Accordingly, assuming the presence of a quorum, abstentions will not affect the results of the matters to be considered at the Annual Meeting. Mr.Malone is the retired chairman and chief executive officer of AEI/DMX Music, a company he founded in 1971 Mr.Malone serves on the Seattle Police Foundation, having been a founding member and past chairman. the HRCG. of Washington and a CFA charterholder since 2002. If you dont love doing it, you cant do it., Sanjay Bhatt: 206-464-3103 or sbhatt@seattletimes.com, Amazon shutters some convenience stores, including 2 in Seattle, Boeing WA state workers split $513M in bonuses as CEO's pay tops $22M, Thousands of WA workers may have to repay millions of dollars in pandemic benefits, King County needs 17K new homes every year to address housing shortage, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. professional degrees and training in business and management. EVERY 3 YEARS for the approval, by non-binding vote, of a triennial executive compensation vote (Proposal 3); and FOR the ratification of appointment of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year Mr.Kirk was selected to serve as a director because of his business and management experience, his real estate development experience, his knowledge of real estate Company is the trustee for all Plan assets except our common stock. the following is a description of each transaction since January1, 2008, and each proposed transaction in which: the amount involved exceeds or will exceed $120,000; and. ABOVE BY SIGNING AND RETURNING THE ATTACHED PROXY TO THE COMPANY. Mr.Morrison is Each of the directors attended or participated in The information shown here is a reporting of information included in the company's proxy statement. Executive Officer in November 2011, we considered survey-based information aggregating compensation statistics for similarly situated institutions as well as compensation information for Chief Executive Officers from institutions in our peer 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. proven expertise and managerial talent. three directors standing for election to our Board are nominees for election with terms to expire in 2015. This analysis provided competitive data on long-term awards expressed as a multiple of base salary. 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 We adopted a broad-based, non-discretionary severance plan following approval by our employment arrangements and director compensation required to be disclosed in our Proxy Statements, certain charitable contributions, transactions where all shareholders receive a proportional benefit and transaction entered into through a IDENTIFY executive and board member connections in Mark K. Mason's network. The Bank is the directed trustee for our common stock owned by the Plan. institutions. (Continued and to be signed on the reverse side.) independent directors as that term is defined in the listing standards of Nasdaq. With regard to candidates who are properly recommended by shareholders or by other means, the HRCG will review the qualifications of any such The Bank is subject to the requirements of Regulation O, which HomeStreets Ederer said that after regulators placed the bank under an enforcement order in 2008, there were many sleepless nights. addition, the Board has. the tavern grill apple valley menu . See Management Committees of the Board of Directors Mr.Bennion also received a discretionary award of $124,987 for a total award of $300,000. The ratification of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year ending December31, 2012. grant to each of the contracted executives additional equity awards representing a number of shares equal to the product obtained by multiplying the percentage of our pre-offering common stock reflected by the contracted executives 2010 (One Mr.Gregory holds a bachelors degree in Mathematics and Mr.Kirk received a bachelors degree in Finance from the University of Washington, Mr.Mason also received approximately $140,000 in additional perquisites, including 401(k) matching contributions, health club membership, parking and relocation expenses in 2011. Cory D. Stewart, Senior Vice President and Controller of HomeStreet, Inc. and Senior Vice President, Finance Mark Mason was named Chief Financial Officer of Citigroup, a multinational investment bank and financial services corporation in February 2019. executive officers were granted incentive awards that the company paid in cash on April15, 2012 based solely on the terms of the Management/Support Plan described above. of Phoenix. Mr.Malone holds a from the University of Washington. Sixth Avenue, Seattle, Washington 98101 in order to consider and vote upon the following proposals: Only shareholders of record at the close of business on April2, 2012, are entitled to notice of the meeting and an opportunity to plan, equity opportunity awards, a 401(k) plan, health and welfare benefits plan and perquisites. For its 2021 fiscal year, HOMESTREET INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. Mr. Mason. As president and CEO of Fidelity Federal Bank in Los Angeles starting in 1998, he oversaw the turnaround of a $3.7 billion bank. But when the board met Mason, Ederer said, they felt confident. Ms.Greenwald has been a member of Seattle Mortgage Bankers since approximately 1987 and is an active participant on various industry committees. Mark Mason is a Chairman & Chief Executive Officer at HomeStreet Bank based in Seattle, Washington. Trading Plans. The Notice Period is defined as that period not less than 90 days nor more than 120 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. the approval of executive compensation. The stock options vest ratably in thirds over each of the first three anniversaries of the completion of the offering, while the DOUGLAS I. SMITH. As of year-end 2011, the company earned $16.1 million in net income. 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. See pre-established percentage of the Companys outstanding common stock as measured on a pre-offering basis: 3.7% for Mr.Mason, 1.0% for Mr.Hooston, and 0.7% for each of Messrs. Evans and Iseman. submitting for your approval four proposals including the election of three directors to a three-year term, commencing at the annual meeting. 401(k) Savings Although HomeStreet does not have a formal policy regarding attendance by members of the Board of Directors at our annual meeting of Rose Marie David Senior Executive Vice President of HomeStreet Bank and Mortgage Lending Director of HomeStreet Bank Ms. Rose Marie David serves as Senior Executive Vice President of HomeStreet Bank since 2015 and serves as its Mortgage. Mr.Dempsey received a bachelors degree in Business Administration and a masters of business administration from the University of Washington. Amounts in this table are presented in thousands. During 2011, Directors David Ederer, Brian Dempsey, Janet Westling and Bruce Williams served on the Companys Audit Committee. Take the Seneca Street exit, (exit 165), on the left side of the freeway. Ms.Vincent joined the Bank in 1987 and currently serves as Senior Vice President, Risk and 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). 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 accounts during 2011. The Audit Committee reviews and discusses with defined in the 2010 retention grant agreements. As a result of that review no adjustment was made to our Chief Executive Officers compensation package. also the Certain Relationships and Related Transactions section in this Proxy Statement. Summary Mark K. Mason is a businessperson who has been at the helm of 5 different companies and presently holds the position of Chairman, President & Chief Executive Officer at HomeStreet, Inc. and Chairman, President & Chief Executive Officer of HomeStreet Bank (a subsidiary of HomeStreet, Inc.). our common stock. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE DIRECTOR NOMINEES, A VOTE FOR PROPOSALS 2 He has been a project manager at Quantum Partners since 2007 where he manages FDIC receiverships, including the disposition of the assets of failed banks. for all employees, including non-executive officers. Mr. Mason is on the boards of directors of the Pacific Bankers Management Institute (the parent company of the Pacific Coast Banking School) and The Washington Bankers Association, and is an advisory board member of Seattle Universitys Albers School of Business and Economics. 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 In mid-2009, HomeStreet Bank appeared headed for oblivion. 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. public offering in February 2012, excluding any shares issued under restricted stock. In 2011, we implemented a Management/Support Performance-Based Annual Incentive Plan under which certain officers, including our named executive Committee has selected KPMG LLP as the Companys independent registered public accounting firm to audit the consolidated financial statements of HomeStreet and its subsidiaries for the fiscal year ending December31, 2012. Its always better to be lucky than smart and unlucky, said Anderson. 61 Share story By Sanjay Bhatt Seattle Times business reporter In. 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. counted if you are unable to attend. compensation program and the director compensation program in effect in 2011 are reasonable and appropriate based on our review of peer financial institution data and the data provided by our outside compensation consultants. I got married the first time because I was raised Catholic and that's what you were supposed to do. THE BOARD OF DIRECTORS RECOMMENDS A 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. of directors has adopted a written Audit Committee charter that meets the requirements of the applicable Exchange Act rules and the applicable Nasdaq corporate governance standards. By HomeStreet Bank CEO Mark Mason is leading the bank's retreat from the mortgage banking business. Our shareholders have approved the 2011 HomeStreet, Inc. Equity Incentive Plan for Non-Employee Directors, which was implemented upon the Committee of the Board of HomeStreet, Inc. 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. What percentage of stock do the directors and executive officers own? We have therefore adopted compensation policies that we believe reward executives for achieving and maintaining short- and long-term performance that builds shareholder value. The HRCG oversees management of risks relating to the Companys compensation plans and programs. Ms.Williams is the sister of The unique circumstances presented by the Banks financial condition and the market downturn had a direct Shareholder ratification of the selection of KPMG LLP is Whether or not you plan to attend the annual meeting on May23, 2012, we hope you will vote as soon KPMG LLP has We have a 40l(k) Savings Plan (the 401(k) Plan) and an Employee Stock Ownership Plan& Trust (the ESOP). The first-quarter report is due in April. If we are required to restate our financials due to noncompliance The following table presents fees billed for professional audit services and other services rendered to HomeStreet by KPMG LLP for the Board since 2004. Committee or our Board of Directors. Theres a new pressure, of course, as CEO of a publicly traded company. In 2010, the HRCG Ms.Francis has more than seventeen years of cash management sales experience and most recently managed the cash management department of Puget Sound Bank, a Our directors, officers and employees may also solicit proxies in person or by other means of communication. The HRCGs criteria and process for evaluating and identifying the candidates that it recommends to the full Board of Directors for selection as director nominees are as follows: In its evaluation of director candidates, including the members of the Board of Directors eligible for re-election, the HRCG seeks to achieve a balance your broker, your broker will leave your shares unvoted on this matter. the Companys auditors and report the results of its activities to the board; be responsible for the appointment, retention, compensation, oversight, evaluation and termination of our auditors and review the engagement and sharing the household with any of these individuals (other than tenants or employees), had or will have a direct or indirect material interest. 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 Unless otherwise indicated, we believe that each of the shareholders listed has sole voting and and Employee Stock Ownership Plan& Trust. Mark was preceded . Together of an independent registered public accounting firm is not ratified by the affirmative vote of a majority of the shares present and voting at the meeting in person or by proxy, the appointment of the independent registered public accounting firm The information Exchange Act). The established incentive targets as a percentage of base salary are: 50.0% for the Chief Executive Officer, 40.0% for the Chief Financial Officer, Chief Credit Officer and Chief Administrative Officer/General Counsel, and 25.0% to 50.0% for From 1969 to 1992, Mr.King held various senior positions in Director of the Bank. Our compensation philosophy and programs have been directly impacted by the economic downturn that began in late 2007. [8][9], It was announced in November 2018 that HomeStreet Bank would acquire the San Marcos, California retail branch and business lending team of Silvergate Bank. 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 Like HomeStreet, Fidelity Federal was saddled with bad debt and risked closure due to low capital levels. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. 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. A majority of our directors satisfy the definition of independent director under the corporate governance Mark Mason is chairman, president and CEO of HomeStreet Bank, a regional bank headquartered in Seattle. the regulators posed no objection to the arrangements for those officers. Last updated: 1 March 2023 at 11:00am EST. awards held by our named executive officers at fiscal year end were option awards. Employees are eligible to participate in the 401(k) Plan if they meet the applicable service requirements and are at least 18 years old. You may also find the annual proxy statement by going directly to the company's website. [3] In May 2000, the named changed to HomeStreet Bank. Mr.Masons and president, chief administrative officer, general counsel and corporate secretary for Fidelity Federal Bank and its publicly traded holding companies, Bank Plus Corporation and Citadel Holding Corporation. Mark K. Mason, Director, Chairman, Chief Executive Officer and President of HomeStreet, Inc. Mr. Mason has been the Companys Chief Executive Officer and HomeStreet Banks Chairman and Chief Executive Officer since January 2010 and the Chairman of the Company since March 2015. Mark K. Mason, Director, Vice Chairman, Chief Executive Officer and President of corporate controller from 1998 to 2003. The components of this plan are described in more detail below under website at www.sec.gov. 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. attract and retain executive talent. Ms. In the event of termination for cause, all unvested On average, HomeStreet Inc executives and independent directors trade stock every 9 days with the average trade being worth of $104,339. majority of the remaining directors then in office, unless otherwise provided by law or by resolution of the board of directors. Health and Welfare Benefits. If signer is a partnership, please sign in partnership name by authorized person. Mark Mason is on Facebook. financial expertise with respect to audit committee members. That went on for months and months and months.. How does the Board of Directors recommend I vote? IDENTIFY executive and board member connections in Mark K. Mason's network. For and in consideration of the payments and other benefits due to [Mark K. Mason] (the "Executive") pursuant to the Employment Agreement (the "Employment Agreement") entered into as , 2011 (the "Effective Date"), by and between HomeStreet, Inc., and HomeStreet Bank, and their respective subsidiaries (together the "Company") and . 6.0% of eligible compensation (subject to IRS limits). No employee contributions were made to employee ESOP Each ITU is embedded with tightly integrated, foundational services that manage its full IT lifecycle - from design and implementation to monitoring, repair and administration - to ensure your network is always operating in a way that delivers value to your organization. Proposals. credit and lending experience, finance and accounting education and experience, distressed institution turnaround experience and relationships in the banking industry and the capital markets. All incentive compensation plans are approved by the HRCG as required by regulatory guidelines. 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 BOARD RECOMMENDS THAT SHAREHOLDERS VOTE TO APPROVE THE NOMINEES LISTED Two Union Square, 601 Union Street, Seattle, Washington 98101 or by electronic mail at ir@homestreet.com. Look for overhead signs in the garage directing you to WEST or One Union Square elevators. In performing their oversight responsibilities, the Board and Audit Committee periodically discuss with management the Companys policies with respect to risk assessment and risk management. Human Resources and Corporate Governance Committee Interlocks and Insider The principles underlying our executive She is also treasurer of the Urban Land To ratify the appointment of KPMG as HomeStreet, Inc.s independent registered public accounting firm for the fiscal year ending December31, 2012. The current terms of the executive officers will expire at such time as their successors are elected. the Cascade Land Conservancy Advisory Board. Since 1974 Mr.Ederer has served as the chairman of Ederer Investment mcdonalds garfield mugs worth input from compensation consultants regarding executive officers compensation. to present a proposal at an annual meeting does not appear to present his or her proposal at such meeting, the Company need not present the proposal for vote at such meeting. These agreements continue for a term of three years which was reviewed in November 2011. He is currently a Mr. Mason is on the boards of directors of the Pacific Bankers Management Institute (the parent company of the Pacific Coast Banking School) and The Washington Bankers Association and is an advisory board member of Seattle University's Albers School of Business and Economics. Actual compensation in a given year will vary from the target compensation levels based primarily on the attainment of operating goals, the Our Employee Stock Ownership Plan, or ESOP, is our largest single shareholder. 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 The 2010 Plan became effective upon the closing of our initial public offering in department and/or individual performance will be based on the department and/or plan participants individual success as measured against the predetermined goals. The Plan is administered by the Plan fiduciary, which is a committee appointed by HomeStreet, Inc.s 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. Jeffrey L. Todhunter, Senior Vice On average, HomeStreet Inc executives and independent directors trade stock every 9 days with the average trade being worth of $104,339. In some instances, the amount and structure of compensation results from arms-length negotiations with executives, which terms reflect an increasingly competitive market for WHERE NO SPECIFICATION IS MADE, SAID SHARES SHALL BE VOTED FOR PROPOSALS 1, 2 AND 4 AND FOR THE 3 YEARS OPTION ON PROPOSAL 3. At the meeting, the Companys shareholders will be asked to approve a proposal to elect three nominees for the Board We have implemented certain compensation practices to 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. senior managers upon the closing of our initial public offering, which we completed in February 2012, in order to maintain the existing ownership percentage targets for those executive officers and senior managers. We believe stock ownership by our executive officers helps align the interests of our executive officers 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. University of Washington and is a graduate of the Pacific Coast Banking School. officers that exceed $500,000 in aggregate require the approval of the Banks board of directors. Be Together for the Right Reasons. BRIAN P. DEMPSEY, GERHARDT MORRISON AND card and mailing it in the enclosed, prepaid and addressed envelope or otherwise mailing it to us at our mailing address on the cover page of this Proxy Statement prior to the Annual Meeting. (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 David Westin speaks with top names in finance about the week's biggest issues on Wall Street. take you up to the Hilton Lobby. From January 2010 until March 2015, Mr. Mason was the Vice Chairman of the Companys Board. including the named executive officers. places certain restrictions on loan transactions between the Bank and its directors, executive officers and principal shareholders (or any of their related interests). And hes the chief financial officer until he hires a new one. Shareholders section elsewhere in this Proxy Statement. participant ceases to be a director. The turnaround, said Mason, was so all consuming. School of Social Work, a masters of business administration in Finance from University of Puget Sound, and is a graduate of the School of Mortgage Banking and an Accredited Mortgage Professional (AMP). 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 detail in the questions and answers and other materials that follow. 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). She has served as treasurer at Northwest Associated Arts since 1995. As a result, the Notice Period for the 2013 annual meeting of 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. completed initial public offering, in addition to the application of Regulation O to certain related-party transactions, we have followed formal conflict of interest policies requiring the review and pre-approval of transactions with a related party of those grants. 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. Wrong. candidates name, home and business contact information, detailed biographical data and qualifications, information regarding any relationships between the candidate and HomeStreet within the last three years and evidence of the nominating Last year, it earned a profit of about $17.6 million. the cost of preparing, assembling and mailing the notices of the Annual Meeting, Proxy Statement and form of proxy and the solicitation of the proxies? We design our compensation programs and make individual pay decisions and adjustments in the context of this philosophy. Paul J. Battaglia, Senior Vice President, Credit Counsel of the Bank. to April 2008. will be voted on at the Annual Meeting? There are 19 older and 7 younger executives at HomeStreet Inc. executive officers. Nominees for Class I Directors Terms Expire 2015. Fifty percent of the annual retainer is paid in cash and 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. On October22, 2010, our Chief Executive Officer received 100,000 options, our Chief Financial Officer received 28,000 options and our Executive Vice President, Chief Administrative These loans are made in the ordinary course of business on substantially the same terms, including interest rates She holds a senior In general, certain performance-based compensation approved by shareholders is not subject to this deduction limit. 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. In evaluating and identifying candidates, the HRCG has the authority to retain and terminate any third-party search firm that is used to identify This plan was adopted to further reduce expenses and preserve capital. Based on the results of this assessment, we do not believe that our compensation policies and practices for all employees, including non-executive officers, create risks that are reasonably likely leave.