Mechanics Bancorp Rating Report

Company Profile

Mechanics Bancorp (NASDAQ: MCHB) (“Mechanics” or “the company”) is the BHC for primary subsidiary, Mechanics Bank, which operates 166 branches on the West Coast, though the core market is in CA (third-largest deposit market share for local banks <$250 billion in assets).
Mechanics Bank (acquired in 2015) remains majority-owned by Ford Financial Fund LP following the merger with $8 billion-asset HomeStreet, Inc. (HMST) in 3Q25. The fund retains ~74% ownership and continues to play an active role in strategic oversight. As a PE firm specializing in community banks, the fund has a long record of successful turnarounds and profitable exits.
Under the transaction, Mechanics was the accounting acquirer and HMST was the legal acquirer. Following completion, HMST was renamed Mechanics Bancorp and retained its public listing. The merger aligns with the fund’s…

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