Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 200

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 200
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#### TABLE OF CONTENTS
Mechanics continued their respective due diligence processes. On January 24 and 27, 2025, representatives of HomeStreet and Mechanics held due diligence meetings. Throughout January and February 2025, Messrs. Webb and Mason continued to engage in discussions about the potential transaction.

On January 30, 2025, the HomeStreet board held a meeting, which was attended by advisers from KBW and S&C. At the meeting, representatives of KBW updated the HomeStreet board regarding its outreach to third parties to assess interest in pursuing a transaction with HomeStreet, advising that none of the potential counterparties discussed at the December 23, 2024 HomeStreet board meeting had produced any actionable offer or expression of interest. Mr. Mason advised that although some acquirors had indicated that they remained interested in the HomeStreet 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