Mechanics Bancorp (HMST) insider amends PSU tax withholding figures
Rhea-AI Filing Summary
Mechanics Bancorp insider Mark K. Mason reported updated holdings following the acceleration and vesting of performance stock units (PSUs) tied to the merger of HomeStreet, Inc. with Mechanics Bank on September 2, 2025, when HomeStreet, Inc. was renamed Mechanics Bancorp. He received 14,848 shares of Class A common stock from a PSU grant dated January 1, 2023 and 33,333 shares from a PSU grant dated January 1, 2024, both issued without cash consideration based on performance factors, with unvested portions canceled. The company withheld 5,843 shares and 13,117 shares, respectively, at a price of $13.87 per share to cover tax liabilities. This amendment corrects previously overstated withholding amounts of 6,430 and 14,434 shares. After these transactions, Mason holds 227,569 shares directly and 2,800 shares indirectly through his spouse.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 14,848 | $0.00 | -- |
| Tax Withholding | Common Stock | 5,843 | $13.87 | $81K |
| Grant/Award | Common Stock | 33,333 | $0.00 | -- |
| Tax Withholding | Common Stock | 13,117 | $13.87 | $182K |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- Reflects shares of Issuer Class A common stock received upon vesting of performance stock units (PSUs"). Pursuant to the Agreement and Plan of Merger, dated as of March 28, 2025, among HomeStreet, Inc., HomeStreet Bank, a subsidiary of HomeStreet, Inc., and Mechanics Bank, at the effective time of the merger on September 2, 2025, each outstanding PSU held by the Reporting Person was accelerated and entitled the Reporting Person to receive shares of Issuer Class A common stock, plus a cash amount for any accrued by unpaid dividends on the PSUs. In the merger, HomeStreet, Inc. was renamed to Mechanics Bancorp. Shares of Issuer Class A common stock were issued to the Reporting Person without payment of any consideration in connection with the vesting of a PSU award granted to the Reporting Person on January 1, 2023. The number of shares issued on the vesting of the PSU was determined based on the achievement of certain performance factors set forth in the PSU. The unvested portion of the PSU was cancelled. This amendment is being filed to correct the number of shares withheld by the Issuer in payment of the withholding tax liability incurred upon the above-reported settlement of PSUs. It was previously reported that the Issuer withheld 6,430 shares of the Issuer Class A common stock upon vesting of a PSU award granted on January 1, 2023, when in fact the number of shares withheld was 5,843 shares. Shares of Issuer Class A common stock were issued to the Reporting Person without payment of any consideration in connection with the vesting of a PSU award granted to the Reporting Person on January 1, 2024. The number of shares issued on the vesting of the PSU was determined based on the achievement of certain performance factors set forth in the PSU. The unvested portion of the PSU was cancelled. This amendment is being filed to correct the number of shares withheld by the Issuer in payment of the withholding tax liability incurred upon the above-reported settlement of PSUs. It was previously reported that the Issuer withheld 14,434 shares of the Issuer Class A common stock upon vesting of a PSU award granted on January 1, 2024, when in fact the number of shares withheld was 13,117 shares. These shares are owned by the Reporting Person's spouse. Mr. Mason disclaims beneficial ownership of these shares except to the extent of any pecuniary interest he may have therein.
