---
schema_version: "secwatch.filing_event.v1"
accession: "0001518715-24-000108"
form_type: "8-K"
ticker: "MCHB"
cik: "0001518715"
company_name: "Mechanics Bancorp"
filed_at: "2024-04-30T23:59:59+00:00"
generated_at: "2026-06-03T04:21:03.230694+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# HomeStreet and FirstSun amend merger agreement; exchange ratio cut to 0.3867, capital raise increased to $235M

## Summary
- Exchange ratio reduced from 0.4345 to 0.3867; implied value of $13.53 per HomeStreet share based on FSUN close.
- Total equity capital raise increased by $45-60M to up to $235M; $80M already issued to Wellington Management.
- HomeStreet to dispose of ~$300M in commercial real estate loans post-closing; FirstSun to issue $48.5M sub-debt.
- Termination fee payable by HomeStreet cut to $2.6M from $10M if competing bid within 30 days after amendment.
- Deal expected to close Q4 2024; Sunflower Bank to convert to Texas state charter, OCC application withdrawn.

## SEC filing metadata
- accession: 0001518715-24-000108
- form_type: 8-K
- ticker: MCHB
- cik: 0001518715
- company_name: Mechanics Bancorp
- filed_at: 2024-04-30T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1518715/000151871524000108/0001518715-24-000108-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1518715/000151871524000108/hmst-20240430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001518715-24-000108
- JSON: https://secwatch.observer/filing/0001518715-24-000108.json
- Plain text: https://secwatch.observer/filing/0001518715-24-000108.txt

## Key facts
- Material Agreements
  Mechanics Bancorp amended Amendment No. 1 with FirstSun Capital Bancorp, a Delaware corporation, and Dynamis Subsidiary, Inc., a Washington corporation and wholly owned subsidiary of FirstSun (effective 2024-04-30).
  - Action: amendment
  - Agreement: merger
  - Counterparty: FirstSun Capital Bancorp, a Delaware corporation, and Dynamis Subsidiary, Inc., a Washington corporation and wholly owned subsidiary of FirstSun
  - Effective: 2024-04-30
  source text: HomeStreet, Inc., a Washington corporation (“ HomeStreet ”), entered into Amendment No. 1 (the “ Amendment ”) to the Agreement and Plan of Merger, dated January 16, 2024 (the “ Merger Agreement ”), by and among HomeStreet , FirstSun Capital Bancorp, a Delaware corporation (“ FirstSun ”), and Dynamis Subsidiary, Inc., a Washington corporation and wholly owned subsidiary of FirstSun (“ Merger Sub ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1518715/000151871524000108/0001518715-24-000108-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.