Continental Savings Bank to Become HomeStreet Bank; New Name Positions 79-Year-Old Mortgage Lender & Financial Institution as a Full-Service Regional Community Bank.Business Editors NOTE TO MEDIA: Photo available on BW PhotoWire/AP PhotoExpress, NewsCom, PressLink and on Business Wire's Web site at www.businesswire.com SEATTLE--(BUSINESS WIRE)--April 6, 2000 Continental Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , the largest independent, privately owned bank in the Northwest, will take a new name and make additional changes to become a full-service community bank in the markets where it now does business. The new name -- HomeStreet(TM) Bank -- was announced last night to employees in Seattle, Portland and Honolulu. It will become official May 15 when new signs are installed at branches throughout Washington, Oregon, Idaho and Hawaii. The new name and logo are meant to symbolize the 79-year-old financial institution's continuing commitment to home mortgage lending and community banking. In making the announcement, Continental chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard S. Swanson said the new name "distinguishes us from competitors and better reflects what our bank is all about -- building communities, one house at a time, one street after another." The name change kicks off what is expected to be a two-to-three-year conversion into a full-service, regional community bank. In many locations, this will mean bringing together separate mortgage lending and banking operations at a single financial service center. An improved Web site will soon extend the breadth of products and services available online. The conversion will include introducing new financial products and integrating mortgage, banking and insurance information systems. The goal is to give customers what they say they want: easy and convenient access to a complete menu of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. as well as friendly, knowledgeable, personal service. A transition in top leadership will facilitate the new developments. President and CEO Richard S. Swanson has been elected chairman, and executive vice president and COO Bruce Williams Bruce Williams is an American businessman and radio talk show host, who hosts The Bruce Williams Show on weekday evenings from 7 PM to 10 PM Eastern time. Williams has been doing his national radio show for more than 25 years. has become president and COO. The leadership changes, Williams said, "underscore our commitment to continued independence with family and employee ownership." Both men are related to Continental's first employee and long-time president, W. Walter Williams, and to Walter B. Williams, a celebrated Seattle civic leader and Continental president from 1963 to 1990. Bruce Williams, 46, is Walter B. Williams' son and Swanson, 50, is his son-in-law. Continental began in Seattle in 1921 as a commercial real estate lender, growing over time to offer home mortgages, construction financing, insurance and personal financial services. The name change to HomeStreet, Swanson and Williams stressed, does not indicate a change of ownership, nor does it signal a change in Continental Savings Bank's signature: friendly, personal service, competitive rates, and community involvement. Market research surveys revealed those to be among the traits that Continental customers most highly value. HomeStreet Bank, Williams confirmed, will continue to fund affordable housing and find "creative ways to support the public-spirited programs that make our communities more livable." The bank was again recognized in 1999 for its community programs with an "outstanding" rating from the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). under the Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. . Its innovative efforts have included a pioneering partnership with the city of Seattle to help municipal employees, such as firefighters, school teachers and police personnel, buy in-city homes. New HomeStreet chairman Swanson has worked for the company for 12 years, preceded by a four-year term as an outside director. Following more than 10 years leading the real estate practice for Seattle law firm Hillis, Clark, Martin and Peterson, he joined Continental in 1988 as executive vice president and general counsel. He became president in 1990. He holds a B.A. degree from Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. , an M.A. degree from Cambridge University Cambridge University, at Cambridge, England, one of the oldest English-language universities in the world. Originating in the early 12th cent. (legend places its origin even earlier than that of Oxford Univ. and a J.D. degree from Stanford Law School  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . . President Williams has worked for Continental for a total of 11 years, a term interrupted by a two-year tour to Liberia with the U.S. Peace Corps and five years as a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. attorney with Seattle-based Perkins Coie Perkins Coie is an influential law firm based in Seattle, Washington. The firm is number 86 on the list of the world's largest law firms by 2006 revenue and is listed as number 64 on the Fortune Magazine "100 Best Places to Work in America 2007. . Williams holds a B.A. degree from Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. and a J.D. degree from the University of Washington Law School. Continental has been meeting consumer financial needs in the Pacific Northwest since 1921. Continental Savings Bank has grown to $1.2 billion in assets and services nearly $5 billion in real estate loans. Continental Savings Bank has approximately 600 employees and operates 31 branches in Washington, Oregon, Idaho and Hawaii. Its diversified financial services include home mortgages, construction lending, deposit services, insurance and income property financing. Continental also operates Windermere Mortgage services with 32 home loan consultants at Windermere Realty locations throughout Washington and Oregon. For more information about Continental Savings Bank products and services, visit the Web site at www.continentalsavings.com or call 800/389-4426. Note: A Photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.040600/bw1 |
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