HomeStreet Shares Rise on Reverse Merger With Mechanics Bank

Dow Jones

Mar 31

By Katherine Hamilton

HomeStreet shares rose after the company agreed to combine with Mechanics Bank.

The stock opened up 12% at $10.40 on Monday. Shares have lost 9% of their value since the start of the year.

The banking and lending company HomeStreet plans to undergo an all-stock reverse merger with the privately held Walnut Creek, Calif., bank. The deal carries an estimated equity value of $300 million for HomeStreet and $3.3 billion for Mechanics.

The new company is set to be called Mechanics Bancorp and would have $23 billion in assets and 168 branches in California, Washington, Oregon and Hawaii.

HomeStreet's shareholders will own about 8.3% stake and Mechanics investors will hold the rest, the companies said. Ford Financial, which invested in Mechanics in 2014, will own about 74.3% stake once the deal is complete.

The deal is set to close in the third quarter.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

March 31, 2025 09:53 ET (13:53 GMT)

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