Company: MCHB
Filing Date: 2025-05-09
Form Type: 425
Source: 0001518715-25-000085
Chunk: 7

Company: Mechanics Bancorp
Filing Date: 2025-05-09
Form: 425
Chunk 7
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 very optimistic, that we'll get approval here soon. And our plan is to close in the third quarter and so it could be as early as August 1 and we're pushing towards that goal. It may take longer. You can't, you just don't know, how it goes, but, I think that's the major milestone. We'll get questions with the regulators, they'll go through our application, we'll provide them answers. That regulatory approval is a big step, and then from there it's 15 days, 15 to 30 days until close.

Mark Mason One other important step from a HomeStreet side, there's also a public exercise. We are publicly traded. Our shareholders have to in effect approve the transaction. What they're actually approving is the issuance of stock because this is a reverse merger; little different than the norm. Our holding company HomeStreet is going to affect the merger by issuing shares to the shareholders of Mechanics Bank, I think the majority are the Ford funds, but there's also a couple, a few minority interests, and in that exchange, then Mechanics Bank becomes a fully owned subsidiary of HomeStreet. HomeStreet's name changes to Mechanics Bancorp. And then HomeStreet Bank and Mechanics Bank merge all at the same time. Shareholders have to approve that, and so we are going to be holding a special meeting of our shareholders just for that express purpose. We have not yet finished the proxy. That'll be done in the next few weeks. It has to be reviewed by the SEC and that could either take a lot of time or a little time. We're hoping for a little time and then that meeting will take place probably in early to mid July, which is plenty of time. And we expect that to be overwhelmingly approved and then submit to the regulatory approval and a short waiting period, then we can close. The transaction by our agreement can only close on the 1st of a month. So, you think about everything that has to happen before the last couple of days of a month. So those are all the parameters. We think we're in great shape, but these are things to look for as we announce progress. How about integration? These are two banks, some similar systems, a lot of different systems, but would you like to talk about how that integration effort is going to go? C.J. Johnson Sure, very important, most important thing is to have a well-planned, carefully coordinated, well executed integration. Our team has a lot of experience doing