based on Adjusted Operating Income as well as on the following asset quality and performance metrics: decreases in the ratio of nonperforming assets to total assets; decreases in the ratio of classified assets to total assets; a discretionary component that takes into account other key business results. day-to-day job performance and to provide some level of security and consistency. 4. After completing its review and evaluation of director candidates, the HRCG recommends to the full Board of Directors the director nominees. and he received his bachelors degree in Accounting from the University of Washington. Bank, he served as vice president and branch manager of the Bellevue lending branch from 1990 to 1997 and construction department manager of the Bellevue lending branch from 1982 to 1989. 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. Hear from HomeStreet CEO Mark Mason as he talks about the Miss HomeStreet partnership in 2017. In late 2009, when Riccobono was head of the Federal Home Loan Bank of Seattle, and himself dealing with orders from regulators, he received a small package from Masons office a red refrigerator magnet with a phrase the British coined as they endured World War II: Keep Calm and Carry On., I have to tell you, thats Mason, Riccobono said. Mr. Mason brings extensive business, managerial and leadership experience to our Board. In May 2000, the named changed to HomeStreet Bank. Mason said he had to persuade the board to try a third time so soon again. participant ceases to be a director. disclosed in the table above represent awards granted under the Management/Support Plan for 2011 which were paid on April 15, 2012. in the banking and mortgage banking industries and because of his accounting education and experience. In addition, Section304 of the Sarbanes-Oxley Act of 2002 provides a basis to recover incentive awards in certain circumstances. The number of directors may be increased or decreased from time to time by our board of directors, provided that a reduction in the He recently joined a golf club, too, and has plans for a family vacation. and subsequently rejoined the board of directors of the Company in October 2008. Proxy Statement and for consideration at the next annual meeting of shareholders by submitting such proposals in writing to our Corporate Secretary in a timely manner. Mr.Hoostons incentive target was divided into two components: 50% corporate performance, as described above and 50% individual performance. Mr.Iseman served as senior vice president and senior portfolio 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.). to provide updated peer group benchmarks for our Chief Executive Officer in order to determine if the compensation package provided for that executive officer would require any adjustments to be competitive in 2012, especially in light of the Darrell S. Van Amen Bank upon the closing of our initial public offering in February 2012. audit and non-audit services to be performed by KPMG LLP with subsequent reporting and oversight required by the Audit Committee. obtained without charge by writing to Investor Relations, HomeStreet, Inc., 601 Union Street, Suite 2000, Seattle, Washington 98101. inaccurate financial information was used in setting that award or if the recipients activities posed risk to the Company. With regard to candidates who are properly recommended by shareholders or by other means, the HRCG will review the qualifications of any such 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. Mr.Boggs previously 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. We adopted a broad-based, non-discretionary severance plan following approval by our 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 . The Audit Committee has adopted a policy authorizing certain permissible the Company in 2008. Professionals and received her Certified Treasury Professional certification in 1997. 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. It was incredibly disappointing, given the amount of effort and cost to get to that point, Mason said. Other signs of a return to normal: Mason recently was in Phoenix, reinstating an awards trip for the banks top producers something the bank had halted during its difficult times and got to play some golf. 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. 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. Chairman and Pres & CEO of HomeStreet Inc, the total compensation of Mr Mason at HomeStreet Inc is $1,633,200. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. In some instances, the amount and structure of compensation results from arms-length negotiations with executives, which terms reflect an increasingly competitive market for quorum exists, a majority of the voting power of those present at the Annual Meeting may adjourn the Annual Meeting to another date, time and place. Our Board is divided into classes of directors, with each class serving a three-year term. No equity grants were made in 2011 to any of our named executive officers. He received a bachelors degree in Business Administration from California State University, way, the Board of Directors may decide that it is in the best interests of our shareholders and the Company to hold an advisory vote on executive compensation more or less frequently than the option approved by our shareholders. skills. To change the address on your account, please check the box at right and indicate your new address in the address space above. And hes the chief financial officer until he hires a new one. Fee paid previously with preliminary materials. In addition, in November 2011 to determine the competitiveness of our Chief Executive Officers compensation package, our HRCG considered the peer group benchmarks and survey information suggested by an outside compensation It is the policy of the HRCG to consider recommendations for candidates to the Board of Directors from Participants in the ESOP discretionary authority to act on such other matters as may properly come before said meeting or any adjournments or postponements thereof. The Chief Executive Officer and Chief Financial Officer received cash incentive awards in 2011 based on attaining the following corporate objectives and metrics: (1)achieving Adjusted Operating this zookeeper instance is not currently serving requests. These grants consist of restricted stock that will vest in equal installments over The names of the executive officers and key employees of HomeStreet, Inc. and its wholly owned subsidiary HomeStreet Bank, their ages, their positions In addition to the prohibitions against solicitation of customers and employees By accessing ExecAtlas, you can view bios, network, connections and references capacity will count and tabulate the votes. Please note that changes to the registered name(s) on the account may not be submitted via this method. In 2011, we also entered into new employment agreements (the post-offering agreements) with each of the Look for overhead signs in the garage directing you to WEST or One Union Square elevators. At the bottom of the escalators you will see another elevator on your left that will Mark Mason took on the rescue of HomeStreet Bank at a time when its own directors worried that regulators might shut it down. Mr. Mason serves as a Trustee of Howard University, where he received a B.B.A. Mr.Indiek was also involved in the formation of Looking forward, Mason said hes excited to see HomeStreet grow its mortgage-lending business. Together ESOP employer-directed investment accounts are invested in stocks, bonds and other investments selected by the ESOP fiduciary, the Companys retirement benefits committee. Mark C. Gregory, Senior Vice President and Chief Information Officer of the Bank. Union& Two Union Square share underground parking. Coronavirus Tips Working and Protection. Ms.Greenwald has also served as a director and treasurer of Common Ground and a legislative and legal affairs committee member of Seattle Mortgage Bankers We believe it is critical to HomeStreets success to attract, retain and incentivize highly qualified executives and to promote a 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 President, Residential Construction Lending Director of the Bank. The say-on-pay vote is advisory, and therefore not binding on the Company, the Human Resources and Corporate Governance Salary increases ordinarily are effective on January1 of each year. 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. 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. A shareholder of record is a person or entity whose name appears on or in our records as an owner of one or more shares of our common stock as of the close of business on the Record Date. These jobs require commitment and focus, he said. In addition, on November29, 2010, other of our executive officers received 2010 retention grants with an exercise price ranging Ms.Greenwald has been a member of Seattle Mortgage Bankers since approximately 1987 and is an active participant on various industry committees. During 2011, Directors David Ederer, Brian Dempsey, Janet Westling and Bruce Williams served on the Companys Audit Committee. From 1969 to 1992, Mr.King held various senior positions in All services provided by KPMG LLP three directors standing for election to our Board are nominees for election with terms to expire in 2015. Thorough reviews have been conducted to assure this data accurately reflects disclosures. corporate controller from 1998 to 2003. In addition, all of the contracted executives unvested restricted stock and stock options will immediately vest and will remain exercisable 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 This analysis provided competitive data on long-term awards expressed as a multiple of base salary. Payment of Filing Fee (Check the appropriate box): Fee computed on table below per Exchange Act Rules 14a-6(i)(l) and 0-11. all proxy cards to ensure that all your shares are voted. stock options, stock appreciation rights (SARs), restricted stock awards, restricted stock units, stock bonus awards and cash incentive bonus awards. Committee of the Board of HomeStreet, Inc. These agreements continue for a term of three years defined in the 2010 retention grant agreements. your broker, your broker will leave your shares unvoted on this matter. He has served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank and The Bjurman Barry Family of Mutual Funds. We believe that our compensation program is reasonable and appropriate based in part on the analysis and advice of our outside compensation 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. Director of Communications and Marketing, subsequently moving to her current position of Senior Vice President, Director of Community Relations in 2000. She holds a bachelors degree in Business Administration from Western Washington University and she has completed From 1999 to 2002 he served as a director and chairman of the audit committee of Bank Plus Corporation and Fidelity Federal Bank. Our directors, officers and employees may also solicit proxies in person or by other means of communication. and to vote at the Annual Meeting. (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 There are 1 executives at HomeStreet Inc getting paid more, with MarkMason having the highest compensation of $1,714,120. Mr.Mason is a certified public accountant (inactive) and holds a bachelors degree in Business Administration with an emphasis in Accounting from California State Polytechnic University. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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 Under our present bylaws, directors must comply with all applicable laws and regulations, including any required approvals from our regulators. For inclusion in HomeStreets proxy materials: Shareholders may present proper proposals for inclusion in HomeStreets 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. Powered By Q4 Inc. Shareholder ratification of the selection of KPMG LLP is KPMG. We generally do not pay bonuses under any of our incentive independent directors as that term is defined in the listing standards of Nasdaq. Perquisites and other Personal Benefits. Following the offering, the committee has adopted a policy that, where reasonably practicable, we seek to qualify the variable compensation paid to our named executive BRIAN P. DEMPSEY, GERHARDT MORRISON AND Management/Support Performance-Based Annual Incentive Plan. Our board of directors is divided into three classes and one-third of our directors are elected each year These agreements are described in more detail under the heading The companys 2011 annual report is due to federal regulators at the end of this month. The HRCG has reviewed the Compensation Discussion and Analysis included in this Proxy Statement and discussed it with However, all of our executive officers received retention equity grants in 2010 and restricted stock awards and option grants under our Mark K Mason is Chairman/President/CEO at Homestreet Inc. See Mark K Mason's compensation, career history, education, & memberships. subsequent recapitalization of the Bank, the Company re-adopted the compensation philosophy, described below, consistent with a financially stable and well-capitalized financial institution. incentive bonus awards. 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 She is a member of both the regional and national chapters of the Association for Financial This report is submitted by the Companys Human Resource and Corporate Governance Committee consisting of Judd Kirk (Chair), Brian professional human resource certification from the Society for Human Resource Management and a bachelors degree in English from California State University, Northridge. Mark K. Mason is the Chairman of the Board, President, Chief Executive Officer of the Company. What if my shares are held in street name? Financial. Nominees 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, on executive compensation that occurs triennially is the most appropriate alternative for the Company, and therefore our Board of Directors recommends that you vote for a three-year interval for the non-binding vote on executive compensation. The oldest executive at HomeStreet Inc is DavidEderer, 77, who is the Chairman Emeritus. Mr.Ederer received a bachelors degree brought before the meeting. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. We have a 40l(k) Savings Plan (the 401(k) Plan) and an Employee Stock Ownership Plan& Trust (the ESOP). 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 This proposal, commonly known as a say-on-pay proposal, gives our shareholders the opportunity to express their views on our named executive officers compensation as a whole. 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). She is also treasurer of the Urban Land The bank then launched another roadshow, but delayed its IPO a second time in December due to turmoil in global markets. 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. 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. There are no executives at HomeStreet Inc getting paid more. Wrong. HomeStreet employs more than 600 people across 19 branches and its downtown Seattle headquarters. year to identify their related interests. 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. of the Bogle& Gates Business Law Department until his retirement on December31, 1997. three-year terms, with one-third of the board of directors elected at each Annual Meeting of shareholders. purposes of the Management/Support Incentive Plan was $51.9 million. These factors include compensation surveys, the officers level of experience and responsibilities, parity of positions with similar responsibilities and the officers performance. As a result, 75% of the options granted to Mr.Hooston pursuant to the 2010 retention grants were vested and exercisable upon his termination. We have entered into indemnification agreements with each of the current and former directors and executive officers of HomeStreet, Inc. Subject to certain limitations, these agreements require us to All shareholders of record of HomeStreet common stock at the close of business on April2, 2012 (the Record Date) are entitled to notice approved a one-time grant of nonqualified stock option awards that were made outside of the 2010 Plan. approximately one-third of our total number of directors to be elected annually, an arrangement commonly known as a staggered board. 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. business, managerial and leadership experience to our board of directors. . bank counsel has focused on. Our Articles of Incorporation provide that our directors will serve a term of three years or until their respective successors are The chart on this page features a breakdown of the total annual pay for Mark K. Mason, Chief Executive Officer at HOMESTREET INC as reported in their proxy statements. 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 (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 such key executives and to recognize their efforts in improving HomeStreets financial and regulatory condition. Mr.Bennion also received a discretionary award of $124,987 for a total award of $300,000. corporation (the Company or HomeStreet) will be held at 10:00 a.m., local time, on May23, 2012, in the Windward Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101. Proposal to elect directors from among the nominees set forth below. How does the Board of Directors recommend I vote? We do not currently anticipate that any other matters will be raised at the Annual Meeting. in finance and graduated with honors. Regulation O generally defines a principal shareholder as a person that directly Prices, Financial Employee directors are not compensated mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. 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. 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 additional grants of restricted stock awards and stock options awards, which awards were conditioned upon the successful completion of our initial public offering. Mr.Morrison received a bachelors degree in Business Administration and Accounting from the University of Washington and a law degree from Stanford Law School. Evans as proxy holders is solicited by the Board of Directors for use at the Annual Meeting on May23, 2012 and at any adjournments or postponements thereof. In May 2011, the Board of Directors approved grants of stock options and restricted stock awards to be made to our executive officers and 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
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