Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 76

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 76
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also known as dissenters’ rights) are statutory rights that, if applicable under law, enable shareholders to dissent from an extraordinary transaction, such as a merger, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to shareholders in connection with the extraordinary transaction.

Under Section 23B.13.020 of the WBCA, a shareholder is entitled to dissent from, and obtain payment of the fair value of the shareholder’s shares only in the event of certain corporate acts, including: certain mergers which require shareholder approval and which the shareholder is entitled to vote on; certain share exchanges which the shareholder is entitled to vote on; certain sales or exchanges of all, or substantially all, of the corporation’s property which the shareholder is entitled to vote on; certain amendments to the articles of incorporation effecting a redemption or cancellation of the shareholders shares; and any corporate action taken pursuant to a shareholder vote to the extent the bylaws or articles of incorporation provide that the shareholders are entitled to dissent and obtain payment for their shares.

Under the WBCA, HomeStreet shareholders will not be entitled to dissenters’ rights in connection with the merger or other matters to be voted on at the HomeStreet special meeting because HomeStreet shareholders are not required to approve the merger within the meaning of Section 23B.11A.040 of the WBCA, and the HomeStreet articles amendment will not effect a redemption or cancellation of any HomeStreet shareholders’ shares of HomeStreet common stock. Accordingly, no dissenters’ rights are available to HomeStreet shareholders in connection with the merger or other matters to be voted on at the HomeStreet special meeting.

Under Section 1300(a) of the California General Corporation Law (“CGCL”), a shareholder of a California is entitled to dissent from, and obtain payment of the fair market value of his, her, or its shares only in the event of certain corporate acts, including, among others, certain reorganizations involving such corporation, by complying with the applicable requirements under the CGCL. Under the CGCL, which governs Mechanics shareholders’ dissenters’ rights, Mechanics shareholders will not be entitled to exercise any appraisal or dissenters’ rights in connection with the merger.

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**Issuance of shares of HomeStreet common stock in connection with the merger may adversely affect the market price of HomeStreet common stock.**

HomeStreet expects to issue approximately 202 million