Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 310

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 310
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 merger, will be recorded at their respective fair values, and the excess of the fair value of HomeStreet’s net assets over the purchase price consideration will be allocated to a bargain purchase gain. See Note 2 to the unaudited pro forma combined condensed consolidated financial information for detailed calculations of the estimated purchase price.

The merger agreement provides for Mechanics common shareholders to receive 3,301.0920 shares of Class A common stock for each share of Mechanics voting common stock and 330.1092 shares of Class B common stock for each share of Mechanics non-voting common stock they hold immediately prior to the merger.

The preliminary purchase price allocation reflected in the unaudited pro forma combined condensed consolidated financial information is subject to adjustment and may vary from the actual purchase price allocation that will be recorded at the time the merger is completed. Adjustments may include, but not be limited to, changes in (i) HomeStreet’s financial condition and operating results through the effective time of the merger; (ii) the aggregate value of the accounting purchase price determination if the price of shares of HomeStreet common stock varies from the assumed $12.25 per share, which was the closing share price of HomeStreet common stock on June 25, 2025; (iii) total merger-related expenses from amounts included herein; and (iv) the underlying values of assets and liabilities.

The accounting policies of both HomeStreet and Mechanics are in the process of being reviewed in detail, and HomeStreet and Mechanics have not identified all adjustments necessary to conform the respective accounting policies of HomeStreet and Mechanics to a single accounting policy. As a result of that review, differences could be identified between the accounting policies of the two companies that, when conformed, could have a material impact on the combined company’s financial information.

As a result of the foregoing, the pro forma adjustments are preliminary and are subject to change as additional information becomes available and as additional analysis is performed. The preliminary pro forma adjustments have been made solely for the purpose of providing the unaudited pro forma combined condensed consolidated financial information.

#### Note 2. Purchase Price Determination
The unaudited pro forma combined condensed consolidated statement of financial condition has been adjusted to reflect the preliminary calculation of the estimated purchase price to identifiable net assets acquired. Since the merger will be accounted for as a reverse acquisition, the estimated purchase price was determined in accordance with FASB ASC 805-40-30-2, which provides that the purchase price in a reverse acquisition is determined based on “the number of equity