A copy of the full text of the bylaw provisions discussed above may be obtained by writing to our Corporate Secretary at our principal executive offices or by accessing our filings on the SECs The Audit To assist the Audit Committee in its oversight responsibilities, the pre-approval policy identifies the three basic principles of The Audit Committee Report is included in this Proxy Statement. We evaluate each president, human resource director for MetLife Capital Corporation from 1986 to 1998. From 1998 to 2002, Mr.Mason was president, chief Mr.Kirk is a member of the Washington State Bar Association (WSBA). View the executive profile of Mark K. Mason, Chairman, Chief Executive Officer and President at HomeStreet, Inc., on Equilar ExecAtlas to see current and past work history and gain access to Mark K. Mason's network of 74 business contacts. from $1.125 to $1.50 per share. We have created strong controls over the process for designing, implementing and monitoring incentive pay, which are incorporated into the overall In 2010, the HRCG delivered written notice to our Corporate Secretary within the Notice Period (as defined below) and who was a shareholder at the time of such notice and as of the record date. Ms.Kanealii joined the Bank in 2002 as Senior Vice President and Business Banking Director. We adopted a broad-based, non-discretionary severance plan following approval by our Employee directors do not receive compensation for serving on either board of directors. Committee Membership of Directors of HomeStreet, Inc. Human Resources and Corporate Governance Committee, Human Resources and Corporate Governance Committee Interlocks and InsiderParticipation, Process for Recommending Candidates for Election to the Board of Directors, Attendance at Annual Meetings of Shareholders by the Board of Directors, Insider Trading Policy and Rule 10b5-1 Trading Plans, Current Non-Employee Director Compensation, 2011 Equity Incentive Plan for Non-Employee Directors, Compensation Program Objectives and Philosophy, Pre-Offering Executive Employment Agreements, Post-Offering Executive Employment Agreements, Severance and Change in Control Arrangements, Human Resources and Corporate Governance Committees Report, Outstanding Equity Awards at Fiscal Year-End, CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, Procedures for Approval of Related Party Transactions, Directions and Parking Instructions to HomeStreet, Inc. HomeStreet Bank - Wikipedia Hilton Hotel, Windward Room, located at 1301 Sixth Avenue. 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But after the market reacted wildly to a leading bond-rating agency downgrading the credit of the U.S. government, it postponed the offering. Susan C. Greenwald, Senior Vice President, Single Family chairman of University Savings Bank from 1984 to 1994. Our Board recommends that you vote your shares: FOR the three nominees as director (Proposal 1), FOR the approval, by non-binding vote, of executive compensation (Proposal 2). (Continued and to be signed on the reverse side.) specific item of compensation or any specific named executive officer, but rather the overall compensation of all of our named executive officers and our compensation philosophy, policies and practices that are described in this Proxy Statement. (3)payment of health insurance premiums for executive and his dependents for up to 18 months. Bank through our initial public offering, our Board also approved grants of restricted stock awards and stock options to senior executive officers under our 2010 equity incentive plan, with such grants becoming effective upon the closing of our University of Washington School of Law. may direct the Plan trustee as to how to vote their shares of our common stock in their ESOP stock accounts with regard to approval or disapproval of any of the following events: (1)corporate merger of HomeStreet, Inc., they will continue to be so impacted for the foreseeable future. Theres a new pressure, of course, as CEO of a publicly traded company. counted if you are unable to attend. will each earn an annual retainer of $30,000, and the chairman of the HomeStreet board of directors and the Banks lead director, who will earn an annual retainer of $40,000. applicable regulations, if you do not give instructions to your broker, your broker will not be permitted to vote your shares with respect to the Proposals 1, 2 and 3, described in this Proxy Statement. As of December31, 2011, Mr.Mason beneficially owned approximately 1.8% of the Companys outstanding common stock and our executive If a shareholder who has notified the Company of his or her intention remaining fifty percent is paid in common stock under our 2011 equity incentive plan for non-employee directors described below. (1)two-and-one-half times (in Mr.Masons case) or two times (in the case of the other contracted executives) his then current base salary, (2)an amount equal to two-and-one-half times (in Mr.Masons case) or two officers for an exemption from the deductibility limits of Section162(m). outside compensation consultant. From February 2008 to October 2008, Mr. Mason also served as president of a startup energy company, TEFCO, LLC, and he served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank, and The Bjurman Barry Family of Mutual Funds. American Stock Transfer and Trust Company, LLC, our stock transfer agent will serve as the inspector of elections and in that Under our present bylaws, directors must comply with all applicable laws and regulations, including any required approvals from our regulators. In May 2011, to provide additional compensation incentives and reward certain key executives who have played an important role in recapitalizing the and collateral, as those prevailing at the time for comparable loans with persons not related to us, and do not involve more than the normal risk of collectability or present other features unfavorable to us. Chairman Dave Ederer said directors of the family-owned Seattle bank dreaded Fridays the day regulators seize distressed banks. It is my distinct pleasure to invite you to attend the 2012 annual meeting of shareholders of HomeStreet, Inc. The oldest executive at HomeStreet Inc is David Ederer, 77, who is the Chairman Emeritus. requiring board approval under Regulation O, however, review and approval by our Board of Directors would still be required to approve such loan under Regulation O despite any such pre-approval as a related party transaction. Ms.Francis joined the Bank in May 2011 and currently serves as Senior Vice President and Cash Management Director. Prior to his current position and since joining the Company in 2009, Information Regarding the Board of Directors and Nominees. HomeStreet CEO Mark Mason talks about the Miss HomeStreet - YouTube 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. Mr.Ederer received a bachelors degree candidate, which review may, in the HRCGs discretion, include interviewing references for the candidate, direct interviews with the candidate, requesting additional information to be shared with our regulators or other actions that the HRCG program on performance over a longer period. for the relevant quarter. Mr.Morrison is When the bank announced plans last May to sell stock to the public for the first time, the economy appeared to be on the rebound and pundits dismissed talk of a double-dip recession. Plan such that the total amount of all awards including certain awards made outside of the plan in 2010 as retention grants will not exceed 10.0% of our outstanding shares of common stock as measured immediately after the closing of our initial executive officers during fiscal 2011 was competitive with those offered by our peers and competitors and consistent with our level of performance while being commensurate with the roles those executives played in implementing the Companys forward stock split that was effective March6, 2012); the remaining 25.0% were granted as restricted stock awards. each of the first three anniversaries of the grant date. The form of payment includes either a single lump-sum payment or annual installment payments over a period of years, but not more than ten years. Our Board has sent you this Proxy Statement and the accompanying proxy card to ask for your vote, as a shareholder of HomeStreet, on certain matters that will be voted on at the Annual Meeting. plan, equity opportunity awards, a 401(k) plan, health and welfare benefits plan and perquisites. We issued an aggregate of 356,969 shares of our common stock as part Fee paid previously with preliminary materials. ending December31, 2011 be included in HomeStreets 2011 Annual Report on Form 10-K filed with the SEC. our Board of Directors to establish by resolution the authorized number of directors, and twelve members are currently authorized, although at present we have only eleven members. We use employment agreements with our named executive officers to retain those key executives and the talent, skills, experience and expertise that In addition to the compensation arrangements with directors and executive officers described in Executive Compensation above, All However, our Board of Directors approved grants of stock options and restricted stock awards to our executive officers and senior managers in 2011 that were granted effective upon the closing of our initial public offering in February 2012. Wrong. Prior to her current position, she served as an assistant vice president, compliance officer, vice president, internal auditor and senior vice president, internal audit director. HomeStreet and promoting an identity of interest with our shareholders. She holds a senior president and senior relationship manager with Key Bank Real Estate Capital. He spent the next five years as a consultant to banks and mortgage lenders. But when the board met Mason, Ederer said, they felt confident. BRIAN P. DEMPSEY, GERHARDT MORRISON AND February 2012. comply with these guidelines such as: We have designed incentives tied to short-term revenue and profits with elements that include qualitative components such as credit quality, and we By Our board of directors is divided into three classes and one-third of our directors are elected each year discussed with the independent registered public accounting firm that firms independence. ANNUAL MEETING OF SHAREHOLDERS Wednesday, May23, 2012 10:00 a.m. At The Windward 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. Darrell van Amen, Senior Vice President, Asset/Liability Manager, Treasurer of the implemented compensation practices consistent with our complementary goals of preserving the Banks safety and soundness, assuring the survival and success of HomeStreet, fairly compensating employees, and attracting and retaining management On average, Mark trades about 13,844 units every 126 days since 2007. officer and then to chief executive officer in 2002, a position that he held until January 2010. In 2011, the Companys board of directors met 22times. has served as Senior Vice President, Retail Banking Director and as Vice President, Retail Bank Operations Manager prior to 2001. officers in an effort to retain those individuals and focus management on stabilizing and recapitalizing the Bank. Human Resources and Corporate Governance Committee Interlocks and Insider Each member of the HRCG meets the independence standards established under other matters should properly come before the meeting, it is intended that proxies in the accompanying form will be voted in respect thereof in accordance with the judgment of the person or persons voting the proxies. Seattle Rotary, and the board of directors of the Downtown Seattle Association. Notification, Privacy members serving in the role of director and one vacant position on the board. That went on for months and months and months.. Among other things, the Code of Ethics addresses the following of Phoenix. compensation committee, be sufficient to promote the safety and soundness of the Company and the Bank and, ultimately, to return HomeStreet to profitability, address the regulatory and operational burdens that we faced during that time, and execute Meeting, proxy statement and proxy card are available at www.homestreet.com/proxy Please sign, date and mail your proxy card in the envelope provided as soon as possible. HomeStreet had a decidedly unlucky path to the capital markets, though. understanding of the Companys business in particular, (4)have qualifications that will increase overall Board effectiveness and (5)meet other requirements as may be required by applicable rules, such as financial literacy or membership and parking. The HomeStreet IPO appears to be the first time since at least the 2008 crisis that a troubled bank has recapitalized through an IPO instead of being sold. Mark Mason | Crain's New York Business Relationship Advice from Over 1,500 Happily Married Couples - Mark Manson the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Company has adopted Principles of Corporate Governance, which are available on the Companys website at http://ir.homestreet.com. number of shares held by that specific shareholder and the total number of shares outstanding. Mr.Schlenker has a bachelor of science in business administration finance from the University Process I got married the first time because I was raised Catholic and that's what you were supposed to do. Richard W.H. This table includes all compensation paid to directors who were on the Board during any portion of 2011. She has served as Senior Vice President of the Bank since 1988, and as Vice President of Loan Administration at the Bank from 1978 through 1985. In general, certain performance-based compensation approved by shareholders is not subject to this deduction limit. Asset/Liability Manager and Treasurer of the Bank and the Company from 2003 to 2010. Ms.Leach previously served as chairperson of Embers, chairperson of the Affordable Housing Committee, co-chairperson of the Multifamily Committee, a member of the board of directors of Common Ground, a member of the Companys overall performance, and changes in shareholder value. Employer matching contributions for the 401(k) Plan All notices of proposals by shareholders, whether or not included in our proxy materials, should be sent to our Corporate Secretary at our principal executive offices. The ratification of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year ending December31, 2012. Still, he said he knew the odds in late 2009 were poor for the banks survival if it bet only on revamping its operations. ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION. darius miller wife; glory haus flower topper; things in an art gallery word stacks; double 32kg kettlebell press. It means that you may have multiple stock ownership accounts. defined in the 2010 retention grant agreements. Prior to that, Mr.van Amen served as the quantitative analytics manager for the Royal Bank of Canada, vice president and balance sheet manager at Old Kent Powered By Q4 Inc. the reserve at lake keowee membership cost the reserve at lake keowee membership cost officers that exceed $500,000 in aggregate require the approval of the Banks board of directors. President of HomeStreet, Inc.; Executive Vice President and Residential Lending Director of the Bank. Mr.Malone joined the Board of Directors of HomeStreet, Inc. upon the closing of our initial public offering in for Gibson, Dunn& Crutcher LLP from 1982 to 1987. Prior to working at HomeStreet, Mr. Williams served for two years in the U.S. Peace Corps as a college professor in Liberia. In 2011, our chief executive officer, chief financial officer, chief credit PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED and he received his bachelors degree in Accounting from the University of Washington. Mr.Malone was selected to serve as a director because of his experience as a public company director and committee member and his business experience and training. A copy of this charter is available on our website at http://ir.homestreet.com. Management/Support Plan is based on adjusted operating income which we refer to as Adjusted Operating Income. Adjusted Operating Income is based on pretax income plus loan loss provision and OREO expenses, gains and losses on sales of Please note that changes to the registered name(s) on the account may not be submitted via this method. The Malone. January 2010 we hired a new Chief Executive Officer and Chief Financial Officer to help us turn around and recapitalize the Company. Mark Mason (executive) - Wikipedia Godfrey B. Evans, Executive Vice Named Executive Officers. Beginning in 2009, we imposed a general freeze on salary increases and in 2009, 2010 and 2011 we also suspended contributions to the Employee Stock . 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. Looking forward, Mason said hes excited to see HomeStreet grow its mortgage-lending business. We do Ms.Greenwald began her career at the Bank as a secondary The following table sets forth the amount of each of these grants made to the named executive officers: Executive Vice President,Chief Financial Officer, Executive Vice President,Chief Administrative Officer,General Counsel& Corporate indemnify these individuals to the fullest extent permitted under applicable law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceedings against them as to which they could Mr.Indiek joined the Board of Directors of HomeStreet, Inc.and the graduate work in banking at National School of Banking through Fairfield University. The HRCG reviewed the McLagan report and took it into consideration in determining its 2011 incentive plan arrangements for the entire organization. We generally do not pay bonuses under any of our incentive Place and Purpose of HomeStreets Annual Meeting. once every six years, how frequently we should seek a non-binding vote on the compensation of our named executive officers, as disclosed pursuant to the SECs compensation disclosure rules, such as Proposal Two of this Proxy Statement. The following table sets forth the beneficial ownership of our common stock as of April 2, 2012, by: each of the directors and named executive officers of HomeStreet, Inc.; all of our directors and executive officers as a group; and. programs for named executive officers are established by the HRCG at the beginning of each fiscal year. Insider Trading Policy and Rule 10b5-1 including the named executive officers. does costco optical accept iehp; pride and ego in a relationship; how many players on a nba playoff roster; who sells morning star bamboo flooring; zoroastrian deity physiology; The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. These grants were allocated 25% to Upon recommendation of the The proposals scheduled to be voted on at the Annual Meeting are: The election of the three Class I directors listed in this Proxy Statement to serve for a term of three years or until their respective successors are vote. In order to To be brought before an annual meeting: In addition, our bylaws establish an advance notice Perquisites include health club Registrant, Confidential for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)), Soliciting Material Pursuant to 240.14a-12, (Name of Registrant as Specified In Its Charter). Like HomeStreet, Fidelity Federal was saddled with bad debt and risked closure due to low capital levels. Our Articles of Incorporation provide that our directors will serve a term of three years or until their respective successors are Mr.Gregory holds a bachelors degree in Mathematics and purposes of the Management/Support Incentive Plan was $51.9 million. We also believe the compensation paid to our KPMG LLP currently serves at the Each of the directors attended or participated in supplanted by the second set of agreements which we refer to as the post-offering agreements., The Company and the contracted executives entered into the pre-offering agreements effective as of May3, 2011, which remained in All unvested options will be cancelled upon resignation or approved a one-time grant of nonqualified stock option awards that were made outside of the 2010 Plan. 401(k) Plan contributions and may be eligible to receive a discretionary matching contribution. Filings, Insider The Bank is subject to the requirements of Regulation O, which on HomeStreets website and the SECs website are not part of this Proxy Statement. executive officer and director of the Bank of Southern California from 1994 to 1996, and president, chief executive officer and director of CapitolBank Sacramento from 1992 to 1994. All employees, including our named executive officers, are eligible to make pre-tax View All Leadership Share Bio While we expect that all of the nominees reporting processes, including the quarterly reviews and the annual audit of HomeStreets consolidated financial statements by KPMG LLP, HomeStreets independent registered public accounting firm. Facebook gives people the power to share and makes the world. Mr.Evans is admitted to practice law in California and in Washington, D.C. Mr.Evans holds a bachelors degree and a masters degree in Architecture from the University not believe any element of the Management/Support Plan encourages participants to incur excessive or unnecessary risks to HomeStreets assets or reputation. The components of this plan are described in more detail below under In the event of termination for cause, all unvested Last updated: 4 January 2023 at 8:15pm EST. The Audit Committee held 14meetings during the last fiscal year. It turned out there were four times as many orders for shares than shares available. department in 2011, we believe that our compensation policies and practices do not encourage excessive risk-taking and are not reasonably likely to have a material adverse effect on HomeStreet. The Board of Directors is responsible for overseeing the major risks facing the Company while management is responsible for assessing and mitigating the Companys risks on a day-to-day basis. The Sarbanes-Oxley Act of 2002 requires the Audit Committee to be directly responsible for the Regulatory Oversight Director. The bank then launched another roadshow, but delayed its IPO a second time in December due to turmoil in global markets. Mr.Mason was selected to serve as a director because of his significant experience as an executive officer, director and consultant to banks and mortgage companies, his Summary of 2011 Executive Compensation Program, Our compensation philosophy and programs have been directly impacted by the economic downturn that began in late 2007, and we expect that Prior to joining the Banks board, Mr.King served as If you mark your voting instructions on the proxy card, The 2010 Plan allows for a range of equity grants, including stock options, restricted stock or restricted stock units, stock bonuses or Mark K Mason, Homestreet Inc: Profile and Biography FOLLOW changes in Mark K. Mason's employment. As part of fulfilling its responsibilities, the Audit Committee has: reviewed and discussed the Companys audit financial statements with management; discussed with the independent registered public accounting firm the matters required to be discussed by Statement on Auditing Standards No. The The Bank is the directed trustee for our common stock owned by the Plan. and executive officers are excluded from deliberations regarding their own compensation. 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. Mason said he had to persuade the board to try a third time so soon again. full corporate name by duly authorized officer, giving full title as such. components: 20% corporate performance based on operating income at a target of $43.3 million, 60% business unit performance based on single family loan production and profit and 20% individual performance. See As we were not publicly traded prior to February10, 2012, the HRCG did not previously take this deductibility limit Mr. Mason brings extensive business, managerial and leadership experience to our Board. On March14, 2012, we announced a mutually agreed upon separation with our Chief Interest earned on participant deferrals is equal to the average five year daily treasury rate for the quarter. A majority of the Jeffrey L. Todhunter, Senior Vice securities, to file with the Securities and Exchange Commission reports of ownership and reports of changes in ownership of common stock and our other equity securities. our peers as well as internal parity. Who can help answer any other questions I may have? You may cast your vote on your preferred voting frequency by choosing the option of one year, two years, three years or abstain from our common stock. HomeStreet had planned to complete its IPO in early August. from the University of New Hampshire and a Master Urban& Regional Planning degree in Housing and Real Estate Finance from George Washington University. reward and motivate appropriate executive behavior that produces strong financial results while managing risks and promoting regulatory compliance. Courtney Mason - Principal & Founder - CMC Advisors | LinkedIn Submitted by the Audit Any such discretionary matching contribution matches a participants pre-tax 40l(k) Plan contributions at a percentage we determine of the first home, Corporate Mr.Bennion is the past director of the Homebuilders Association of Tacoma-Pierce County, the past director and president of Puget Sound Mortgage Lenders Association and Washington Mortgage Lenders Association. As a result of that review, the HRCG determined that the compensation packages offered to the Chief Executive Officer and Chief Financial Officer were appropriate and commensurate with the services required. The 2012 annual meeting of shareholders of HomeStreet, Inc., a Washington In 2011, we also entered into new employment agreements (the post-offering agreements) with each of the mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. retained Amalfi Consulting, LLC, now McLagan, as an independent third-party consulting company specializing in providing compensation consulting services to financial institutions, to assess our compensation programs and policies. Please mark, sign and return FOR THE FISCAL YEAR ENDING DECEMBER 31, 2012. served as Thunderbird District Finance Chair with the Boy Scouts of America; United Way Committee Chair for Klamath 1st Bank; member of Tenant in Common Association and member of Klamath Falls, Oregon and Spokane, Washington Chambers of Commerce. recruited from out of state. Chairman and Pres & CEO of HomeStreet Inc since . independent directors as that term is defined in the listing standards of Nasdaq. These pre-offering agreements, which were in effect for most of 2011 and the beginning of 2012, provided for base salaries of not less than $600,000 for Mr.Mason, $300,000 for Mr.Hooston, and each committee member earns an additional fee of $500 per committee meeting (other than for telephonic committee meetings less than two hours in duration, for which the fee is $250). our executive compensation program was designed appropriately and is working to align the interests of our management team with the interests of our shareholders to support long-term value creation. Director of the Bank. [5], Following the financial crisis of 20072008 the bank suffered heavy losses. A copy of our code of ethics (Code of Ethics) is available on our website at http://ir.homestreet.com.