Articles from Mechanics Bank

Mechanics Bank and HomeStreet, Inc. (NASDAQ: HMST) (“HomeStreet”), the holding company of HomeStreet Bank, jointly announced today that they have entered into a definitive merger agreement (the “Merger Agreement”) providing for an all-stock business combination between HomeStreet and Mechanics Bank. Under the terms of the Merger Agreement, which was unanimously approved by the boards of directors of both companies, HomeStreet Bank will be merged with and into Mechanics Bank (the “Merger”), with Mechanics Bank surviving as a banking corporation incorporated under the laws of the State of California and as a wholly owned subsidiary of HomeStreet (the resulting holding company of Mechanics Bank following the Merger, the “combined company”). Existing shareholders of Mechanics Bank will receive common stock in HomeStreet in exchange for their Mechanics Bank shares. Upon completion of the Merger, HomeStreet will be renamed Mechanics Bancorp and remain a publicly traded company.

Mechanics Bank (OTCEM:MCHB) has named C.J. Johnson President and Chief Executive Officer, a role he has performed on an interim basis since February 2024.

Mechanics Bank has 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.

Mechanics Bank (OTCEM:MCHB) 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.

Mechanics Bank (ticker: MCHB) today announced that its Board of Directors declared a cash dividend of $810 per common share, payable on November 10, 2021 to all common stockholders of record as of the close of business on November 8, 2021. The determination to pay dividends in the future will be evaluated by the Board of Directors and will depend upon, among other factors, results of operations, financial condition, capital requirements and contractual restrictions.

Mechanics Bank (ticker: MCHB) today announced that its Board of Directors declared a special cash dividend, representing $2,569 per common share, payable on August 5, 2021 to all common stockholders of record as of the close of business on August 2, 2021. The determination to pay dividends in the future will be evaluated by the Board of Directors and will depend upon, among other factors, results of operations, financial condition, capital requirements and contractual restrictions.