HomeStreet, Mechanics Bank to Merge in All-Stock Deal-February 2024-www.financetom.com

HomeStreet, Mechanics Bank to Merge in All-Stock Deal

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HomeStreet, Mechanics Bank to Merge in All-Stock Deal

Mar 31, 2025 5:01 AM

07:37 AM EDT, 03/31/2025 (MT Newswires) -- HomeStreet ( HMST ) and Mechanics Bank said Monday they have agreed to merge for an all-stock business combination.

Under the terms of the deal already approved by both companies' boards, HomeStreet ( HMST ) is valued at $300 million and Mechanics Bank at $3.30 billion, the companies said, adding that deal completion is anticipated in Q3.

Mechanics Bank shareholders will receive HomeStreet ( HMST ) common shares in exchange for Mechanics Bank stock owned, the companies said, adding that HomeStreet ( HMST ) will be renamed Mechanics Bancorp upon deal closure and will remain a publicly traded company.

HomeStreet ( HMST ) stockholders will likely own nearly 8.3% of the combined company, while legacy Mechanics Bank stockholders will hold the remainder, the companies said.

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