Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 1

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 1
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 2023, the SEC issued a final rule that requires registrants, such as the Company, to (i) report material cybersecurity incidents on Form 8-K within four business days of their being deemed material, (ii) disclose cybersecurity policies and procedures and governance practices, including at the board and management levels, in Form 10-K, and (iii) present the disclosures in inline XBRL.

Human Capital Management

Employee Headcount

As of December 31, 2024, the Company employed 787 employees across our geographic footprint, 94% of which are classified as full-time. Our employee turnover rate was 21% during the year ended December 31, 2024.

Company Culture

As a financial institution, HomeStreet Bank occupies a position of trust with its shareholders, in the community, among its customers and employees, and with its regulators. We have earned that trust by developing a reputation for fairness, honesty, integrity and community service since the Company’s inception in 1921. Our reputation is directly tied to the individual decisions, actions, and sense of business ethics of our employees. A high level of trust gives us a competitive advantage in an environment that is increasingly sensitive to business ethics. Employees and customers are attracted to work for, and do business with, a company that prides itself on maintaining the highest degree of ethical standards. For all of these reasons, a commitment to fairness, honesty, integrity and community service are core values of the Company.

4

As part of this commitment to our core values, HomeStreet identified five key values built on specific behaviors that bring our values to life – a focus on customers, collaboration as one team, delivering excellence, embodying a spirit to serve the communities that we are in, and being engaged in our work in a manner that can be described as “all in." Further, HomeStreet management is inclusive of all employees from all backgrounds and employees feel a sense of belonging when working for the Company. 

Inclusion and Belonging

HomeStreet is an equal opportunity employer where we strive to hire the best talent. By recruiting employees who are representative of the communities we serve, we are better able to serve our customers and understand their financial services' needs and goals.

We have talented employees who bring unique differences, experiences, and capabilities in support of our mission and in alignment with our values. Our culture embraces individuality, provides fair treatment, and creates opportunities for employees to develop their careers, to be included in teams, and to be a part of broader and more