Company: MCHB
Filing Date: 2025-05-09
Form Type: 425
Source: 0001518715-25-000085
Chunk: 11

Company: Mechanics Bancorp
Filing Date: 2025-05-09
Form: 425
Chunk 11
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 to adopting, bringing on employees in either area and there will be impacts at both banks. From a policy standpoint, our policy at a high level -- and we can share the full policy -- a minimum of four weeks base pay, and then if you have tenure above two years, every additional year adds two weeks of base pay up to a maximum of, let me think about this. Twelve years, ten years or 24 weeks. So half a year, so 26 weeks, so it's two years. It's 13 years of service, four weeks minimum, 26 weeks of base pay maximum if you've served for more than 13 years. Mark Mason Which is actually better than HomeStreet’s on the shorter end. We have the same 26 week maximum, but we add one week per year of service so to the extent someone might be less tenured, it's a better plan. Everyone will become a Mechanics employee at least for one day, the way this is going to occur. If a position is to be eliminated, it will be the day after the transaction. A lot of reasons for that, some of which are tax related, so that the charge occurs post closing, but also you'd be under their plan. I know I'll get asked that, I’ve already been asked that. And then folks will want to know how much notice they'll have if their position is going to be eliminated. And I know that's a bit of a tough question, particularly at the front end of integration work, but what's your sense? C.J. Johnson I think general commitment is we want to provide as much notice as possible, we want to communicate as clearly as possible. There's lots of work being done to that effect. I think the goal is at least 60 days notice. I certainly think if it's a conversion related job elimination, it would be at least 60 days if not more. I think if it's legal day one, which is less impact there, it's going to be a little tighter, but we'll try to communicate as best we can. We're going to plan very carefully and thoughtfully. That's why all our team is up. We want to get to know people, meet folks, be working through it. We have gaps in our organization, we have a lot of opportunities to add talent and it is a key focus for us to be able to do that. Mark Mason And I want to echo that. I mean, I've already been a part of several