FDIC’s) Office of Thrift Supervision to raise funds on more of an emergency basis.

Metaphorically speaking, Zillow will excitedly pop champagne when their stock ticker appears on the NYSE for the first time while HomeStreet will drink champagne in relief.

Commercial real estate loans defaulted

HomeStreet, Inc. is based in Washington and is under regulatory orders to raise $190 million via IPO. The lender’s troubled portfolio primarily consists of land development, commercial real estate and construction, sectors which saw major collapse in recent years, especially as loans went bad.

Required to raise funds

In HomeStreet’s intitial SEC filing in May 2011 noted proceeds up to $210 million would “strengthen its capital base, improve the regulatory capital of HomeStreet Bank, and general working capital purposes. Pending approval by the Securities and Exchange Commission, HomeStreet expects to begin selling its common stock to the public in July 2011.”

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Which brings us to today, July 2011, and the amendment just filed made no mention of how many shares would be sold or at what price.

An uncertain future

According to the filing, as of March 31, the bank needed to raise $132.2 million in additional capital to satisfy its regulators. They have not raised the funds to satisfy the regulators yet with no set date for going public.

The company has not made a statement as to the status of their SEC filings and amendments, most likely because they are in the “quiet period” which is what all companies filing for IPO are required to observe so as not to sway the IPO status or investors in the potential stocks. The next step for HomeStreet remains unseen and while it is not overwhelmingly positive news for the company to have not begun sales of shares yet, they have not been declined IPO status which is what would cause them to default on the FDIC’s orders.

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Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.


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