---
schema_version: "secwatch.filing_event.v1"
accession: "0001518715-24-000198"
form_type: "8-K"
ticker: "MCHB"
cik: "0001518715"
company_name: "Mechanics Bancorp"
filed_at: "2024-12-27T23:59:59+00:00"
generated_at: "2026-05-28T23:03:30.680943+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# HomeStreet sells $990M multifamily loan portfolio to Bank of America at 91.46% of par

## Summary
- Sale of ~190 commercial multifamily loans with $990M UPB to Bank of America for ~$906M (91.46% of UPB).
- Two closings: ~$652M on Dec 27, 2024, and ~$338M on Dec 30, 2024.
- HomeStreet retains servicing of the sold loans.
- Proceeds expected to be used to pay down more expensive debt, per forward-looking statements.
- Purchase price represents a discount to par; potential loss recognition.

## SEC filing metadata
- accession: 0001518715-24-000198
- form_type: 8-K
- ticker: MCHB
- cik: 0001518715
- company_name: Mechanics Bancorp
- filed_at: 2024-12-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1518715/000151871524000198/0001518715-24-000198-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1518715/000151871524000198/hmst-20241226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001518715-24-000198
- JSON: https://secwatch.observer/filing/0001518715-24-000198.json
- Plain text: https://secwatch.observer/filing/0001518715-24-000198.txt

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