Business Context and Reporting Period
This Form 8-K is filed by HomeStreet, Inc. (not Mechanics Bancorp as indicated in metadata) on March 27, 2013, reporting an event that occurred on March 26, 2013. The filing addresses the termination of a regulatory order.
Key Financial Metrics
This filing is a Current Report regarding a regulatory event and does not provide financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
The primary material change reported is the termination of a Cease and Desist Order originally issued by the Office of Thrift Supervision on May 18, 2009. The Federal Reserve Bank of San Francisco notified the Company that this order was terminated effective March 26, 2013.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. The removal of the Cease and Desist Order eliminates a specific regulatory contingency and risk that had been in place since 2009.
Investor Verification Checklist
- Verify the full text of the press release (Exhibit 99.1) for details on the conditions required to terminate the order.
- Confirm the current regulatory status with the Federal Reserve Bank of San Francisco.
- Review prior filings to understand the specific violations cited in the 2009 Cease and Desist Order.
- Note that this filing does not contain updated financial statements.