HomeStreet completes merger with Mechanics Bank; renamed Mechanics Bancorp; control shifts to Ford Entities

Mechanics Bancorp

Mechanics Bank shareholders received 3,301.092 Class A shares per voting share; own 91.7% of combined company.
Ford Entities (controlling Mechanics Bank) received 171.8M unregistered Class A shares, gaining 77.7% voting power.
Ticker changes to "MCHB" on Nasdaq; company renamed Mechanics Bancorp.
New leadership: CEO C.J. Johnson, CFO Nathan Duda, COO Chris Pierce, CAO Fernando Pelayo appointed.
Legacy HomeStreet CEO Mark Mason receives $4M consulting fee over 2 years; severance for other departing execs.

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