Boston Private is selling two of its California offices to HomeStreet, the Seattle, WA-headquartered financial services firm.

HomeStreet Bank is to acquire two branches from Boston Private in Burbank and Granada Hills, CA.

The move will add $110 million in deposit accounts to HomeStreet. Boston Private said in a statement, however, that it “remains very committed to the southern California market.”

Family Wealth Report is in contact with HomeStreet about its strategic rationale behind the move.

“We are positioning our footprint and optimizing our resources to operate where we can best develop and serve our wealth management, private banking, trust clients, and our local community, as evidenced by our new offices in Beverly Hills and Downtown Los Angeles,” said George Schwartz, president at Boston Private Bank and chief executive at Boston Private Banking Group.

“Our five offices in Southern California are generating strong performance and we will continue to expand our presence in this exciting market,” Schwartz said.

Both locations will continue to operate under the Boston Private brand until the transaction is completed. Upon closing, the branches will become part of HomeStreet Bank.