Irvine-based Orange County Business Bank merged with Seattle-based HomeStreet Inc. on Feb. 1.
HomeStreet, a NASDAQ-listed bank holding company, bought Orange County Business Bank for $55.3 million in cash and stock, with about 10% of that total in cash.
Orange County Business Bank’s lone location, in Irvine, will be folded into HomeStreet’s system, which also has branches in Brea and Newport Beach.
The combined company has 45 locations in four states, and about $5.1 billion in total assets, $3.4 billion deposits and $3.3 billion in loans.
Orange County Business Bank shares no longer trade. HomeStreet shares were down about 2.5% recently at $20 and a $441 million market cap.
