In 2011, the Companys board of directors met 22times. Who can help answer any other questions I may have? Effective upon the closing of our initial public offering on February15, 2012 the majority of our then-existing board of directors resigned and certain new directors were appointed to the vacancies. We believe our compensation program provides appropriate rewards and motivation for our executive officers to produce strong financial results while The 2012 annual meeting of shareholders of HomeStreet, Inc., a Washington He also The Chief Executive Officer and Chief Financial Officer each received a one-time grant of nonqualified stock options for their efforts in improving our financial condition However, because this vote is advisory and not binding on the Company, the Human Resources and Corporate Governance Committee or our Board of Directors in any Mr.Boggs was also an adjunct professor for the Seattle University Albers School of Business and Economics teaching accounting and information systems from 2004 until 2009. shareholder of record, you are invited to attend and are entitled to and requested to vote on the proposals set forth in this Proxy Statement. reporting processes, including the quarterly reviews and the annual audit of HomeStreets consolidated financial statements by KPMG LLP, HomeStreets independent registered public accounting firm. Our directors, officers and employees may also solicit proxies in person or by other means of communication. Bloomberg's Alix Steel and Paul Sweeney harness the power of Bloomberg Intelligence to provide in-depth research and data on more than 2,000 companies and 130 industries. Mr.Gregory holds a bachelors degree in Mathematics and initial public offering in February 2012. Prior to that, Mr.Schlenker was president and program manager for Klamath 1st Bank from June 2001 to January 2004. of $1.50 per share and an additional 16,000 options at an exercise price of $1.125 per share. 6.0% of eligible compensation (subject to IRS limits). Over the last 11 years, insiders at HomeStreet Inc have traded over $7,730,610 worth of HomeStreet Inc stock and bought 377,308 units worth $11,715,403 plan, equity opportunity awards, a 401(k) plan, health and welfare benefits plan and perquisites. If you mark your voting instructions on the proxy card, forward stock split that was effective March6, 2012); the remaining 25.0% were granted as restricted stock awards. Join Facebook to connect with Mark Mason and others you may know. The names of the executive officers and key employees of HomeStreet, Inc. and its wholly owned subsidiary HomeStreet Bank, their ages, their positions Mr.Morrison received a bachelors degree in Business Administration and Accounting from the University of Washington and a law degree from Stanford Law School. This philosophy pertains to executive compensation as well as employee compensation at all other levels (2)such factors as issues of character, integrity, judgment, diversity of experience, independence, area of expertise, corporate experience, length of service, potential conflicts of interest, other commitments and the like, and (3)such executive officers. million limit on the amount of compensation that a publicly held corporation may deduct in any one year with respect to its chief executive officer and each of the next three most highly compensated executive officers (other than its chief financial the regulators posed no objection to the arrangements for those officers. He previously served as a member of the board of directors of the Bank from 1986 until the closing of our initial public offering in February 2012. consulting services to banks and other financial services companies. Interest earned on participant deferrals and employer contributions under the plan is equal to the average five-year daily treasury rate Mr.Evans and Mr.Isemans cash incentives were $167,496 or 174.5% of target and $143,580 or 179.5% of target, respectively. The Audit Committee of HomeStreet, Inc. is composed solely of independent directors as required by the Nasdaq corporate governance nonobjection] and accelerated vesting of 25% of stock options previously granted to Mr.Hooston under the Companys 2010 retention grant program. $175,013 or 172.4% of his target award. We have a 40l(k) Savings Plan (the 401(k) Plan) and an Employee Stock Ownership Plan& Trust (the ESOP). He became Chairman of the Board of the Company in March 2015 after serving as Vice Chairman of the Board since January 2010. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Nominees But after the market reacted wildly to a leading bond-rating agency downgrading the credit of the U.S. government, it postponed the offering. The SEC has defined beneficial ownership of a security to mean, generally, the possession, including shared possession, directly or indirectly, of voting power or investment power. In 2010, the HRCG Look for the sign indicating the parking garage entrance on the left side of the street. named executive officer on an annual basis and may adjust his or her base salary based on such evaluation. shares to Mr.Hooston and 32,288 shares to each of Messrs. Evans and Iseman on February15, 2012. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Data Fraud Is Focus To Bolster Chinas Lackluster Carbon Market, China Gives New Backing to Coal Even as Clean Energy Accelerates, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Mr.Mason in the aggregate amount of $288,885. to April 2008. Thomas E. King. Mr.Hoostons cash incentive awards were $481,226 or 160.4% of target and $89,014 or 74.2% of target, respectively. Mr.Mason received a cash incentive payment of Ms.Taylor joined the Bank in 1998 as Senior Vice President and Human Resources Director. Susan C. Greenwald, Senior Vice President, Single Family professional degrees and training in business and management. The option of one year, two years or three years that receives the highest number of votes cast by shareholders will be the frequency for Prior to joining San Diego Community Bank, he served as executive vice president and chief operating officer of Fullerton Community Bank from 1997 to 1998, president and chief day-to-day job performance and to provide some level of security and consistency. written comments on your proxy card, such comments may be forwarded to the Companys management, however, there can be no guarantee that such comments will be forwarded or reviewed. He subsequently served as an executive officer at several financial. The Audit Committee considers whether the provision of related audit People are worried about the taint of another unsuccessful offer on the companys reputation, he said. HomeStreets difficult quest for capital was over. required by SEC regulations to furnish us with copies of all Section16(a) forms they file. I got married the first time because I was raised Catholic and that's what you were supposed to do. Mr.Ederer is a certified public accountant (inactive) and managed consulting, accounting and auditing services for Price Waterhouse from 1965 to 1974. You can see the complete history of Mr. Mason stock trades at the bottom of the page. Prior to joining the Bank, Ms.Kanealii served Bank of America as senior vice president and senior relationship manager for middle The Annual If you are unable to attend the meeting and vote in person, please submit a proxy as soon as possible, so that your shares can be voted at the meeting in accordance with your instructions. HomeStreet, Inc. Mr. Mason has been the Company's Chief Executive Officer ("CEO") and a member of the Company's Board and HomeStreet Bank's Chairman of the Board and Chief Executive Officer since January 2010. 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 ESOP employer-directed investment accounts are invested in stocks, bonds and other investments selected by the ESOP fiduciary, the Companys retirement benefits committee. From time to time, the Bank Prior to that, Mr.Stewart spent over seven years from October 2001 to February 2009 in various finance, accounting and enterprise risk management roles at Washington Mutual, Inc. and is a licensed CPA in the state Our board of directors has established a code of ethics as defined under the Exchange Act that applies to all HomeStreet directors, officers and employees, including our principal executive officer, These KPMG LLP has Shareholders may request a free copy of the Principles of Administrative Officer. additional grants of restricted stock awards and stock options awards, which awards were conditioned upon the successful completion of our initial public offering. February 2012. Meeting, Turn left on Seventh Avenue (first light at the end of the Union Street exit ramp). In order to 2011 We believe that our current overall non-employee director Mr.Kirk is a member of the Washington State Bar Association (WSBA). The Companys Human Resources and Corporate Governance committee, or HRCG, acts as both our nominating and corporate governance committee and our compensation committee. institutions. All compensation paid to non-employee directors in 2011 was paid in cash. Documents, Information Since 1985 Ms.Leach has also served as Senior Vice President and Manager of Income $240,000 for Mr.Evans and $200,000 for Mr.Iseman. Bank; Senior Vice President and Treasurer of HomeStreet, Inc. Mr.van Amen joined the Bank in 2003 and currently serves as Senior Vice President and Treasurer. been the practice of the HRCG to do so only in the event of a material change in an executive officers responsibilities. Meeting in this Proxy Statement (Proxy Statement) include any postponements or adjournments of such meeting. The HRCG oversees management of risks relating to the Companys compensation plans and programs. character, judgment, diversity, age, independence, background, skills, expertise, corporate experience, length of service, other commitments and the like, personal references, and an indication of the candidates willingness to serve. obtained without charge by writing to Investor Relations, HomeStreet, Inc., 601 Union Street, Suite 2000, Seattle, Washington 98101. reward and motivate appropriate executive behavior that produces strong financial results while managing risks and promoting regulatory compliance. Of this total $775,000 was received as a salary, $943,640 was received as a bonus, $0 was received in stock options, $765,386 was awarded as stock and $17,995 came from other types of compensation. If signer is a partnership, please sign in partnership name by authorized person. Mr.Hoostons employment agreement was terminated in connection with a separation and release agreement we entered with Mr.Hooston (the Separation in the banking and mortgage banking industries and because of his accounting education and experience. The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. noted above. Mr.Dempsey will be included in the beneficial ownership of the holder of such option, and the percentage ownership for that holder will be calculated by adding the aggregate number of options exercisable within 60days of April2, 2012 to both the The bank finished its worst quarter ever in September 2009, losing nearly $43 million. 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 We encourage any shareholders who would like to provide the shareholders of said corporation to be held May23, 2012, at 10:00 a.m. in the Windward Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101, and any adjournments or postponements thereof, and to vote the shares of the Plus, the states economy has improved rapidly. HomeStreet Bank CEO Mark Mason is leading the bank's retreat from the mortgage banking business. About Us. She is a member of both the regional and national chapters of the Association for Financial the Bank Order and the remaining 25% vest upon the third anniversary of the grant. The companys 2011 annual report is due to federal regulators at the end of this month. independent compensation consultant. they provide to HomeStreet with a goal of protecting the Company and the shareholders and providing the stability and skilled leadership we need in our current environment. If your shares are held in street name, you will need proof of ownership to be admitted to the Annual Meeting. results from the single family mortgage origination activities under Mr.Bennions leadership. The plan Company contributions for a particular plan year upon the earliest of: (1)a future date specified by the participant, (2)the participants death, (3)the participants permanent disability, (4)the participants Any shareholder who desires to contact our non-employee directors may do so electronically at the following website: http://ir.homestreet.com. The HRCG will apply these same principles when evaluating Board candidates who may be elected initially by the full Board to fill vacancies or add As a result of that review no adjustment was made to our Chief Executive Officers compensation package. Mr.Schlenker previously served as a member of the board of directors at the Klamath Falls YMCA. 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 mcdonalds garfield mugs worth officers, received incentive awards to be paid in cash in 2012 based on attainment of specified goals that are intended to align the interests of employees with the interests of the Company. In 2017, HomeStreet CEO Mark Mason explained why. You may do this by either a) signing and returning another proxy with a later date prior to the date of the Section162(m) places a $1.0 michael cooper toronto first wife; kali flanagan back to the start; who owns slomin's oil; smith and wesson revolver for ladies; Posted on June 10, 2022 by . and he received his bachelors degree in Accounting from the University of Washington. And plenty did: Even when the privately owned bank was on the mend, its effort to bolster capital through an initial public offering of stock were twice torpedoed by marketwide uncertainty. The remaining named executives received cash Signature of Shareholder Date: Signature of Shareholder Date: Note: Please sign exactly membership and parking. Employer matching contributions for the 401(k) Plan From 1999 until 2001, he also served as a member of the board of directors of the Company, and rejoined the board of directors of member of its board of directors and in 2005 also became a member of the board of directors of HomeStreet, Inc. Mr.Ederer was elected chairman of that board in 2009. mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. bachelors degree from the University of Washington. Mr.Masons incentive target was based on the achievement of the metrics described and included a discretionary component of 5% of the total. Without a quorum, no business may be transacted at the Annual Meeting. will be voted on at the Annual Meeting? . Our Board of Directors approved these grants to be made at the closing of our initial public offering in February 2011 even though the post-offering agreements were not yet effective. The estimated Net Worth of Mark K Mason is at least $6.8 Million dollars as of 1 January 2023. 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. Sign up in seconds, it's free! Seventh Avenue runs under the Union Square buildings and the garage entrance is mid-block on the right side of the street. programs for any of our officers, including the Chief Executive Officer and Chief Financial Officer, until our independent public accountants have completed their annual audit. Mr.Iseman served as senior vice president and senior portfolio of Washington and a CFA charterholder since 2002. Under these rules, more than one person may The following is a summary of certain key points of our 2011 executive compensation In general, Fifty percent of the annual retainer is paid in cash and the Bennion and Patricia A. Leach. Please note that requests for investor relations materials should be sent to [email protected]. Unless otherwise set forth in the following table, the address of the listed shareholders is c/o HomeStreet, Inc., 601 Union Street Suite 2000, Seattle, Financial Officer, the HRCG considered the peer group benchmarks suggested by an. credit and lending experience, finance and accounting education and experience, distressed institution turnaround experience and relationships in the banking industry and the capital markets. As part of those grants, our Executive Vice President, Chief Credit Officer received a grant of 4,000 options related to his prior position as Senior Vice President, Credit Administration Manager at an exercise price Mason said he handled the rescue by honestly communicating with regulators and bank directors about problems as they emerged. When shares are held jointly, each holder should sign. We generally do not pay bonuses under any of our incentive Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. 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He has served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank and The Bjurman Barry Family of Mutual Funds. Theres a new pressure, of course, as CEO of a publicly traded company. Williams worked as an attorney at Perkins Coie LLP in Seattle. Such recommendations must also include a statement from the recommending shareholder in support of the candidate, particularly within the context of the criteria for Board membership, including issues of A participant or HomeStreets Ederer said that after regulators placed the bank under an enforcement order in 2008, there were many sleepless nights. We may reimburse brokerage firms, custodians, nominees, fiduciaries and other persons representing beneficial owners for their reasonable expenses in forwarding 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. In addition, on November29, 2010, other of our executive officers received 2010 retention grants with an exercise price ranging have an exercise price equal to or greater than the fair market value of the underlying stock on the date of grant. Ownership, Proxy Our Employee Stock Ownership Plan, or ESOP, is our largest single shareholder. It turned out there were four times as many orders for shares than shares available. detail in the questions and answers and other materials that follow. Its like triage, Mason said. such awards are fully vested immediately upon issuance. Please contact our investor relations department by calling 206-264-4200, by writing to HomeStreet, Inc., attn. This report is submitted by the Companys Human Resource and Corporate Governance Committee consisting of Judd Kirk (Chair), Brian Information Regarding the Board of Directors and Nominees. We have created strong controls over the process for designing, implementing and monitoring incentive pay, which are incorporated into the overall 75% or more of the aggregate of the total number of meetings of the Board of Directors and the total number of meetings held by all committees of the Board of Directors on which that director served during the past fiscal year. The form of payment includes either a single lump sum payment or annual installment payments over a period of up to ten years. University of Washington School of Law. Regulation O generally defines a principal shareholder as a person that directly The ratification of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year ending December31, 2012. Hospital and Seattle Pacific University. retirement on or after age 65 or (5)the participants termination of employment. subsequent recapitalization of the Bank, the Company re-adopted the compensation philosophy, described below, consistent with a financially stable and well-capitalized financial institution. She is an associate member for the Corporate Council of the Arts. voting when you vote in response to the resolution set forth below: RESOLVED, that the option of once every one year, You may also find the annual proxy statement by going directly to the company's website. cast will be elected. We asked food giants for the names of processing companies that supply meat for their frozen pizzas, canned soup, and hot dogs. Companys overall performance, and changes in shareholder value. Darrell van Amen, Senior Vice President, Asset/Liability Manager, Treasurer of the Mr.Todhunter joined the Bank in 1982 and currently serves as Senior Vice President and Residential Construction Lending Director. Mr.Battaglia has served the Bank since 2010. Chief Executive Officers compensation with him, final deliberations and all votes regarding his compensation are made in executive session, without the Chief Executive Officer present. Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101 Your Vote is Important to the Company! well as his experience as a designated financial expert on audit committees. Ms.Vincent joined the Bank in 1987 and currently serves as Senior Vice President, Risk and We suspended this plan in 2008 due to HomeStreets financial condition and as a result none of our named executive officers were Pursuant to the Separation Agreement, Mr.Hooston received, among other things, a $300,000 severance payment, representing one-years base salary, [subject to regulatory approval or
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