– USA, WA – HomeStreet, Inc. (Nasdaq:HMST), the parent company of HomeStreet Bank today announced that it has appointed Mark R. Patterson to the board of directors of the Company and the board of directors of the Bank. Mr. Patterson previously served as Managing Director and Equity Analyst of NWQ Investment Management Co., LLC, from 1997 until his retirement in 2014, where he oversaw NWQ’s financial services sector investments. He was also a director of FBR & Co. from 2015 until the company’s sale in 2017, serving on its audit and compensation committees.
The Human Resources and Corporate Governance Committee of the Board recommended Mr. Patterson’s appointment as part of its ongoing assessment of the Board’s composition and refreshment goals, following a thorough assessment of his background and qualifications.
“Mark will bring to our Board the perspective of a sophisticated institutional investor, as well as significant banking sector experience,” said Scott M. Boggs, Lead Independent Director of HomeStreet. “We have known Mark for years and have previously had discussions with him about the Company’s strategy and board composition. As we engaged with Mark, it became clear that his unique combination of investing and sector expertise – in addition to his experience having served on the board of a public financial services company – made him an ideal fit as we execute our strategy.”
“I am happy to be joining the Board of a company whose business I’ve come to know well and admire over the years – both currently as a substantial individual shareholder, and previously as an institutional manager overseeing significant investments in HomeStreet,” said Mark R. Patterson. “I look forward to bringing this perspective to the Company’s capable board and management team and helping them maximize the potential of HomeStreet.”
HomeStreet also announced today that the HRCG has initiated a public search for an additional qualified candidate for the Board who meets the stated diversity goals of the Company set out in the Company’s Principles of Corporate Governance.
Prior to joining NWQ, Mr. Patterson was at U.S. Bancorp from 1989 to 1997, serving in a variety of roles including as Vice President, Investor Relations, where he was a primary contact between the company and the investment community. In that role, Mr. Patterson was significantly involved in U.S. Bancorp’s strategic direction through his capital planning and valuation analysis. Mr. Patterson is a Chartered Financial Analyst and holds an M.B.A. from The Anderson School at UCLA and a B.S. in Business & Mathematics from Linfield College. He currently serves on the Board of Trustees of Linfield College, where he is a member of the Financial Affairs and Executive Committees and Chair of the Investment Committee.
Mr. Patterson has also been named to the Enterprise Risk Management Committee of the Company and Finance Committee of HomeStreet Bank.
Mr. Patterson was appointed to a board seat vacated by Timothy R. Chrisman, who resigned from the Board of HomeStreet and HomeStreet Bank. Mr. Chrisman assured his continued support for the Company in the future. “Tim has been a valuable Board member and we appreciate all his contributions during his tenure,” said Doug Smith, the chairman of the Company’s Human Resources and Corporate Governance Committee. “We wish him all the best in his future endeavors.”
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii through its various operating subsidiaries. The company operates two primary business segments: Mortgage Banking, which originates and purchases single family residential mortgage loans, primarily for sale into secondary markets; and Commercial & Consumer Banking, including commercial real estate, commercial lending, residential construction lending, retail banking, private banking, investment, and insurance services. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation.
For more information : http://www.homestreet.com
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