Cochran Patricia 4

What Happened

• Patricia Cochran, a director of Mechanics Bancorp (MCHB), received equity in connection with the merger of HomeStreet Bank into Mechanics Bank. On 2025-09-02 she was credited with 13,204 shares (award/acquisition; no per-share price reported) and 2,554 derivative/incentive units recorded at $0.00 (no cash paid).
• The 13,204 shares had no cash purchase price reported (merger consideration). Using the Merger effective-date close price cited in the filing ($13.87), those 13,204 shares imply an approximate market value of $183,139. The 2,554 units are derivative/incentive units with no immediate cash value.

Key Details

• Transaction date: 2025-09-02; Form filed: 2026-02-03 (filed late relative to the usual 2-business-day Form 4 deadline).
• Reported prices: 13,204 shares — N/A (merger award); 2,554 derivative units — $0.00.
• Shares owned after transaction: Not specified in the provided excerpt.
• Notable footnotes:
  • F1–F2: Holdings were received/converted as merger consideration (MB shares/RSUs/incentive units converted into Mechanics Bancorp Class A stock or equivalents).
  • F2 notes a conversion rate used in the Merger and that the Class A close price on the effective date was $13.87 (used above to show implied value).
  • F3–F4: Each incentive unit equals the economic equivalent of one share; Cochran elected to defer payment on incentive units until retirement/termination or a change in control.
  • F5: Filing notes 37 additional incentive units acquired later via dividend reinvestment.
• Filing timeliness: Late (transaction occurred 2025-09-02; Form 4 filed 2026-02-03).

Context

• These entries reflect merger consideration and converted incentive units, not open-market purchases or sales—so they do not signal a buy/sell decision by the insider.
• The 2,554 units are derivative/incentive units that Cochran has elected to defer; they carry economic equivalence to shares but no immediate cash value.
• Because the Form 4 was filed well after the transaction date, retail investors should consult the full filing for any additional details or supplemental disclosures.