Mechanics Bank, a 120-year-old community bank headquartered in Walnut Creek has announced an all-stock merger with Seattle-based HomeStreet, Inc., forming a unified, publicly traded banking company under the new name: Mechanics Bancorp. This strategic merger, unanimously approved by both companies’ boards, solidifies Walnut Creek’s role as a growing financial hub and strengthens the regional economy through increased investment, job opportunities and expanded banking services.

With the merger, Mechanics Bank will grow to 168 branches and approximately $23 billion in assets, extending its reach from San Diego to Seattle, including key markets in Washington, Oregon and Hawaii. As a result, Walnut Creek becomes the headquarters of a major West Coast banking institution, enhancing its economic influence and creating new financial pathways for businesses and communities across the region.

The combined company will be led by Mechanics Bank’s executive team, reinforcing its deep roots in California while expanding its economic footprint. With a strong emphasis on community banking, customer service and sustainable growth, the merger reflects a commitment to building long-term value for shareholders and supporting the economic vitality of Walnut Creek and the broader West Coast economy.

 For more information, read this article from Business Wire.