Company: MCHB
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0001518715-25-000097
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Company: Mechanics Bancorp
Filing Date: 2025-07-18
Form: 8-K
Item: Item 8.01
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Item 8.01      Other Events  

On July 16, 2025, HomeStreet, Inc., a Washington corporation (the “ Company”), through its wholly-owned subsidiary HomeStreet Bank (“ HomeStreet”), entered into an agreement (“ Purchase Agreement”) to sell its Government National Mortgage Association (“ Ginnie Mae”) mortgage servicing portfolio to an entity experienced in servicing loans, including Ginnie Mae loans.

The sale is scheduled to close on August 1, 2025. The principal balance of the loans in the Ginnie Mae servicing portfolio to be sold under the Purchase Agreement was $794 million as of June 30, 2025. As HomeStreet carried this servicing portfolio at current market value at June 30, 2025, no gain or loss is expected to be realized upon the close of the sale.

The Purchase Agreement contains customary representations and warranties, covenants, termination rights and other customary provisions for a transaction of this size and nature, and is subject to customary closing conditions. There can be no assurance that all of the conditions to closing the sale transaction will be satisfied.

Forward-Looking Statements