How HomeStreet Found a Buyer

The Seattle company, which had been facing pressure from an investor, reviewed offers from three interested suitors.

HomeStreet in Seattle had three serious bidders as it looked to sell itself.

FirstSun Capital Bancorp in Denver agreed in January to buy HomeStreet for $286 million, or 56% of the $9.5 billion-asset seller’s tangible book value. The $7.8 billion-asset FirstSun secured $175 million in capital commitments from outside investors to fund the acquisition.

The final price was about 80% higher than FirstSun’s first proposal, reflecting a two-month bidding process, according to a regulatory filing.