Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 211

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 211
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 board resolutions approving the proposed transaction.

Also on March 26, 2025, the Mechanics board held a special meeting to consider the negotiated terms of the proposed transaction and the entry into the merger agreement and related agreements by Mechanics, including the registration rights agreement and the consulting agreement. At the meeting, members of Mechanics’ management provided an update on the results of the negotiations since the February 27 board meeting, reviewed the proposed terms of the potential transaction and advised that the negotiations and definitive transaction documents were substantially complete. Management reviewed the financial aspects of the merger with the Mechanics board, including financial analysis that had been provided by J.P. Morgan and relationship disclosure previously provided by J.P. Morgan. Representatives of Wachtell Lipton were also in attendance and reviewed the fiduciary duties of the directors in connection with their evaluation of the proposed transaction, and reviewed with the Mechanics board the proposed terms of the proposed transaction, including the merger agreement, the registration rights agreement, the key shareholder voting agreements and the consulting agreement. Representatives of Wachtell Lipton also described the resolutions that members of the Mechanics board would be asked to consider if they were to approve the merger agreement, the other definitive agreements and the potential transaction. Thereafter, management of Mechanics confirmed its recommendation of the proposed transaction to the Mechanics board. Members of the Mechanics board discussed the benefits, challenges and feasibility of the potential transaction and potential strategic alternatives available to Mechanics, including continuing to operate as a standalone company. Messrs. Ford, Webb and Russell recused themselves from discussions of, and did not participate in the approval of, the registration rights agreement. At the conclusion of the meeting, after careful review and discussion by the Mechanics board, including consideration of the factors described below under “ The Merger—Mechanics’ Reasons for the Merger; Recommendation of the Mechanics Board of Directors ,” the Mechanics board unanimously determined that the merger agreement and the consummation of the transactions contemplated thereby, on the terms and conditions set forth in the merger agreement, are advisable and in the best interests of Mechanics and its shareholders and approved the merger agreement and the transactions contemplated by the merger agreement (including the merger).

On March 27, 2025, the HomeStreet board held a regularly scheduled meeting at which the proposed terms of the proposed transaction with Mechanics were discussed. Members of HomeStreet management and representatives of S&C, KBW and Orrick, Herrington & Sutcliffe LLP (“Orrick”), HomeStreet’s outside securities counsel, attended the meeting. At the meeting