Company: MCHB
Filing Date: 2025-05-09
Form Type: 425
Source: 0001518715-25-000085
Chunk: 10

Company: Mechanics Bancorp
Filing Date: 2025-05-09
Form: 425
Chunk 10
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 there will be tons of these questions. Existing balances for sick time and vacation time. Will that transfer over? I believe so, how? C.J. Johnson I believe per the definitive agreement it will. Mark Mason And I think legally the vacation time has to. Sick time, probably similar. What is your vacation policy? I know some folks will ask me that. C.J. Johnson It depends on your tenure with the bank and your seniority with the bank in terms of what role you have, but it's a minimum of three weeks paid vacation and a maximum of five weeks. There is a matrix that lays out here's where you would fall. So three to five weeks. There's also accrued sick time. I think you can accrue up to 80 hours of sick time and then your vacation and your sick time can roll over up to a point. There's a max that caps out. We will provide a very detailed email to every employee that'll lay all this out, and we'll be very thoughtful. Here's what HomeStreet has today, here's what Mechanics Bank has. We're going to review that. We do it every year; we review all of our benefit policies. Maybe HomeStreet does something we should adopt or vice versa. We’ll lay it out in some documents that can explain it way better than I can here just going off the cuff, but that's the general outline. I mentioned earlier we got two days off for volunteering. And then we also do, I think eleven paid days off for federal holidays. Mark Mason So I'm sure we are similar. C.J. Johnson I'm guessing it's probably pretty similar. I know there's some differences, but that's my high level. Mark Mason You'll be getting the details though. C.J. Johnson Yeah, we will send out a lot. Mark Mason I mean, I'm pretty impressed you could give that answer as detailed as it was.

Severance. Now, there is a reality to mergers. There is some duplication of positions, particularly back office. There will be positions that are no longer required because of the duplication. Now that's not just going to occur on the HomeStreet side. That is also going to occur on the Mechanics side. The severance policy that will be used is not HomeStreet’s, but it will be Mechanics, and perhaps you could speak to that. C.J. Johnson I would say in general, back office, we will we want to look at best practices and we're very open