Chris Pierce
About Chris Pierce
Executive Vice President and Chief Operating Officer (COO) of Mechanics Bancorp (formerly HomeStreet, Inc.) and Mechanics Bank; appointed COO in December 2019 after joining Mechanics Bank in 2016 as Chief Administrative Officer. Age 53 as of September 2025. Background includes senior roles at California Republic Bank, Western Financial Bank and Wachovia, with deep experience leading large-scale core conversions and M&A systems integrations (140+ conversions) across banking operations . Public TSR/revenue/EBITDA metrics linked to his pre-merger tenure are not disclosed due to Mechanics Bank’s private status before the 2025 merger .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Mechanics Bank | Executive Vice President, Chief Operating Officer | 2019–present | Oversees all operational functions; led complex organizational transformations including M&A integrations and systems conversions . |
| Mechanics Bank | Chief Administrative Officer | 2016–2019 | Enterprise operations, technology/process integration, change management . |
| California Republic Bank | Chief Administrative Officer (prior to 2016 acquisition) | Not disclosed | Senior operating leadership in a high-growth California commercial bank . |
| Western Financial Bank; Wachovia Bank | Senior roles | Not disclosed | Core operations, bank migrations and platform conversions . |
External Roles
- Not disclosed.
Fixed Compensation
- Not disclosed for Mr. Pierce in public filings post-merger; the September 2, 2025 Form 8-K appoints him EVP & COO but does not state base salary or target bonus percentages .
Performance Compensation
- Not disclosed for Mr. Pierce (no target metric mix/weightings published). Company-level annual and long-term incentive plan changes tied to the merger are disclosed, but do not provide individual targets for Mr. Pierce .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Equity awards at close | All outstanding Mechanics Bank restricted stock units (RSUs) converted into Assumed RSUs over Mechanics Bancorp Class A common stock at 3,301.0920:1, with original vesting/performance terms preserved (applied plan-wide; individual grant sizes not disclosed) . |
| 2025 Plan | Mechanics Bancorp 2025 Equity Incentive Plan approved August 21, 2025; used for future equity awards (plan-level approval; no award detail for Mr. Pierce disclosed) . |
| Ownership totals/percent | Not disclosed for Mr. Pierce in public filings; combined-company ownership is majority-controlled by Ford Financial Funds (EB Acquisition entities), not by management (context for alignment) . |
| Hedging/pledging | Not disclosed for Mechanics Bancorp post-merger (no executive-specific pledging/hedging disclosed for Mr. Pierce) . |
Employment Terms
| Provision | Key Terms |
|---|---|
| Current role | EVP, Chief Operating Officer of Mechanics Bancorp and Mechanics Bank (appointed September 2, 2025 at the holding company; COO designation at bank since Dec 2019) . |
| Change-in-Control (CIC) agreement | Amended & Restated CIC Agreement dated August 28, 2025 (Exhibit 10.3) . |
| CIC severance multiple | 2.75× (Annual Base Salary + Target Annual Bonus), payable in lump sum upon a Qualifying Termination (release required) . |
| Health benefits | Company-paid COBRA premiums for up to 18 months after a Qualifying Termination . |
| Qualifying Termination window | Double-trigger: (i) termination without Cause by the Company or resignation for Good Reason within 2 years post-CIC, or (ii) termination by Company (other than for Cause) within 6 months prior to a CIC (treated as occurring upon CIC) . |
| Good Reason (examples) | Material diminution in position/duties; material cut to salary/target bonus/LTI; relocation >50 miles; material breach; failure to assume agreement (notice/cure required) . |
| Cause (examples) | Fraud/embezzlement; regulator-directed removal; intentional fiduciary breach; wrongful disclosure; material policy violation; intentional refusal to follow Board directives (notice/cure where applicable) . |
| 280G treatment | “Best net” cutback to avoid excise tax if it yields a higher after-tax outcome (no gross-ups) . |
| Restrictive covenants | Post-termination two-year non-solicitation of employees and customers; confidentiality and non-disparagement provisions; cooperation clause . |
| Arbitration/Governing law | Binding arbitration in Walnut Creek, CA; California law governs . |
| Term/renewal | Initial term two years from Aug 28, 2025; auto-renews annually unless timely notice; extends to at least 2 years after any CIC during the term . |
Vesting Schedules and Insider Selling Pressure
- Mechanics Bank RSUs converted into Mechanics Bancorp Class A RSUs at 3,301.0920:1 and remained subject to the same vesting and performance conditions as before closing (no individual schedules disclosed). This can create time-based vesting overhang but there is no disclosure of Mr. Pierce’s specific award sizes or vesting dates .
Performance & Track Record
- Execution track record: Led operations and large-scale systems conversions/M&A integrations (140+ conversions) prior to and during Mechanics Bank’s growth and the 2025 reverse merger with HomeStreet, indicating strong operational depth in bank migrations and core processing transformations .
- Company-level financial/TSR metrics tied to Mr. Pierce’s pre-merger tenure are not publicly disclosed due to Mechanics Bank’s private ownership; post-merger, the registrant trades as “MCHB” on Nasdaq, with the Ford Funds maintaining majority control .
Compensation Structure Analysis
- Mix and performance linkage: Individual base salary, target/actual bonus, and equity grant values for Mr. Pierce are not disclosed. The CIC structure is retention-focused with a sizable 2.75× cash multiple and health benefits, contingent on double-trigger, but does not include tax gross-ups (uses best-net cutback) .
- Equity program continuity: Plan-wide conversion of Mechanics Bank RSUs to Mechanics Bancorp RSUs preserves original vesting/performance conditions, supporting continuity of long-term incentives but without disclosed, award-specific performance metrics or amounts for Mr. Pierce .
Say-on-Pay & Shareholder Feedback
- Not specific to Mr. Pierce. Mechanics Bancorp became a “controlled company” post-merger; governance and compensation processes may differ from traditional majority-independent boards (controlled company exemptions disclosed) .
Expertise & Qualifications
- Core credentials in bank operations, technology integration, and execution of mergers/legacy platform conversions; long-tenured operator in California banking markets .
Equity Ownership & Alignment (Detail)
| Category | Status |
|---|---|
| Beneficial ownership (shares/%) | Not disclosed for Mr. Pierce . |
| Vested vs. unvested | Not disclosed; plan-level RSU conversion disclosed . |
| Options outstanding | Not disclosed for Mr. Pierce . |
| Pledging/hedging | No executive-specific disclosure for Mr. Pierce . |
| Ownership guidelines | Not disclosed for Mechanics Bancorp post-merger . |
Related Party Transactions / Red Flags
- None disclosed for Mr. Pierce in the merger 8-K (Item 5.02 states no related party transactions required to be disclosed) .
Investment Implications
- Retention risk appears low: A robust double-trigger CIC (2.75× salary+bonus plus 18 months COBRA) and strict post-termination covenants materially reduce flight risk in the two years following any future control change .
- Alignment visibility is limited: Individual ownership and award sizes are not disclosed, making “skin-in-the-game” assessment difficult. However, plan continuity via RSU conversion and the new 2025 equity plan suggest ongoing equity-linked incentives .
- Governance context: The company operated as a controlled company post-merger, which can compress board independence and alter compensation oversight dynamics; investors should monitor future proxy/10-K disclosures for executive pay design, ownership and any pledging/hedging updates .
- Transaction sensitivity: The sizable CIC package implies potential cash outlay in another strategic transaction; double-trigger and 280G best-net mechanics limit excessiveness but still represent a meaningful change-in-control cost to consider in M&A scenarios .
Key sources: Appointment, biography and age ; CIC agreement terms (Exhibit 10.3) ; RSU conversion and plan-level equity matters ; controlled company status and board composition ; Mechanics Bank executive bio page .