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August 21, 2025

HomeStreet Bank

Mechanics Bank and HomeStreet, Inc., the holding company of HomeStreet Bank, jointly announced the receipt of all required regulatory approvals for the previously announced all-stock strategic merger in which HomeStreet Bank will merge with and into Mechanics Bank. Regulatory approvals have been granted by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the California Department of Financial Protection and Innovation and the Washington Department of Financial Institutions. The Merger is expected to be completed on or around Sept. 2, 2025, pending approval by shareholders of HomeStreet, along with the satisfaction or waiver of the remaining customary closing conditions in the definitive merger agreement. In the merger, HomeStreet Bank will merge with and into Mechanics Bank, 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. In connection with the merger, HomeStreet will remain a Washington corporation, be renamed Mechanics Bancorp and remain a publicly traded company. HomeStreet, Inc. is a diversified financial services company headquartered in Seattle. Mechanics Bank is an independent, full-service bank based in Walnut Creek, California.




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