Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 206

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 206
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 potential benefits and risks of a strategic merger transaction with HomeStreet.

On January 7, 2025, the HomeStreet board held a special meeting. Advisers from KBW and S&C attended the meeting. Mr. Mason noted that evaluation of Mechanics’ proposal was proceeding, but suggested additional time was needed to review financial results for the year ended December 31, 2024, which were not yet complete. Representatives of KBW provided an update on the banking market (including changes expected given the forthcoming change in presidential administrations) and provided an update on the current mergers and acquisitions landscape by asset size and region. Mr. Mason then provided the HomeStreet board with updates regarding the ongoing due diligence efforts and prospect of regulatory approval with respect to a potential merger transaction. Following discussions, the HomeStreet board directed management to work with HomeStreet’s advisors to further evaluate Mechanics’ proposal and conduct mutual due diligence. The HomeStreet board also instructed Mr. Mason to continue discussions with Mr. Webb about the terms of a potential merger transaction.

On January 13, 2025, Mechanics and HomeStreet entered into an amended and restated NDA (the “amended and restated NDA”) that extended the term of the original Mechanics NDA and provided that HomeStreet and Mechanics would both be subject to customary confidentiality obligations.

Following the execution of the amended and restated NDA, HomeStreet and Mechanics made available to each other virtual data rooms to facilitate mutual due diligence reviews of, among other matters, business, credit, operational, legal and compliance matters. Throughout the period prior to the execution of the merger agreement, HomeStreet and

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Mechanics continued their respective due diligence processes. On January 24 and 27, 2025, representatives of HomeStreet and Mechanics held due diligence meetings. Throughout January and February 2025, Messrs. Webb and Mason continued to engage in discussions about the potential transaction.

On January 30, 2025, the HomeStreet board held a meeting, which was attended by advisers from KBW and S&C. At the meeting, representatives of KBW updated the HomeStreet board regarding its outreach to third parties to assess interest in pursuing a transaction with HomeStreet, advising that none of the potential counterparties discussed at the December 23, 2024 HomeStreet board meeting had produced any actionable offer or expression of interest. Mr. Mason advised that although some acquirors had indicated that they remained interested in the Home