Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 201

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 201
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 of the applicable one- to two-year period). On August 28, 2023, HomeStreet and Mechanics entered into an NDA (the “original Mechanics NDA”). The original Mechanics NDA contained, among other things, a customary standstill provision (which included a customary “don’t ask, don’t waive” clause, subject to exceptions for confidential requests, and was subject to customary fall-away periods).

From November 2023 through January 2024, HomeStreet received offers and revised offers from four potential acquirers, including Mechanics. On January 12, 2024, the HomeStreet board held a special meeting to consider the negotiated terms of a proposed transaction with three of the potential acquirers, one of which was Mechanics. Mechanics offered aggregate consideration of $295 million in cash. After extensive consideration and deliberation that included input from HomeStreet’s legal and financial advisors, the HomeStreet board decided not to move forward with Mechanics’ offer and authorized HomeStreet management to execute an LOI with a different bidder, FirstSun Capital Bancorp (“FirstSun”). Between January 12, 2024 and January 16, 2024, HomeStreet and FirstSun and representatives of their respective 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