Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 209

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 209
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 and financial advisors the proposed timeline, expected regulatory approvals, and related matters. Following further discussion, the HomeStreet board unanimously approved HomeStreet accepting the revised LOI and authorized management to execute the revised LOI and move forward with negotiating definitive documentation for the transaction.

Following the meeting of the HomeStreet board, on or about February 5, 2025, HomeStreet countersigned the revised LOI.

Also on February 5, 2025, the Mechanics board held a meeting. At the meeting, members of Mechanics’ management provided an update on the status of the negotiations with HomeStreet and the execution of the LOI by HomeStreet that afternoon. Members of Mechanics’ management and the Mechanics board discussed the status of Mechanics’ and HomeStreet’s due diligence, the terms of the proposed transaction and the potential timeline for the diligence process and negotiation of definitive documentation for the transaction.

On February 24, 2025, Wachtell Lipton provided an initial draft of a proposed merger agreement to S&C. Thereafter and continuing until the merger agreement was executed, the parties and their respective counsel exchanged several drafts of the merger agreement and related transaction documents to be entered into in connection with the potential transaction, and negotiated the terms of the merger agreement and related documents, reflecting ongoing discussions between the parties regarding transaction terms.

On February 27, 2025, the HomeStreet board held a meeting. Advisers from KBW and S&C attended the meeting. At the meeting, Mr. Mason informed the HomeStreet board that Mechanics had indicated that it was making substantial progress on its due diligence and that no significant issues had surfaced in either party’s due diligence. S&C provided an update regarding its interactions with Mechanics’ counsel and the status of the proposed transaction’s definitive documentation. KBW then shared its views on the progress of the transaction, noting that Mechanics was expending considerable resources on due diligence. KBW discussed that its team was actively developing the analysis that would underlie its fairness opinion regarding the transaction and that the KBW team was receiving the necessary cooperation from all parties on information requests.

Also on February 27, 2025, the Mechanics board held a meeting. At the meeting, members of Mechanics’ management provided an update on the status of the negotiations. Members of Mechanics’ management and the Mechanics board discussed the terms of the proposed transaction, the status of Mechanics’ and HomeStreet’s due diligence and the potential timeline for the negotiation of definitive transaction documentation.

On March 5, 2025, the HomeStreet board held