Company: MCHB
Filing Date: 2025-04-03
Form Type: 425
Source: 0001518715-25-000059
Chunk: 1

Company: Mechanics Bancorp
Filing Date: 2025-04-03
Form: 425
Chunk 1
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 by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. |

| Item 1.01 |     | Entry into a Material Definitive Agreement |

#### Merger Agreement
On March 28, 2025, HomeStreet, Inc., a Washington corporation (“ HomeStreet ”), HomeStreet Bank, a Washington state-chartered commercial bank and wholly owned subsidiary of HomeStreet (“ HomeStreet Bank ”), and Mechanics Bank, a California banking corporation (“ Mechanics Bank ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) providing for an all-stock business combination between HomeStreet and Mechanics Bank. On the terms and subject to the conditions set forth in the Merger Agreement, HomeStreet Bank will merge with and into Mechanics Bank (the “ Merger ”), with Mechanics Bank surviving the Merger and becoming a wholly-owned subsidiary of HomeStreet. Following the consummation of the Merger, HomeStreet will be renamed “Mechanics Bancorp” and will remain a publicly traded company. The Merger Agreement is attached to this Current Report on Form 8-K as Exhibit 2.1, and incorporated by reference herein.

The Merger Agreement was unanimously approved by the Boards of Directors of each of HomeStreet, HomeStreet Bank and Mechanics Bank.

Merger Consideration

Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “ Effective Time ”), each share of common stock, par value $50 per share, of Mechanics Bank designated as voting common stock (the “ Voting Mechanics Common Stock ”), issued and outstanding immediately prior to the Effective Time, subject to certain exceptions, will be converted into the right to receive 3,301.0920 shares (such ratio, the “ Exchange Ratio ”, and such shares collectively, the “ Voting Merger Consideration ”) of the Class A common stock, no par value, of HomeStreet (the “ Class A HomeStreet Common Stock ”) as set forth in the amended and restated articles of incorporation of HomeStreet to be adopted in connection with the Merger which are set forth as Exhibit B to the Merger Agreement (the “ Articles Amendment ”), and each share of common stock, par value $50 per share, of Mechanics Bank designated as non-voting common stock (the “ Non-Voting Mechanics Common Stock ”, together with