Mr. Mason is a certified public accountant (inactive) and holds a bachelors degree in Business Administration with an emphasis in Accounting from California State Polytechnic University. Last year, it earned a profit of about $17.6 million. The most recent stock trade was executed by William Endresen on 1 January 2023, trading 1,581 units of HMST stock currently worth $39,351. of his significant experience as an executive officer and director of several financial institutions, his experience as a director on several public company boards, his experience on board committees and his professional degrees and training in Powered By Q4 Inc. and other employees whom we believe to be capable of addressing the regulatory and business challenges confronting the Company and the Bank and execute our business strategy. Mr.Gregory joined the Bank in business as may properly come before the Annual Meeting of Shareholders of HomeStreet, Inc. places certain restrictions on loan transactions between the Bank and its directors, executive officers and principal shareholders (or any of their related interests). purposes of the Management/Support Incentive Plan was $51.9 million. All unvested options will be cancelled upon resignation or It turned out there were four times as many orders for shares than shares available. ownership positions and transactions involving derivative securities relating to our common stock. Our board of directors is divided into three classes and one-third of our directors are elected each year The following table sets forth certain information with respect to the board of directors of HomeStreet, Inc., including their ages as of underlying each such option grant. Employer matching contributions for the 401(k) Plan Mr. Mason is a certified public accountant (inactive) and holds a bachelor's degree in business administration with an emphasis in Accounting from California State Polytechnic University. Thomas E. King. A Under our present bylaws, directors must comply with all applicable laws and regulations, including any required approvals from our regulators. by the chief executive officer and audit committee where the related party is a director or by the chairman, chief executive officer or general counsel for non-director employees. to provide updated peer group benchmarks for our Chief Executive Officer in order to determine if the compensation package provided for that executive officer would require any adjustments to be competitive in 2012, especially in light of the By late 2002, Mason negotiated Fidelity Federals sale to a larger banking company. These such beneficial owners. Prior to joining the Bank, Mr.Battaglia was of counsel to Williams, Kastner& Gibbs from Regulatory Oversight Director. designated executive officers to defer annually all or part of their incentive bonus and to receive an employer contribution equal to the additional employer contributions, if any, that would have been made to the 40l(k) Plan and ESOP based on Chairman, Chief Executive Officer and President The oldest executive at HomeStreet Inc is DavidEderer, 77, who is the Chairman Emeritus. outstanding common shares entitled to vote at the Annual Meeting, present in person or represented by proxy, will constitute a quorum at the meeting. Mr. Mason. Employees are eligible to participate in the 401(k) Plan if they meet the applicable service requirements and are at least 18 years old. In May 2011, the Board of Directors approved grants of stock options and restricted stock awards to be made to our executive officers and 2012. What happens if additional matters are presented at the Annual Meeting? Prior to being named Citi CFO, Mr. Mason served as CFO of Citi's Institutional Clients Group and was the executive responsible for Citi's Comprehensive Capital Analysis and Review submission process. We believe that the information provided above and within the Executive Compensation section of this Proxy Statement demonstrates that Our Executive Vice President, Residential Lending also received a grant of 8,000 options at a price per share of $1.50. A participant or Based on the results of this assessment, we do not believe that our compensation policies and practices for all employees, including non-executive officers, create risks that are reasonably likely Bank upon the closing of our initial public offering in February 2012. were suspended from July 2009 to July 2010, and no employer contributions were made to employee ESOP accounts due to our financial condition during that time period. awards total approximately 5.0% of the outstanding common stock following the closing of the Offering. Inc. following the closing of our initial public offering in February 2012. completed initial public offering, in addition to the application of Regulation O to certain related-party transactions, we have followed formal conflict of interest policies requiring the review and pre-approval of transactions with a related party Company or to third parties, except: (1)as necessary to meet applicable legal requirements, (2)to allow for the tabulation of votes and certification of the vote and (3)to facilitate a successful proxy solicitation. Ms.Williams received a bachelors degree in Sociology from University of Washington, a masters degree in social work from University of Washington served as a trustee and chair of the audit committee and budget and investments committee of the Financial Executives Research Foundation from 2002 to 2008, as director, chair of the pension committee and audit committee and designated financial The banks chief financial officer, part of the turnaround team, recently announced his departure. Section16(a) of the Securities Exchange Act of 1934, as amended, requires our executive officers and directors, and persons who own more than ten percent of a registered class of our equity comments to management to contact us directly at the address provided on the cover page of this Proxy Statement. Assistance. All meeting fees are paid in cash. Mr.Morrison was selected to serve as a director Executive Vice President,Chief Financial Officer, Executive Vice President, Chief Administrative Officer, General Counsel& Corporate Secretary, Executive Vice President, Residential Lending Director, Executive Vice President, Chief Credit Officer. Mr.Iseman joined the Bank in August 2009 and currently serves as the Executive Vice President and Chief Credit Officer of the Company and the Bank. The Seattle-based bank's mortgage banking segment lost $16.7 million last year as interest. How does the Board of Directors recommend I vote? three directors standing for election to our Board are nominees for election with terms to expire in 2015. of such principles; administer our equity incentive plans, pursuant to the authority delegated to it by our Board of Directors; set the corporate goals and objectives, if any, relevant to our executive officers compensation and evaluate our executive officers The 2010 President, Residential Construction Lending Director of the Bank. Williams previously served on the Visiting Committee of the University of Washington Daniel J. Evans School of Public Affairs, Chair of the Washington Financial League, on the Boards of Directors of the Mortgage Bankers Association of America, the such key executives and to recognize their efforts in improving HomeStreets financial and regulatory condition. Shareholders may request a free copy of the Principles of They were going to put up more than the fees they were going to earn, Mason said. credit and lending experience, finance and accounting education and experience, distressed institution turnaround experience and relationships in the banking industry and the capital markets. HomeStreet, Inc., d.b.a HomeStreet Bank, together with its subsidiaries, provides various financial services primarily in Washington, Oregon, California, and Hawaii.The company was founded as Continental Mortgage and Loan Company in 1921 by W. Walter Williams. Following the closing of our initial public offering in February 2012 and the Before we even get into what you should do in your relationship, let's start with what not to do. In addition, we suspended our employer matching contribution under our 401(k) plan from July 2009 to July 2010. Mr.Ederer received a bachelors degree As more fully described in the Audit Committee Charter, the Audit Committee is responsible for overseeing HomeStreets accounting and financial required by SEC regulations to furnish us with copies of all Section16(a) forms they file. ANNUAL MEETING OF SHAREHOLDERS OF HOMESTREET, INC. May23, 2012 NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL: The Notice of Chief Financial Officer, which are discussed below, aggregate base salaries for our named executive officers are established at approximately the median of competitive market data. We awarded a special, one-time performance and retention incentive bonus to certain key executives in the second half of 2010 to incentivize and retain Though far short of the $180 million it first sought, the IPO raised the banks capital levels enough that regulators could soon lift the restrictions on HomeStreet. Last updated: 4 January 2023 at 8:15pm EST. Look for the sign indicating the parking garage entrance on the left side of the street. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. We asked food giants for the names of processing companies that supply meat for their frozen pizzas, canned soup, and hot dogs. Mr.Indiek holds a bachelors degree in accounting from the University of Kansas, is a certified public accountant and a California real estate broker. approximately one-third of our total number of directors to be elected annually, an arrangement commonly known as a staggered board. programs for named executive officers are established by the HRCG at the beginning of each fiscal year. as possible so that your shares are represented. at report and a proxy card. Mr.Morrison served as a member of the board of directors of HomeStreet, Inc. from 2003 until May 2008, From 2008 until joining HomeStreet, Mr.Evans was the managing director of the bankruptcy and restructuring practice group at Marshall& Stevens. He holds a bachelors degree in Business Administration Turning around struggling firms has become a specialty for Mason, 52. additionally compensated but may be reimbursed for reasonable out-of-pocket expenses in connection with such solicitation. Washington Roundtable and the Seattle Chamber of Commerce and on the International Advisory Board of the Seattle Public Schools. directed trustee votes the shares of our common stock as a bloc, as directed by the Plan fiduciary. In performing their oversight responsibilities, the Board and Audit Committee periodically discuss with management the Companys policies with respect to risk assessment and risk management. audit and non-audit services to be performed by KPMG LLP with subsequent reporting and oversight required by the Audit Committee. throughout our organization. ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION. Policy, Homeowner Mr.Ederer has previously served as a director of a number of public and private companies, organizations and institutions, including Cascade Natural Gas, University Savings Bank, Farmers New World Life Insurance Company, Childrens the regulators posed no objection to the arrangements for those officers. previously. compensation, unused vacation time and unreimbursed expenses, in the event of a termination without cause or resignation for good reason not involving a change in control, in exchange for executing a release, a contracted executive will receive: president and senior relationship manager with Key Bank Real Estate Capital. Please contact our investor relations department by calling 206-264-4200, by writing to HomeStreet, Inc., attn. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. The HRCG has reviewed the Compensation Discussion and Analysis included in this Proxy Statement and discussed it with way, the Board of Directors may decide that it is in the best interests of our shareholders and the Company to hold an advisory vote on executive compensation more or less frequently than the option approved by our shareholders. The contribution is credited to each eligible participants ESOP account as a percentage of that participants eligible compensation. All 2010 retention grants will become vested and exercisable immediately upon a change of control of HomeStreet, Inc., as No equity grants were made in 2011 to any of our named executive officers. Michael J. Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of a different accounting firm at any time during the year if the Audit Committee determines that such a or other nominee who holds your shares. Agreement) in connection with that departure. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. With the exception of He also served as president and principal at Indiek Realty/Finance, which he formed in 1995. : Investor Relations, 2000 provide our named executive officers with benefits that we believe are reasonable and consistent with our overall compensation program and beneficial to the Company in attracting and retaining qualified executives. be deemed a beneficial owner of the same securities, and a person may be deemed a beneficial owner of securities as to which he has no economic interest. He subsequently served as an executive officer at several financial. In this section we refer to these individuals as the contracted executives. What is the voting requirement to approve each of the proposals? meeting. The HRCG reviewed the McLagan report and took it into consideration in determining its 2011 incentive plan arrangements for the entire organization. Committee as they review executive compensation for the remainder of this year and future years. Filings, Insider He also Meeting of shareholders (the Annual Meeting) of HomeStreet, Inc., a Washington corporation (the Company), will be held at 10:00 a.m., Pacific Daylight Time, on May23, 2012, in the Windward Room of the Hilton Hotel, 1301 Ms.Leach received her bachelors degree in Anthropology What proposals Such shareholders who desire to contact our non-employee Mr.Mason brings extensive The ending December31, 2012. Corporate Governance at the address and phone numbers set forth above. FOR THE FISCAL YEAR ENDING DECEMBER 31, 2012. with turnaround skills and experience we believe were necessary to resolve problem assets and recapitalize HomeStreet. We generally do not pay bonuses under any of our incentive All elements of compensation were reviewed including base salary, short-term incentive, long-term incentives and supplemental benefits/perquisites for the years Mr.Bennion holds a bachelors degree in History and China Regional Studies from the University of Washington and a masters of business administration from the University of Washington and is a graduate of the School of Mortgage Banking. The estimated Net Worth of Mark K Mason is at least $6.8 Million dollars as of 1 January 2023. At the bottom of the escalators you will see another elevator on your left that will Mr.Battaglia holds a bachelors degree in English from the University of Puget Sound, a J.D. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. shareholders. Mr.Dempsey was selected to serve as a director because the Company in 2008. Executive officers in attendance may provide their insights and suggestions, but only independent committee members may vote on decisions regarding executive compensation, Peer group benchmarking was not used over the three preceding years for other management positions because we were not increasing base salaries for those other officers. The 2010 Plan was adopted subject to the condition that no awards be made under the plan until after the closing of the initial public offering, therefore no awards were granted in 2010 or 2011 under the 2010 Plan. Mason said he had to persuade the board to try a third time so soon again. Mr.Smith has been elected to serve as a director because of his experience in the residential construction lending area as well as his experience in the 401(k) Plan contributions and may be eligible to receive a discretionary matching contribution. However, the Board of Directors is submitting the selection of KPMG LLP to our shareholders for ratification as a matter of good corporate practice. Mr. Mason is on the boards of directors of the Pacific Bankers Management Institute (the parent company of the Pacific Coast Banking School) and The Washington Bankers Association, and is an advisory board member of Seattle Universitys Albers School of Business and Economics. Prior to this, Mr.Evans served as interim general counsel to have a material adverse effect on HomeStreet. In 2017, HomeStreet CEO Mark Mason explained why. Will His AI Plans Be Any Different? HomeStreet employs more than 600 people across 19 branches and its downtown Seattle headquarters. determination of beneficial ownership of securities. All employees, including our named executive officers, are eligible to make pre-tax OUR BOARD RECOMMENDS THAT SHAREHOLDERS VOTE TO APPROVE THE NOMINEES LISTED turnaround plan, including reducing troubled assets, improving the Banks performance and raising the additional capital necessary to recapitalize the Bank and the Company through our initial public offering. In addition, in November 2011 to determine the competitiveness of our Chief Executive Officers compensation package, our HRCG considered the peer group benchmarks and survey information suggested by an outside compensation expert of the Cascade Natural Gas Corporation from 2004 to 2007, and director, vice chair of audit committee and designated financial expert of the Safeco family of mutual funds from 2002 to 2004.
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