HomeStreet closed its all-stock business combination between its subsidiary, HomeStreet Bank, and Mechanics Bank. At closing, Mechanics Bank became a subsidiary of HomeStreet, now named Mechanics Bancorp. The transaction valued HomeStreet at a premerger value of $300 million and Mechanics Bank at $3.3 billion.
HomeStreet is a diversified financial services company headquartered in Seattle with offices in Washington, Oregon, California, Hawaii, Utah and Idaho. HomeStreet services customers throughout the western United States and provides commercial banking products and services to small and medium-sized businesses, real estate investors and professional firms and consumer banking products and services to individuals.
Headquartered in Walnut Creek, California, Mechanics Bank is a full-service community bank that provides personal, business and wealth management services throughout California.
The S&C team that advised HomeStreet on the transaction includes Rodge Cohen, Mitch Eitel, Dylan Handelsman, Patrick Gaughan and Sam Xu. Heather Coleman, Alexander Capogna and Patrick Ronan advised on executive compensation matters. Eric Wang, James Jang and Alex Fang advised on tax matters. Mehdi Ansari, Grace Son, Philippe Schiff and Jane Ninivaggi advised on intellectual property matters. John Hardiman, Laura Oswell, Adam Brebner and Jared Ham advised on litigation matters. Mario Schollmeyer advised on securities matters and Derrick Aud advised on regulatory matters.