HomeStreet Inc. filings document its historical public-company record as the parent of HomeStreet Bank and the completed merger transition to Mechanics Bancorp. The filing record includes material-event reports, operating-results disclosures, capital-structure items, shareholder and governance matters, and notices tied to periodic-report timing.
Subsequent filings identify Mechanics Bancorp as the registrant and cover results of operations, Regulation FD materials, cash dividends on Class A and Class B common stock, bylaw amendments for uncertificated book-entry shares, definitive proxy governance disclosures, and material events involving Mechanics Bank business lines.
Mechanics Bancorp announced that its board approved a cash dividend for both classes of its stock. Holders of Class A common stock will receive $0.70 per share, and holders of Class B common stock will receive $7.00 per share.
The dividends are payable on May 28, 2026, to shareholders of record as of the close of business on May 23, 2026. Mechanics Bancorp, the financial holding company of Mechanics Bank, reported $21.4 billion in assets and 166 branches across four western states as of March 31, 2026.
Mechanics Bancorp reported first-quarter 2026 results reflecting its post‑merger scale. Total assets were $21.39 billion and total deposits were $18.24 billion at March 31, 2026. Net income was $44.1 million, slightly above $43.8 million a year earlier, with net interest income rising to $179.0 million from $128.5 million.
Noninterest income increased to $21.0 million, helped by higher service charges, loan servicing and bank‑owned life insurance income, while noninterest expense rose to $130.4 million, including $4.8 million of acquisition and integration costs. Loans totaled $13.85 billion and the allowance for credit losses on loans increased to $156.8 million. Cash and cash equivalents declined to $483.5 million, driven by a $939.7 million net use of cash in financing activities, mainly an approximately $782.1 million decrease in deposits and redemption of $65 million of Senior Notes.
The 2025 merger with HomeStreet Bank was accounted for as a reverse acquisition, with Mechanics Bank as the accounting acquirer. A preliminary bargain purchase gain of $145.5 million was recorded, and fair value estimates for acquired assets and liabilities remain subject to adjustment within the one‑year measurement period. After quarter‑end, Mechanics Bank completed the previously announced sale of its Fannie Mae Multifamily DUS business line to Fifth Third for approximately $126 million in cash.
Mechanics Bancorp reported that its wholly owned subsidiary, Mechanics Bank, has completed the previously announced sale of its Fannie Mae Delegated Underwriting and Servicing business line to Fifth Third Bank, National Association. The transaction closed for aggregate cash consideration of approximately $126 million.
This move shifts Mechanics Bancorp’s business mix by exiting this specific Fannie Mae underwriting and servicing activity while adding a substantial cash inflow at the bank subsidiary level.
Mechanics Bancorp reported first quarter 2026 net income of $44.1 million, or $0.19 per diluted Class A share. This was down from $111.2 million, or $0.48, in the fourth quarter of 2025, which benefited from a $55.1 million bargain purchase gain related to the HomeStreet merger.
Total assets were $21.4 billion with loans of $13.9 billion and deposits of $18.2 billion at March 31, 2026. Net interest margin improved to 3.61% from 3.50% as the total cost of deposits fell to 1.28%. Earnings were weighed by $6.5 million of provision tied to geopolitical uncertainty, $4.8 million of merger expenses and a $1.7 million deferred tax asset remeasurement. Capital remained strong with a 13.91% CET1 ratio and 8.66% Tier 1 leverage ratio, while credit quality indicators, including a 0.25% nonperforming assets-to-total assets ratio, stayed conservative.
Mechanics Bancorp is asking shareholders to vote at its 2026 annual meeting on three items: electing eight directors for one-year terms, approving on an advisory basis executive compensation, and ratifying Crowe LLP as independent auditor for 2026.
The proxy details the 2025 merger in which HomeStreet Bank combined with Mechanics Bank, leaving Mechanics Bank as the main operating subsidiary and legacy Mechanics Bank holders owning most of the company’s equity and voting power. The Ford-affiliated entities now control a majority of votes, so Mechanics Bancorp qualifies as a Nasdaq “controlled company” and uses related governance exemptions.
The filing describes board structure, committee memberships, independence determinations, and codes of conduct, as well as 2025 compensation for current and former executives, including significant change‑in‑control severance for prior HomeStreet leaders and new long‑term incentive awards for current officers.
Mechanics Bancorp director Douglas E. Downer reported a mix of stock awards and family gifts involving the company’s Class A common stock. On September 2, 2025, trusts associated with him acquired large indirect positions and he received 2,554 deferred incentive units, each economically equivalent to one share of Class A stock, in connection with the merger involving HomeStreet Bank and Mechanics Bank.
On October 7, 2025, he made two bona fide gifts totaling 150,000 shares of Class A common stock to separate irrevocable trusts for his son and daughter. The filing states that he disclaims any pecuniary interest in the gifted shares. These are non-cash, estate- and trust-planning moves rather than market sales.
Mechanics Bancorp director Douglas E. Downer filed an initial ownership report on Form 3. The filing lists him as a director but does not report any buy, sell, or other insider transactions. It functions as a baseline disclosure of his status as an insider.
Mechanics Bancorp filed a Notification of Late Filing (Form 12b-25) stating its Annual Report on Form 10-K for the period ended December 31, 2025 was filed on March 16, 2026 at approximately 9:45 p.m. EDT, after the prescribed deadline of 5:30 p.m. EDT on that date.
The company attributes the delay to needing extra time to provide documentation for the audit and for its auditor to review that documentation. The Form 10-K is the first annual report to reflect the merger closed on September 2, 2025, and the filing notes a significant change in results of operations because pre-closing periods reflect Mechanics Bank standalone results while post-closing periods reflect consolidated results.
Mechanics Bancorp filed its annual report detailing a transformative reverse merger completed on September 2, 2025, in which HomeStreet Bank merged into Mechanics Bank, with Mechanics Bank as the accounting acquirer and Mechanics Bancorp as the legal acquirer. Financial statements before this date reflect legacy Mechanics Bank only, while 2025 results blend standalone Mechanics Bank with the post‑merger combined company. Share counts and earnings per share have been retrospectively restated to reflect the merger structure. The company now operates a 121‑year‑old community bank franchise with 166 branches across California, Washington, Oregon and Hawaii, and remains majority controlled by Ford Financial Funds, which hold approximately 77% of voting power.