Bank of America (BAC.US) agreed to acquire HomeStreet Bank (HMST.US) nearly $0.99 billion in multi-family commercial Real Estate loans for approximately $0.91 billion.

HomeStreet Bank stated that the Trade will help restore profitability and reduce expensive sources of financing.

Bank of America paid approximately $0.91 billion, accounting for about 92% of the portfolio value. HomeStreet indicated that the slight discount reflects 'the current interest rate environment and the primarily lower yield of the loans being sold.'