HomeStreet, Inc. and Mechanics Bank jointly announced the receipt of all required regulatory approvals for their pending all-stock strategic merger. Approvals were granted by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the California Department of Financial Protection and Innovation, and the Washington Department of Financial Institutions.
This milestone clears a significant hurdle for the merger, which will see HomeStreet Bank merge into Mechanics Bank, with HomeStreet, Inc. being renamed Mechanics Bancorp. The requisite approval from Mechanics Bank shareholders has already been obtained.
The merger is now expected to be completed on or around September 2, 2025, pending approval by HomeStreet shareholders and the satisfaction or waiver of remaining customary closing conditions. This development brings the companies closer to forming a larger, publicly traded West Coast bank.
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