Home Street Bank reports record residential construction

HomeStreet Bank announced yesterday that it had a record-breaking year in single family residential construction lending in 2004. The bank provided over $825 million in financing for construction projects in Washington, Oregon, Hawaii and Idaho. This marks the fourth straight year of record volume for residential construction projects.

“We have had a phenomenal year in 2004, moving well past our previous record of $490 million in 2003,” said Jeff Todhunter, senior vice president and residential construction lending director for HomeStreet Bank. “There is no doubt our success is based on our customers’ success, which has been buoyed by strong housing markets throughout all the regions where we do business.”

In 2004, HomeStreet provided $194 million in financing in Pierce County for a variety of projects including Mountain Creek and Quiet Water in Sumner and McCormick Ridge in Gig Harbor.

Founded in 1921, family- and employee-owned HomeStreet Bank is one of the largest private banks in the Northwest. Headquartered in Seattle, the company has assets of $1.7 billion and a network of 30 branches in the Northwest and Hawaii. HomeStreet Bank offers a full range of financial services, including: business banking, business lending, consumer banking, mortgage lending, residential construction financing, income property financing, and insurance services. Each year, HomeStreet contributes at least two percent of its pre-tax profits to organizations in its communities.