공시 • Apr 02
Mechanics Bank (OTCPK:MCHB) entered into an agreement to acquire HomeStreet, Inc. (NasdaqGS:HMST) for $3.3 billion in a reverse merger transaction. Mechanics Bank (OTCPK:MCHB) entered into an agreement to acquire HomeStreet, Inc. (NasdaqGS:HMST) for $3.3 billion in a reverse merger transaction on March 28, 2025. As part of consideration, Homestreet shareholders will issue Mechanics 212.5 million shares as per the fixed ratio. Upon completion of the merger, existing HomeStreet shareholders are expected to own approximately 8.3% of the combined company, and the remaining ownership of approximately 91.7% will be held by legacy Mechanics Bank shareholders, with Ford Financial Fund and its affiliates owning approximately 74.3% of the combined company. The board of directors of the combined company will consist of directors of Mechanics Bank and one director of HomeStreet, to be named at a later date. The officers of Mechanics Bank will be the officers of the combined company. Mark Mason, Chairman, President and Chief Executive Officer of HomeStreet, will remain with the combined company in a consulting capacity for two years. C.J. Johnson, President and Chief Executive Officer of Mechanics Bank will continue as President and Chief Executive Officer and Carl B. Webb, Chairmen of the board of directors of Mechanics Bank.
The transaction was unanimously approved by the boards of directors of both companies, HomeStreet Bank will be merged with and into Mechanics Bank. The transaction is subject to the receipt of regulatory approvals, the approval of HomeStreet’s and Mechanics Bank’s shareholders and the satisfaction of customary closing conditions. The transaction is expected to close in the third quarter of 2025.
J.P. Morgan Securities LLC acted as financial advisor and Wachtell, Lipton Rosen & Katz acted as legal advisor to Mechanics Bank. Keefe, Bruyette & Woods, A Stifel Company, acted as financial advisor and Sullivan & Cromwell LLP acted as legal advisor to HomeStreet. KPMG acted as accountant to Mechanics. 공시 • Sep 19
Mechanics Bank Names Robbin Preciado Executive Vice President and Director of Retail Banking Mechanics Bank named Robbin Preciado executive vice president and director of retail banking. The California banking veteran of more than 30 years will oversee all facets of the organization’s retail banking operation, which includes a statewide, 112-branch network. An accomplished professional who has led initiatives engaging retail banking, business banking, wealth management and other business lines across the banking enterprise, Preciado is credited for fostering strong employee collaboration and lasting client relationships. Before joining Mechanics Bank, Preciado was a regional president for Union Bank, overseeing retail-banking activities throughout Southern California for approximately 13 years. Previously, she held senior-leadership roles for MUFG and Wells Fargo around the state. Preciado holds a Bachelor of Arts degree in Economics from the University of California, Los Angeles. Active in the community, she has served on the boards of the Orange County Business Council (past Chairwoman),Orange County United Way, San Diego Regional Chamber, Little Tokyo Service Center, YMCA Los Angeles, KOCE Public Television, Orange County Asian Pacific Islander Coalition Alliance (past Chairwoman), and Orange County Asian Business Association. 공시 • Jul 22
Mechanics Bank Appoints Kelly Johnston as Executive Vice President and Director of Wealth Management Mechanics Bank has appointed Kelly Johnston as executive vice president and director of wealth management. The industry veteran will lead the Bank’s longtime Wealth Management unit, with a focus on providing additional offerings in trust and estate services, retirement planning, employee benefit plans, specialty asset management and private banking. Johnston brings nearly three decades of experience in managing multigenerational family wealth, the administration of complex trusts and estates, and a host of family wealth services. Before returning to Mechanics Bank, Johnston held leadership roles for nine years at First Republic Bank, where she most recently was president of First Republic Trust Company and executive vice president of Private Wealth Management. She began her career at Mechanics Bank in December 2008, overseeing numerous wealth management and trust services for approximately 14 years. Johnston is a Certified Trust and Financial Advisor (CTFA) from the Institute of Certified Bankers and a Certified Wealth Strategist (CWS) from Cannon Financial Institute. She holds a Bachelor of Arts degree in Business Administration from Saint Mary’s College and an MBA from Texas A&M University. Working closely with Johnston are private banking professionals Phil Donnici, managing director, and Lauren Goeppert, senior relationship manager. Donnici has worked extensively with entrepreneurial and established clients in many industries including legal, financial services, technology and real estate for 14 years. Before joining Mechanics Bank, he was a managing director and district manager at First Republic Bank. With 13 years of industry experience, Goeppert specializes in providing banking and lending guidance to legal professionals through various phases of their careers. Previously, she was a senior relationship manager at First Republic Bank.