Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 199

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 199
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 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.

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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