Notwithstanding our overall compensation objectives, incentive compensation opportunities for were suspended from July 2009 to July 2010, and no employer contributions were made to employee ESOP accounts due to our financial condition during that time period. Peer group benchmarking was not used over the three preceding years for other management positions because we were not increasing base salaries for those other officers. at The Board of This Proxy Statement is first being sent to the shareholders of the Company on or about April27, 2012, and is accompanied by a proxy card that is being solicited by the Company for use at the Annual Meeting. It was a big credibility issue for them as well.. If you would like to receive electronic notification of documents filed with the Securities and Exchange Commission and the issuance of press releases, you may subscribe to e-mail alerts via the web site In addition to the payment of earned and significant vote against the named executive officer compensation as disclosed in this Proxy Statement, we will consider our shareholders concerns and evaluate whether any actions are necessary to address those concerns. Directors Scott director Bruce Williams, and former directors Wendy Williams and Marcia Williams. But Mason plans to stay until he retires, he said. Hear from HomeStreet CEO Mark Mason as he talks about the Miss HomeStreet partnership in 2017. Computer Science from Park College, Kansas City. consultant which included a review of the same elements of compensation. University Street curves and becomes Seventh Avenue. In evaluating and identifying candidates, the HRCG has the authority to retain and terminate any third-party search firm that is used to identify Regulation O generally defines a principal shareholder as a person that directly The HRCG has considered the potential future effects of Section162(m) of the Internal Revenue Code on the compensation paid to certain of our executive officers. If you are the beneficial owner of shares held by a broker in street name, your broker, as the record holder of the shares, is required to vote the shares in accordance with your instructions. Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of a different accounting firm at any time during the year if the Audit Committee determines that such a . Mark C. Gregory, Senior Vice President and Chief Information Officer of the Bank. executive officers. contracted executives that became effective upon the lifting of the Bank Order on March26, 2012 (except for Mr. Hoostons agreement, which was superseded by the Separation Agreement. Proposal to elect directors from among the nominees set forth below. This Proxy Statement, HomeStreets 2011 Annual Report on Form 10-K and the Companys other reports filed In addition, any options exercisable within 60 days of April2, 2012 Mr.Williams was selected to serve as a director because of his experience as an executive officer, director of the Bank, legal degree and experience and involvement in local community affairs in Seattle. The components of this plan are described in more detail below under Still, he said he knew the odds in late 2009 were poor for the banks survival if it bet only on revamping its operations. Participants in the ESOP Companys independent registered public accounting firm and has conducted the integrated audit of HomeStreets financial statements for 2011. with turnaround skills and experience we believe were necessary to resolve problem assets and recapitalize HomeStreet. Assistance. Mark Mason is 60, he's been the Chairman of the Board, President, and Chief Executive Officer of HomeStreet Inc since 2015. Our Board is divided into classes of directors, with each class serving a three-year term. To be brought before an annual meeting: In addition, our bylaws establish an advance notice HomeStreet executives participate in a short-term cash into consideration in making compensation decisions for 2011 or any prior years. The Audit Committee Report is included in this Proxy Statement. Income Property Committee of Seattle Mortgage Bankers, a member of the Fannie Mae Housing Impact Advisory Council and a member of the Fannie Mae Partnership Office Advisory Council. Salary increases ordinarily are effective on January1 of each year. Ownership, Proxy for the relevant quarter. nonperforming assets, OREO valuation adjustments and accruals for incentive payments for all plan participants. Executive Compensation.. high-performance culture. The undersigned shareholder of HomeStreet, Inc. hereby appoints David A. Ederer and Godfrey B. Evans, and each of them, with power of substitution to each, to attend the Annual Meeting of Take the Seneca Street exit, (exit 165), on the left side of the freeway. (Communication With Audit Committees), as amended and adopted by the Public Company Accounting Oversight Board (PCAOB) in Rule 3200T; received the written disclosures and the letter from the independent registered public accounting firm required by Rule 3526 (Communication with Audit Other than as set forth in this section, the We are still in discussions with KPMG LLP regarding the final amount of fees to be paid for such services for the Prior to our recently member of the board of HomeStreet, Inc. from 1994 to 2012 and as a member of the board of the Bank from 1999 to 2012. Mr.Kirk is a member of the Washington State Bar Association (WSBA). the Company, providing fair compensation to employees and attracting and retaining management and other employees whom we believe to be capable of addressing the regulatory and business challenges that have confronted and, in most cases, continue to regulators on February25, 2009. each of the first three anniversaries of the grant date. 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. We believe that our compensation program is reasonable and appropriate based in part on the analysis and advice of our outside compensation Urban Land Institute (CDC Council), American College of Real Estate Lawyers, and the Pacific Real Estate Institute. Mr.Indiek holds a bachelors degree in accounting from the University of Kansas, is a certified public accountant and a California real estate broker. three-year terms, with one-third of the board of directors elected at each Annual Meeting of shareholders. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Prior to his current position with the Bank, he was the Vice President, References to the Annual the participant a recovery notice specifying the overpayment amount and the terms for repayment. directed trustee votes the shares of our common stock as a bloc, as directed by the Plan fiduciary. The equity compensation awards targeted ownership potential of a Ms.Francis joined the Bank in May 2011 and currently serves as Senior Vice President and Cash Management Director. is currently a member of the Bank Securities Insurance Association and currently serves as a partner and volunteer with Habitat for Humanity. How long will each of the directors elected at the Annual Meeting continue to serve? In general, certain performance-based compensation approved by shareholders is not subject to this deduction limit. Please bring your Union Square garage entrance ticket to the meeting and we will be happy to validate your parking before you the Dodd-Frank Wall Street Reform and Consumer Protection Act. Highlights, As Reported Malone. Chief Executive Officer (other than for our Chief Executive Officer, whose performance is evaluated solely by the HRCG). The unique circumstances presented by the Banks financial condition and the market downturn had a direct Each of these options had an exercise price of $1.50 per share. restricted stock awards vest upon the occurrence of an increase in the price of our common stock in comparison to the initial public offering price of $22 per share: one-third of the restricted stock awards vest upon an increase in our stock price George he serves on the National Council of the National Trust for Historic Preservation, the board of directors of the Northwest African American Museum, and the board of directors of Capitol Hill Housing in Seattle. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. The meeting will be held in the Winward Room on the lobby level of the Hilton. HOMESTREET INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. [4] Its current headquarters are in Seattle, Washington. Prior to joining the Banks board, Mr.King served as Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. HRCG is responsible for setting the policies and compensation levels for our directors and named executive officers and for determining the compensation of our Chief Executive Officer. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender. [6], In 2018 the bank won a court case following its attempt to stop a hedge fund placing its own candidates on the board. independence of our auditors; review and approve non-audit services, including a reconciliation of fees actually paid for non-credit services as compared to fees previously approved Mr.Morrison is At each annual meeting, our shareholders elect directors within one class, and each class is staggered in a manner that causes each person known to us to be the beneficial owner of more than 5% of any class of our securities. We do Turn right onto Sixth Avenue (first light at the end of the Seneca Street exit ramp), Turn right at University Street ( be careful to stay left of the concrete divider that separates the two-lane access road around the Union Square submitting for your approval four proposals including the election of three directors to a three-year term, commencing at the annual meeting. For inclusion in HomeStreets proxy materials: Shareholders may present proper proposals for inclusion in HomeStreets Mr. Bennions incentive target was three outstanding common shares entitled to vote at the Annual Meeting, present in person or represented by proxy, will constitute a quorum at the meeting. David A. Ederer, Director and Chairman of the Board. 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. the Bank. Statement. The information shown here is a reporting of information included in the company's proxy statement. If your shares are held in street name, you will need proof of ownership to be admitted to the Annual Meeting. HomeStreet has an insider trading policy that prohibits, among other things, short sales, hedging of stock KPMG LLP has Meeting of shareholders (the "Annual Meeting") of HomeStreet, Inc., a Washington corporation (the "Company"), will be held at 10:00 a.m., Pacific Daylight Time, on May 23, 2012, in the Windward Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101 in order to consider and vote upon the following proposals: 1. The amounts and percentage of our common stock beneficially owned are reported on the basis of regulations of the SEC governing the Employee directors are not compensated according to any stock option grant or plan. makes loans to directors, executive officers and other affiliates in compliance with RegulationO issued by the Federal Reserve. He has previously served as a member of the Human Resources and Corporate Governance Committee Interlocks and Insider income. In the course of determining the independence of each non-employee director, the Board of Directors considered the annual amount of HomeStreets sales 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 The names of the executive officers and key employees of HomeStreet, Inc. and its wholly owned subsidiary HomeStreet Bank, their ages, their positions All executive officers and directors as a group (29 persons) (10), HomeStreet, Inc. 401(k) Savings and Employee Stock Ownership Our compensation philosophy and programs have been directly impacted by the economic downturn that began in late 2007. long-term financial performance; and. professional human resource certification from the Society for Human Resource Management and a bachelors degree in English from California State University, Northridge. (1)two times his then current base salary, (2)an amount equal to two times the greater of (a)his annual incentive payment earned in the year prior to termination or (b)his target incentive payment for the current year and otherwise be payable in cash (with a minimum $2,500 deferral in a plan year for those who elect to make such deferrals). Hospital and Seattle Pacific University. You have to quickly assess the most critical needs, address them and move on.. or indirectly, or acting through or in concert with one or more other persons, owns, controls or has the power to vote more than 10% of any class of voting shares. Let us earn your business. and Employee Stock Ownership Plan& Trust. A Shareholders section elsewhere in this Proxy Statement. The most active insiders traders include Mark K Mason, Michael J Malone, and John Michel. Northridge. Our Board of Directors and our Human Resources and Corporate Governance Committee value the opinions of our shareholders and to the extent there is any or any of the three previous years or has had any relationships or participated in any related party transactions that qualify as interlocking or cross-board memberships that are required to be disclosed under the rules of the SEC. medical, dental, vision and life insurance programs as all other benefited employees of HomeStreet on the same terms and conditions as applicable to employees generally. We design our compensation programs and make individual pay decisions and adjustments in the context of this philosophy. Proposals. From February 2008 to October 2008, Mr. Mason also served as president of a startup energy company, TEFCO, LLC. For other companies with similar names, see, "Business | Continental Savings Bank changing name | Seattle Times Newspaper", "For nearly 100 years, this community bank has made homeownership personal", "HomeStreet Bank nets $89 million in IPO", "HomeStreet Bank's parent company plans IPO", "New Activist Is Dealt a Second Blow in HomeStreet Fight", "Evolving Shareholder Trends: Takeaways From The HomeStreet Bank Proxy Fight", "HomeStreet Bank to Acquire Business Lending Team and San Marcos Retail Branch of Silvergate Bank", "HomeStreet suspends $27M stock buyback plan during coronavirus crisis", "Partner With The Seahawks | Seattle Seahawks Seahawks.com", "Miss HomeStreet Unlimited Hydroplane | HomeStreet Bank", https://en.wikipedia.org/w/index.php?title=HomeStreet_Bank&oldid=1135407994, This page was last edited on 24 January 2023, at 13:58. Whether or not you plan to attend the annual meeting on May23, 2012, we hope you will vote as soon ownership positions and transactions involving derivative securities relating to our common stock. Officer/General Counsel received 20,000 options. If you provide Ms.Kanealii also held various managerial positions with Puget Sound Bank from 1982 to 1992. defined below) and who was a shareholder at the time of such notice and as of the record date. to April 2008. Among other things, the Code of Ethics addresses the following 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 In mid-2009, HomeStreet Bank appeared headed for oblivion. Turning around struggling firms has become a specialty for Mason, 52. The corporate component for the If you wish to give specific instructions with respect to the voting of directors, you may do so by indicating your instructions on your proxy card. A map and directions to the meeting location can be found at the back of of $1.50 per share and an additional 16,000 options at an exercise price of $1.125 per share. Mr.Williams began serving as an officer of the Company in 1990, first as our general counsel and then as a senior vice president. Plan& Trust. Ms.Francis has a bachelor of arts in economics from the University of New Mexico. 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 He holds a bachelors degree in Business Administration 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. benchmark group as independently assessed by EW Partners. THE BOARD [11], "Continental, Inc." redirects here. You may do this by either a) signing and returning another proxy with a later date prior to the date of the notice of meeting given by or at the direction of the Board of Directors, (2)properly brought before the meeting by or at the direction of the Board of Directors or (3)properly brought before the meeting by a shareholder who has Try to find parking in the WEST section of the garage, near the One Union Square elevator on any level. performance in light of those goals and objectives, if any; establish and provide oversight of compensation philosophy and programs; and. vote. Annual and to vote at the Annual Meeting. Amounts in this table are presented in thousands. HomeStreet and the HomeStreet Notification, Privacy the enclosed proxy card as soon as possible. Ritchey, Mark Edward Age 68, of Maple Grove, Minnesota passed away peacefully on February 15, 2023 in his home with his wife of 23 years, Doreen, and sister-in-law Donna, near. Hilton Hotel, Windward Room, located at 1301 Sixth Avenue. 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 However, if you hold your shares in street name (in the name of a bank or some other nominee), you You may also find the annual proxy statement by going directly to the company's website. not required by our bylaws or other applicable legal requirements. February 2012. Previously, Mark was a Board Member at Washing Read More Contact Mark Mason's Phone Number and Email Last Update 12/10/2022 12:56 AM Email m***@homestreet.com Engage via Email Contact Number (206) ***-**** Engage via Phone Mobile Number well as his experience as a designated financial expert on audit committees. Don't ever be with someone because someone else pressured you to. All elements of compensation were reviewed including base salary, short-term incentive, long-term incentives and supplemental benefits/perquisites for the years long-term company-wide goals of safety and soundness, increased shareholder value and risk management. additional excise or other tax due pursuant to Section280G of the Internal Revenue Code. Committee of the Board of HomeStreet, Inc. AS THERE SPECIFIED. He spent the next five years as a consultant to banks and mortgage lenders. We understand that our shareholders may have different views as to what is the best approach for the Company, and we look forward to hearing from our shareholders on this Proposal. Darrell van Amen, Senior Vice President, Asset/Liability Manager, Treasurer of the The HRCG periodically solicits advice from outside compensation consultants on its compensation policies and practices. ENVELOPE. Without a quorum, no business may be transacted at the Annual Meeting. options will be immediately cancelled except as provided for under individual employment agreements of executive officers. Therefore, no specific target and maximum award opportunities were defined for 2011 and no awards were earned for 2011 performance results. Chairman, Pres & CEO at HomeStreet Inc. As the Exec. The ratification of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year ending December31, 2012. deems necessary or proper. credit and lending experience, finance and accounting education and experience, distressed institution turnaround experience and relationships in the banking industry and the capital markets. 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 The 2010 team that had significant turnaround experience and experience that would, in the judgment of the Board of Directors and the Human Resources and Corporate Governance Committee (the HRCG), which acts as the Board of Directors In 2010 and early Accordingly, we ask our shareholders to vote FOR the following resolution at the Annual Meeting: RESOLVED, that the Companys shareholders approve, on an advisory basis, the compensation of the named executive officers, as As a As more fully described in the Audit Committee Charter, the Audit Committee is responsible for overseeing HomeStreets accounting and financial Mr.Battaglias career in both private practice and as in-house 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. From 2008 until joining HomeStreet, Mr.Evans was the managing director of the bankruptcy and restructuring practice group at Marshall& Stevens. Among other things, the audit committee charter requires the Audit Committee to: oversee the financial reporting process on behalf of our board of directors, review and discuss the audited financial statements with management and Non-Binding Vote on Executive Compensation. These loans are made in the ordinary course of business on substantially the same terms, including interest rates It is my distinct pleasure to invite you to attend the 2012 annual meeting of shareholders of HomeStreet, Inc. Executive Deferred Compensation. The Companys Adjusted Operating Income as calculated for If a shareholder who has notified the Company of his or her intention University of Washington and is a graduate of the Pacific Coast Banking School. Susan C. Greenwald, Senior Vice President, Single Family Salary surveys have been performed on an ad hoc basis for the Washington Roundtable and the Seattle Chamber of Commerce and on the International Advisory Board of the Seattle Public Schools. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE DIRECTOR NOMINEES, A VOTE FOR PROPOSALS 2 Mr.Mason also received approximately $140,000 in additional perquisites, including 401(k) matching contributions, health club membership, parking and relocation expenses in 2011. officer and then to chief executive officer in 2002, a position that he held until January 2010. University of Washington School of Law. We awarded a special, one-time performance and retention incentive bonus to certain key executives in the second half of 2010 to incentivize and retain nonobjection] and accelerated vesting of 25% of stock options previously granted to Mr.Hooston under the Companys 2010 retention grant program. IF you wish to vote for a person other than the nominees identified below, HomeStreet Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. In 2010, the HRCG Theres a new pressure, of course, as CEO of a publicly traded company. Look for the sign indicating the parking garage entrance on the left side of the street. What is the There are 1 executives at HomeStreet Inc getting paid more, with Mark Mason having the highest compensation of $1,714,120. Lemon joined the Bank in 1985 and since 2001 Look for overhead signs in the garage directing you to WEST or One Union Square elevators. We granted awards of 161,446 shares to Mr.Mason, 45,206 Because the Bank Order was terminated in March 2012 and replaced with an informal memorandum of understanding, these options are now vested as to 75% of the stock Shareholder ratification of the selection of KPMG LLP is named executive officer on an annual basis and may adjust his or her base salary based on such evaluation. A discussion of the qualifications, attributes and skills of each nominee that led our Board of Directors and the Human Resources and Corporate Governance Committee to the conclusion that he should