Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 310

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 310
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 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 interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition.”

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TABLE OF CONTENTS

The first step in estimating the purchase price in the merger is to determine the pro forma ownership of the combined company following the merger. The tables below show the calculation to determine the pro forma ownership of HomeStreet common stock following the merger using shares of HomeStreet common stock and Mechanics common stock outstanding at March 31, 2025 and the fixed exchange ratio of 3,301.0920 applied to shares of outstanding Mechanics voting common stock and 330.1092 to shares of outstanding Mechanics non-voting common stock.

|                                                                                         |     | HomeStreet |     |   Mechanics |
| Shares of voting common stock outstanding and converting to shares as of March 31, 2025 |     | 19,163,854 |     |      60,854 |
| Fixed exchange ratio                                                                    |     |            |     |  3,301.0920 |
| Shares of non-voting common stock outstanding as of March 31, 2025                      |     |            |     |       3,376 |
| Fixed exchange ratio                                                                    |     |            |     |