Mechanics Bancorp (MCHB): M&A transaction — HomeStreet closes sale of $990M multifamily loans at ~92% of principal

Mechanics Bancorp

Sold $990M multifamily CRE loans on Dec 27 and 30, 2024, on a servicing retained basis.
Price including retained servicing value approximately 92% of principal balance.
Substantially all proceeds used to pay down Federal Home Loan Bank borrowings.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Mechanics Bancorp completed a disposition for at a price, including the value of the retained servicing, of approximately 92% of the principal balance of the loans.

Action: disposition
Consideration: at a price, including the value of the retained servicing, of approximately 92% of the principal balance of the loans

Exact text from the filing

On December 27 and 30, 2024, HomeStreet Bank, a subsidiary of HomeStreet, Inc., a Washington corporation (“ HomeStreet ” or the “Company”) (Nasdaq:HMST), completed the previously announced sale, on a servicing retained basis, of $990 million of multifamily commercial real estate loans, at a price, including the value of the retained servicing, of approximately 92% of the principal balance of the loans.

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Source: SEC EDGAR

accession 0001518715-24-000203

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