Joint Press Release of Mechanics Bank and HomeStreet, Inc., dated August 19, 2025 (Form 8-K)

Mechanics Bank and HomeStreet, Inc. Receive Regulatory Approvals for Pending Strategic Merger

WALNUT CREEK, Calif. and SEATTLE, Wash. - August 19, 2025 - Mechanics Bank and HomeStreet, Inc. (NASDAQ: HMST) ("HomeStreet" or the "Company"), the holding company of HomeStreet Bank, jointly announced today the receipt of all required regulatory approvals for the previously announced all-stock strategic merger in which HomeStreet Bank will merge with and into Mechanics Bank (the "Merger").

Regulatory approvals have been 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.

The Merger is expected to be completed on or around September 2, 2025, pending approval by shareholders of HomeStreet, along with the satisfaction or waiver of the remaining customary closing conditions in the definitive merger agreement.

The requisite approval of the Merger by shareholders of Mechanics Bank has been obtained pursuant to the written consents delivered by Ford Financial Fund and its affiliates and certain other shareholders of Mechanics Bank.

In the Merger, HomeStreet Bank will merge with and into Mechanics Bank, with Mechanics Bank surviving as a banking corporation incorporated under the laws of the State of California and as a wholly owned subsidiary of HomeStreet (the resulting holding company of Mechanics Bank following the Merger). In connection with the Merger, HomeStreet will remain a Washington corporation, be renamed Mechanics Bancorp and remain a publicly traded company.

About Mechanics Bank

Mechanics Bank is an independent, full-service bank based in Walnut Creek, California, with over $16 billion in assets, a best-in-class deposit franchise and 111 branches. Founded in 1905 to help families, businesses and communities prosper, the historic financial institution has grown to become one of the largest California-based banks. Taking pride in providing a highly personalized banking experience, Mechanics Bank offers a wide range of products and resources in consumer and business banking, commercial lending, cash management services, private banking, and comprehensive wealth management and trust services. To learn more, visit www.MechanicsBank.com.

About HomeStreet, Inc.

HomeStreet, Inc. (Nasdaq: HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. HomeStreet is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiary is HomeStreet Bank. Certain information about HomeStreet's business can be found on its investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and is an Equal Housing Lender.