Bank of Oswego Acquired by HomeStreet of Seattle

Bank of Oswego, the Lake Oswego-based small financial institution that has grown even smaller as it has been buffeted by criminal charges, has been acquitted by HomeStreet Bank of Seattle.

The deal, announced Wednesday, was for an undisclosed sum and will eventually increase the number of HomeStreet locations in the area to five.

“We’re excited to be expanding our branch network to serve new and existing customers in the Portland market,” said HomeStreet Bank Chairman, President and CEO Mark K. Mason.

"We look forward to welcoming new employees to our company from The Bank of Oswego and are excited by the growth opportunities from the acquisition as a result of the Portland-Vancouver area’s strong employment and population growth."

The deal gives HomeStreet, Oswego's two locations and its headquarters. The Bank of Oswego locations won't change their name until the deal is complete.

Last year, two of the banks's former top executives were charged in federal court with conspiring to conceal from regulators the true financial shape of the bank.

Those cases are still pending.