Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 204

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 204
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 legal and financial advisors finalized negotiations of the merger and related documentation. HomeStreet, FirstSun and a wholly-owned subsidiary of FirstSun executed a merger agreement and certain related agreements on the morning of January 16, 2024, and announced the transaction that same day.

From January 2024 through October 2024, the HomeStreet board and management worked to satisfy the conditions under the merger agreement necessary to close the transaction, including by amending the merger agreement to provide for an alternative transaction structure. On or around October 29, 2024, based on discussions FirstSun had with the Federal Reserve and the Texas Department of Banking, it became apparent that the regulatory approvals necessary for the transaction would not be obtained. After discussing the possibility of other structures for the merger, HomeStreet’s board of directors determined that such a course of action was not in the best interests of HomeStreet’s shareholders and, on November 18, 2024, FirstSun and HomeStreet agreed to terminate their previously announced merger agreement pursuant to a mutual termination agreement.

From January 2024 through November 2024, Mechanics’ management and the Mechanics board continued to review and monitor Mechanics’ standalone plan and strategy and strategic alternatives that were reasonably available to Mechanics.

On November 21, 2024, the HomeStreet board held a meeting. Advisers from KBW attended the meeting. At the meeting, representatives of KBW and the HomeStreet board discussed the termination of the FirstSun transaction, current market conditions and the fact that KBW had been contacted by various entities expressing a potential interest in engaging with HomeStreet with respect to a strategic alternative. At this time, KBW had not made any outbound inquiries.

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On December 18, 2024, at the direction of the Mechanics board, Carl Webb, the Chairman of the Mechanics board, telephoned a representative of KBW and stated that Mechanics would be interested in making an offer to HomeStreet regarding a potential strategic transaction.

On December 19, 2024, Mr. Webb sent Mark Mason, on behalf of the HomeStreet board, and a representative of KBW a letter of intent (“LOI”) proposing a potential business combination transaction. The LOI contemplated the merger of HomeStreet Bank with and into Mechanics, with Mechanics surviving the merger as a wholly owned subsidiary of HomeStreet. At the closing of the proposed transaction, each outstanding share of Mechanics common stock would convert into a number of shares of HomeStreet common