Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 200

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 200
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 considerations have focused on, among other things, the business and regulatory environments facing regional banks and other financial institutions in general and HomeStreet in particular, as well as conditions and trends in the banking industry and financial markets. From time to time, the HomeStreet board and management met with representatives of KBW to discuss market conditions, industry trends and potential strategic opportunities and alternatives, including business combination opportunities.

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The Mechanics board of directors (the “Mechanics board”) also regularly meets to review and assess Mechanics’ performance, strategy, competitive position, opportunities and prospects in light of the then-current business, interest rate, economic and regulatory environments, as well as developments in the financial sector and the opportunities and challenges facing participants in the sector, with the goal of enhancing value for its shareholders and delivering the best possible products and services to Mechanics’ customers and communities. As part of these reviews, Mechanics identifies potential strategic alternatives, including potential acquisitions, dispositions and other business combinations. Mechanics’ senior management team has identified potential bank-transaction counterparties within various markets in light of Mechanics’ priorities and criteria, as well as Mechanics’ periodic review of strategic alternatives with the Mechanics board.

In May 2023, HomeStreet management in conjunction with the HomeStreet board began evaluating potential strategic alternatives for HomeStreet. On May 25, 2023, the HomeStreet board met with and instructed KBW to prepare a process that would position KBW to assist HomeStreet with a variety of potential transactions, and the HomeStreet board then authorized the formation of a joint special committee of HomeStreet (the “HomeStreet special transaction committee”) to (i) consider and evaluate strategic alternatives and (ii) potentially recommend to the full HomeStreet board for approval of such strategic alternative transaction or transactions.

Through the months of July, August, September, October and November 2023, representatives of KBW, acting at the direction of HomeStreet, contacted several private equity funds and banks with respect to HomeStreet’s exploration of strategic alternatives. KBW also responded to unsolicited inquiries it received from institutions interested in exploring transactions with HomeStreet. During this time, HomeStreet entered into confidentiality agreements (“NDAs”) with twenty-four parties (including Mechanics), each of which had terms between one and two years. The NDAs contained, among other things, a customary standstill provision (which included a customary “don’t ask, don’t waive” clause and was subject to customary fall-away periods, including following the end