HomeStreet (HMST) and Mechanics Bank said Monday they have agreed to merge for an all-stock business combination.
Under the terms of the deal already approved by both companies' boards, HomeStreet is valued at $300 million and Mechanics Bank at $3.30 billion, the companies said, adding that deal completion is anticipated in Q3.
Mechanics Bank shareholders will receive HomeStreet common shares in exchange for Mechanics Bank stock owned, the companies said, adding that HomeStreet will be renamed Mechanics Bancorp upon deal closure and will remain a publicly traded company.
HomeStreet stockholders will likely own nearly 8.3% of the combined company, while legacy Mechanics Bank stockholders will hold the remainder, the companies said.
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