Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 205

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 205
---
 by the Mechanics board, including consideration of the factors described below under “ The Merger—Mechanics’ Reasons for the Merger; Recommendation of the Mechanics Board of Directors ,” the Mechanics board unanimously determined that the merger agreement and the consummation of the transactions contemplated thereby, on the terms and conditions set forth in the merger agreement, are advisable and in the best interests of Mechanics and its shareholders and approved the merger agreement and the transactions contemplated by the merger agreement (including the merger).

On March 27, 2025, the HomeStreet board held a regularly scheduled meeting at which the proposed terms of the proposed transaction with Mechanics were discussed. Members of HomeStreet management and representatives of S&C, KBW and Orrick, Herrington & Sutcliffe LLP (“Orrick”), HomeStreet’s outside securities counsel, attended the meeting. At the meeting, the HomeStreet board, with input from their financial and legal advisers, discussed the HomeStreet board’s fiduciary duties, the findings of HomeStreet’s due diligence of Mechanics, the financial implications of the proposed transaction, the prospect of regulatory approval of the proposed transaction, the special transaction committee’s recommendation that the HomeStreet board move forward with the transaction, and KBW’s fairness opinion. After careful deliberation of the foregoing, the HomeStreet board accepted the special transaction committee report and approved and ratified all action taken by the special transaction committee.

On March 28, 2025, the HomeStreet board held a special meeting to consider the proposed terms of the proposed transaction with Mechanics. Members of HomeStreet management and representatives of S&C, KBW and Orrick attended the meeting. At the meeting, the HomeStreet board, S&C and KBW discussed the key terms of the proposed transaction with Mechanics, including the merger agreement and voting agreements. Representatives of S&C refreshed the directors regarding their fiduciary duties. The HomeStreet board also discussed the treatment of employees, the consulting agreement and the key shareholder voting agreements. Representatives of KBW discussed the financial aspects of the merger. KBW rendered its oral opinion at a meeting of the HomeStreet board on March 28, 2025, which KBW subsequently confirmed in a written opinion issued by KBW on such date, to the HomeStreet board of directors to the effect that, as of such date and subject to the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by KBW as set forth in such opinion, of the fairness, from a financial point of view, to