HomeStreet prevails in battle with activist investor

Mortgage

All three directors nominated by HomeStreet in Seattle were backed by investors at this year’s annual meeting.

Chairman and CEO Mark Mason, along with Sandra Cavanaugh and Donald Voss, will remain on the $7.1 billion-asset company’s board after Blue Lion Capital withdrew the candidacy of Ronald Tanemura before the meeting.

Blue Lion owns 6.4% of HomeStreet’s stock.

Shareholders also rejected a proposal from Blue Lion to separate the chairman and CEO roles, based on a preliminary vote count.

“As we have consistently said, we believe that we have a strong, independent board that is making significant progress executing against our strategy of transforming HomeStreet into a leading West Coast regional commercial bank,” Mason said in a press release.

HomeStreet President and CEO Mark Mason

HomeStreet shareholders voted to keep CEO Mark Mason on the company’s board.

Blue Lion has expressed concerns about HomeStreet’s acquisitions and past focus on mortgage lending. HomeStreet has recently been winding down its national mortgage platform.

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