Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 229

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 229
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 not be viewed as determinative of the decision of the HomeStreet board with respect to the fairness of

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the consideration to be paid to holders of Mechanics common stock to HomeStreet. The type and amount of consideration payable in the merger were determined through negotiation between HomeStreet and Mechanics and the decision of HomeStreet to enter into the merger agreement was solely that of the HomeStreet board. The following is a summary of the material financial analyses presented by KBW to the HomeStreet board in connection with its opinion. The summary is not a complete description of the financial analyses underlying the opinion or the presentation made by KBW to the HomeStreet board, but summarizes the material analyses performed and presented in connection with such opinion. The financial analyses summarized below include information presented in tabular format. The tables alone do not constitute a complete description of the financial analyses. The preparation of a fairness opinion is a complex analytic process involving various determinations as to appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances. Therefore, a fairness opinion is not readily susceptible to partial analysis or summary description. In arriving at its opinion, KBW did not attribute any particular weight to any analysis or factor that it considered, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Accordingly, KBW believes that its analyses and the summary of its analyses must be considered as a whole and that selecting portions of its analyses and factors or focusing on the information presented below in tabular format, without considering all analyses and factors or the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the process underlying its analyses and opinion. Mechanics Selected Companies Analysis. Using publicly available information, KBW compared the financial performance, financial condition and market performance of Mechanics to 9 selected major exchange-traded banks headquartered in the Western region of the United States (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, New Mexico, Nevada, Oregon, Utah, Washington, and Wyoming) with total assets between $9.5 billion and $30 billion. Merger targets, ethnic-focused banks, online banks (Axos Financial, Inc. and LendingClub Corporation) and WaFd, Inc., a legacy thrift, were excluded from the selected companies. The selected companies were as follows (shown by column in descending order of total assets):

| First Interstate BancSystem, Inc. |     | Banner Corporation                 |
| Glacier Bancorp,