Mechanics Bank in its $3.6 billion merger with HomeStreet

On March 31, 2025, Mechanics Bank and HomeStreet, Inc. (NASDAQ: HMST), the public holding company of HomeStreet Bank, announced they have entered into a definitive agreement providing for the merger of Mechanics Bank and HomeStreet Bank. The transaction values the combined company at $3.6 billion.  Upon completion of the merger, HomeStreet, Inc. will be renamed Mechanics Bancorp and remain a publicly traded company, and legacy Mechanics Bank shareholders will own 91.7% of the combined company.

Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Mechanics Bank.