Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 207

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 207
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Street franchise, they had indicated that they were either only willing to acquire select assets or were unable to transact at this time. Mr. Mason and representatives of KBW advised the HomeStreet board that, in their view, no other viable acquirer was likely to emerge or otherwise be identified in the near future. Representatives of KBW then reviewed HomeStreet’s current financial position based on HomeStreet’s latest management estimates and review of the current research coverage on HomeStreet, including market recommendations, price targets and financial estimates. Following further discussion about potential next steps and the implications of remaining a standalone entity, the HomeStreet board temporarily adjourned the meeting so that Mr. Webb could make a presentation to the HomeStreet board regarding Mechanics and the potential benefits of a strategic transaction between the two companies. After the presentation, Mr. Webb responded to various questions from the HomeStreet board. After Mr. Webb departed, the HomeStreet board reconvened with HomeStreet’s legal and financial advisors. Members of the HomeStreet board shared their perspectives on the meeting with Mr. Webb and the advisability of continuing to pursue a potential strategic transaction with Mechanics. Following further discussion, the HomeStreet board decided to move forward with negotiations with Mechanics regarding the proposed transaction. The members of the HomeStreet board shared their perspective on the current proposed terms and potential improvement to such terms, including seeking a more favorable exchange ratio to HomeStreet shareholders, which the HomeStreet board instructed KBW to share with Mechanics. S&C then shared its views regarding recommended next steps, including with respect to regulatory engagement.

Later on January 30, 2025, representatives of KBW shared the HomeStreet board’s feedback with Mr. Webb.

On February 1, 2025, representatives of Mechanics sent a revised proposal to KBW, who provided such proposal to Mr. Mason and the HomeStreet board.

On February 3, 2025, representatives of Mechanics sent Mark Mason, on behalf of the HomeStreet board, and a representative of KBW a revised letter of intent (the “revised LOI”). The revised LOI was identical to the LOI with respect to the proposed structure of the transaction and the proposed exchange ratio. The revised LOI added that Mechanics would enter into a consulting agreement with Mr. Mason, consistent with Mechanics’ proposal from January 2024. The revised LOI required HomeStreet to enter into exclusive negotiations with Mechanics for forty-five days from the date on which HomeStreet countersigned the revised LOI.

On February 4, 2025