Mechanics Bank and HomeStreet, Inc. have received all required regulatory approvals for their strategic merger.
The merger involves HomeStreet Bank merging with and into Mechanics Bank.
The completion of the merger is expected around September 2, 2025, pending shareholder approval and other closing conditions.
Merger Approval
Regulatory approvals from various entities have been obtained for the merger between HomeStreet and Mechanics Bank.
Shareholder Approval
Shareholder approval is pending from both HomeStreet and Mechanics Bank for the merger to proceed.
Post-Merger Structure
Following the merger, HomeStreet Bank will merge into Mechanics Bank, creating Mechanics Bancorp as a publicly traded company.
- The merger will result in the formation of a new entity, Mechanics Bancorp, which will maintain a strong presence in California and Washington.
- With combined assets and resources, the merged entity is expected to enhance its offerings and reach in the financial services sector.
The regulatory approvals mark a significant milestone in the merger process between Mechanics Bank and HomeStreet, paving the way for a new chapter in their combined operations.