Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 203

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 203
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 that management and KBW assess whether there were additional parties who may be interested in engaging with HomeStreet on a potential strategic merger transaction. Representatives of KBW discussed that KBW had received outreach from other parties potentially interested in engaging in a transaction with HomeStreet. Mr. Mason also discussed the risk to employee retention posed by an acquisition announcement, particularly following the entry into the merger agreement with FirstSun and its subsequent termination. During the meeting, advisers from S&C refreshed the directors regarding their fiduciary duties. Following discussions, the HomeStreet board directed management to work with HomeStreet’s advisors to further evaluate the LOI and Mechanics’ proposal and directed KBW to contact third parties to assess their interest in pursuing a transaction with HomeStreet.

During the following two weeks, HomeStreet management, with assistance from its financial and legal advisors, evaluated Mechanics’ proposed transaction and KBW reached out to potential third parties to assess their interest in pursuing a transaction with HomeStreet. Throughout this period, representatives of Mechanics, with the assistance of representatives of J.P. Morgan, Mechanics’ financial advisor, and Wachtell, Lipton, Rosen & Katz (“Wachtell Lipton”), Mechanics’ outside counsel, continued to analyze the 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