Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 208

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 208
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, the HomeStreet special transaction committee held a meeting. Advisers from KBW and S&C attended the meeting. At the meeting, representatives of KBW discussed that the revised LOI proposed the same exchange ratio for the benefit of HomeStreet shareholders as the initial LOI. Representatives of KBW discussed the fact that no further third parties interested in a potential acquisition of HomeStreet or similar strategic transaction had been identified and, in its view, no other viable acquirer was likely to emerge or otherwise be identified in the near future and if they did not enter into a transaction as provided in the revised LOI, HomeStreet, HomeStreet Bank, and HomeStreet’s shareholders would remain subject to the risks of a standalone company. Representatives of KBW and the HomeStreet board agreed that the economics and other terms of Mechanics’ revised LOI were reasonable. The HomeStreet special transaction committee unanimously determined to recommend the revised LOI to the full HomeStreet board for its approval.

On February 5, 2025, the HomeStreet board held a special meeting, which was attended by advisers from KBW and S&C. At the meeting, representatives of KBW advised the HomeStreet board that the revised LOI proposed the same exchange ratio for the benefit of HomeStreet shareholders as the initial LOI and that Mechanics’ position, based on KBW’s market check and professional judgment, was not unreasonable. KBW added that no other parties had provided an offer at this time and that the revised LOI was, in KBW’s view, the highest and best offer HomeStreet was likely to receive from Mechanics. After delivering a report regarding the proceedings of the HomeStreet special transaction committee meeting held the prior day, a member of the HomeStreet special transaction committee reported that the HomeStreet special transaction committee had unanimously determined to recommend the revised

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LOI to the full HomeStreet board for approval. Mr. Mason then solicited the views of the other members of the HomeStreet board, who shared their concerns about engaging in an extensive back-and-forth on the revised LOI which could delay or jeopardize a transaction, and discussed the likelihood that Mechanics would improve its offer. Members of the HomeStreet board discussed how the proposed transaction on the terms in the revised LOI would be a better outcome for HomeStreet shareholders than not pursuing the proposed transaction, including as compared to other strategic alternatives reasonably available to HomeStreet (including HomeStreet’s standalone strategic plan), and discussed with HomeStreet’s legal