HomeStreet enters all-stock merger with Mechanics Bank; CEO Mark Mason to depart post-closing

Mechanics Bancorp

All-stock deal: each share of Mechanics Bank voting common stock to be converted into 3,301.0920 shares of HomeStreet Class A common stock; non-voting to Class B at 330.1092 ratio.
HomeStreet will be renamed 'Mechanics Bancorp' and remain publicly traded; Merger intended to qualify as tax-free reorganization.
CEO Mark Mason's employment to terminate day after closing; he receives severance (2.5x salary + bonus) and $4M consulting fee over 2 years.
HomeStreet entered voting agreements with Ford Entities and Rabobank to support the merger; those shareholders committed to vote in favor.
Closing subject to regulatory approvals (Fed, FDIC, CA & WA) and shareholder votes; HomeStreet to file S-4 registration statement.

item 1.01 item 5.02 item 9.01

Executive movements

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Departed

Mark Mason

Chairman, Chief Executive Officer and President

MCHB · Mechanics Bancorp

Filed: April 3, 2025, 7:59 PM ET

HomeStreet and Mechanics Bank entered into a consulting agreement (the “ Consulting Agreement ”) with Mark Mason, the Chairman, Chief Executive Officer and President of HomeStreet, pursuant to which Mr. Mason’s employment with HomeStreet and HomeStreet Bank will terminate on the first day following the closing of the Merger

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Mark Mason was terminated as Chairman, Chief Executive Officer and President at Mechanics Bancorp.

Action: terminated
Role: Chairman, Chief Executive Officer and President

Exact text from the filing

HomeStreet and Mechanics Bank entered into a consulting agreement (the “ Consulting Agreement ”) with Mark Mason, the Chairman, Chief Executive Officer and President of HomeStreet, pursuant to which Mr. Mason’s employment with HomeStreet and HomeStreet Bank will terminate on the first day following the closing of the Merger

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Mechanics Bancorp filing history →

Source: SEC EDGAR

accession 0001518715-25-000056

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