Mechanics Bancorp 8-K, filed Jan 28, 2022
Mechanics Bancorp (MCHB)
8-K
2022-01-28
For: 2022-01-27
View Original
Added on
April 07, 2026
About this 8-K
Mechanics Bancorp filed this 8-K on January 28, 2022, reporting on events of January 27, 2022.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 27, 2022
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(206 ) 623-3050
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
| Securities registered pursuant to Section 12(b) of the Act: | ||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Emerging growth Company | |||||
| ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. | ||||
| Item 8.01 | Other Events | ||||
On January 27, 2022, the Board of Directors of HomeStreet, Inc. ("HomeStreet" or the Company) approved a cash dividend of $0.35 per share, to be paid on February 23, 2022 to shareholders of record as of the close of business on February 9, 2022. In the same meeting, the Board of Directors also authorized an extension to the Company's share repurchase program (the "Repurchase Program"), subject to the approval or nonobjection of its regulators, pursuant to which the Company may purchase up to an additional $75 million of its issued and outstanding Common Stock, no par value, at prevailing market rates at the time of such purchase. A press release announcing these two actions by the Board is included as an exhibit to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits | ||||
| (d) | Exhibits. | ||||
| Exhibit 99.1 | |||||
| Exhibit 104 | Cover Page Interactive Data File (embedded within with Inline XBRL) | ||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 28, 2022
| HomeStreet, Inc. | |||||||||||
| By: | /s/ John M. Michel | ||||||||||
| John M. Michel | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
HomeStreet Announces a $75 Million Expansion of Our Share Repurchase Program and Common Stock Dividend of $0.35 Per Share, a 40% increase
SEATTLE – January 27, 2022 – HomeStreet, Inc. (Nasdaq: HMST) or (“HomeStreet”), the parent company of HomeStreet Bank (the “Bank” and together with HomeStreet, the “Company”), today announced that the Board of Directors has approved an expansion of our share repurchase program, subject to the approval or nonobjection of its regulators, and a $0.35 per share quarterly dividend, which represents a 40% increase from the dividend paid in the prior quarter.
The Company will utilize proceeds from its $100 million subordinated note offering completed on January 19, 2022 to fund the approved expansion of our share repurchase program allows for the additional repurchase of up to $75 million in aggregate amount of shares of the Company’s common stock. Under this program, the Company may repurchase shares from time to time in the open market, in privately negotiated stock purchases or pursuant to any trading plan that may be adopted in accordance with Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and applicable federal securities laws. The share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be terminated, modified or suspended at any time at the Company's discretion.
The Board of Directors also approved a dividend of $0.35 per common share. The dividend is payable on February 23, 2022 to shareholders of record at the close of business on February 9, 2022.
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. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. HomeStreet Bank is the winner of the 2022 "Best Small Bank" in Washington Newsweek magazine award. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.
Contacts:
Executive Vice President and Chief Financial Officer:
HomeStreet, Inc.
John Michel (206) 515-2291
john.michel@homestreet.com
http://ir.homestreet.com
or
Media Relations:
Misty Ford, 206-876-5506
misty.ford@homestreet.com