KPMG LLP currently serves at the on satisfaction of performance goals. the enclosed proxy card as soon as possible. We may reimburse brokerage firms, custodians, nominees, fiduciaries and other persons representing beneficial owners for their reasonable expenses in forwarding Place and Purpose of HomeStreets Annual Meeting. as your name or names appear on this Proxy. Open directors and consultants and to provide a means whereby officers, employees, directors and consultants can acquire common stock or earn incentive compensation based on the value of our common stock, thereby strengthening their commitment to Williams previously served on the Visiting Committee of the University of Washington Daniel J. Evans School of Public Affairs, Chair of the Washington Financial League, on the Boards of Directors of the Mortgage Bankers Association of America, the The bank finished its worst quarter ever in September 2009, losing nearly $43 million. The banks chief financial officer, part of the turnaround team, recently announced his departure. 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 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. 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. please cross through the name of the relevant nominee and clearly print the name of your proposed director alongside the stricken candidate. In the course of determining the independence of each non-employee director, the Board of Directors considered the annual amount of HomeStreets sales 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 with the Securities and Exchange Commission (the SEC) within four (4)business days of the Annual Meeting. Coronavirus Tips Working and Protection. A copy of the full text of the bylaw provisions discussed above may be obtained by writing to our Corporate Secretary at our principal executive offices or by accessing our filings on the SECs The Audit Committee reviews and discusses with 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. In 2011, we implemented a Management/Support Performance-Based Annual Incentive Plan (the Management/Support Plan) which applies to certain eligible employees, We generally do not pay bonuses under any of our incentive FOR AGAINST ABSTAIN Brian P. Dempsey Gerhardt Morrison Douglas I. Smith 2. The following table shows the compensation paid to our non-employee directors for 2011. : Investor Relations, 2000 On average, HomeStreet Inc executives and independent directors trade stock every 9 days with the average trade being worth of $104,339. Prior to that, Mr.van Amen served as the quantitative analytics manager for the Royal Bank of Canada, vice president and balance sheet manager at Old Kent He holds a bachelors degree in Business Administration 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). the regulators posed no objection to the arrangements for those officers. These participation levels may be increased or decreased after the beginning of a fiscal year at the discretion of the committee. Chairman and Pres & CEO of HomeStreet Inc, the total compensation of Mr Mason at HomeStreet Inc is $1,633,200. income. You can see the complete history of Mr. Mason stock trades at the bottom of the page. It is the responsibility of HomeStreets Audit Committee to pre-approve all audit and non-audit services provided by KPMG LLP. When the bank announced plans last May to sell stock to the public for the first time, the economy appeared to be on the rebound and pundits dismissed talk of a double-dip recession. 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. Named Executive Officers. from the record holder of your shares is an example of proof of ownership. Please note that changes to the registered name(s) on the account may not be submitted via this method. Paulette Lemon, Senior Vice President, Retail Banking Director of the Bank. under the 2010 retention grants. Boggs, Brian Dempsey, Victor Indiek, George Judd Kirk and Douglas Smith were elected to serve on the Audit Committee effective on the closing of our initial public offering on February15, 2012. Insider Trading Policy and Rule 10b5-1 The bank has nearly doubled its market share by hiring agents from MetLife, which decided to exit the business. Under these rules, more than one person may 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. In establishing the specific metrics for the Management/Support Plan, the HRCG focuses, among other things, on mitigating the possibility that such metrics will encourage participants to incur excessive or unnecessary risk. manager of commercial special assets with Bank of America between 2008 and 2009 and as vice president and client manager with Bank of America from 2000 to 2007. Mark C. Gregory, Senior Vice President and Chief Information Officer of the Bank. Ms. required by SEC regulations to furnish us with copies of all Section16(a) forms they file. Through much of 2010 and 2011, HomeStreet capitalized on a boom in mortgage refinancing, selling its loans quickly and deploying its capital for new loans. places certain restrictions on loan transactions between the Bank and its directors, executive officers and principal shareholders (or any of their related interests). None of the members of the HRCG served as an officer or employee of HomeStreet during fiscal year 2011 Our bylaws also provide that the only business that may be conducted at an annual meeting is business that is (1)specified in the institutions. Mr.Mason brings extensive Idaho or Hawaii. The committee also ordinarily reviews recommendations and Among other things, this charter calls upon HRCG to: develop criteria for selecting new directors and to identify individuals qualified to become board members; select, or recommend that the board select, the director nominees for each annual meeting of shareholders; develop and recommend to the board a set of corporate governance principles applicable to the corporation, including periodic review and reassessment The Companys Adjusted Operating Income as calculated for and chief restructuring officer for Chapeau, Inc. From 2005 to 2008, Mr.Evans served as a practicing attorney and as a project professional for Resources Global Professionals, and from 1987 to 2002, Mr.Evans served as executive vice Ms. Williams served as a and he received his bachelors degree in Accounting from the University of Washington. Committee Membership of Directors of HomeStreet, Inc, Human Resources and Corporate Governance Committee Interlocks and Insider. However, if the annual meeting for 2013 is more than 30 days before or 60 days after May23, 2013, in order to be timely notice must be delivered not less than Amounts The percentage of payout for overall performance of HomeStreet and for department for Recommending Candidates for Election to the Board of Directors. Mr.Bennion holds a bachelors degree in History and China Regional Studies from the University of Washington and a masters of business administration from the University of Washington and is a graduate of the School of Mortgage Banking. The contribution is credited to each eligible participants ESOP account as a percentage of that participants eligible compensation. Seventy-five percent of these awards were granted as stock options, with an exercise price of $22 per share (after giving effect to a 2-for-1 Most recently Mr.Mason served as president of a startup energy company, TEFCO, LLC, and he served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank, and The Bjurman Barry Family of For determining competitive pay 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.Gregory joined the Bank in Additionally, we hope that you can attend the meeting in person. the attached Proxy Statement. Will His AI Plans Be Any Different? The estimated Net Worth of Mark K Mason is at least $6.8 Million dollars as of 1 January 2023. ESOP stock accounts are invested in Look for overhead signs in the garage directing you to WEST or One Union Square elevators. DOUGLAS I. SMITH. program on performance over a longer period. She returned to the Bank in 1988 as Senior Vice President and 6.0% of eligible compensation (subject to IRS limits). Statement. The notice must contain specified information about the nominees and about the shareholder proposing such nominations. 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 A participant or his/her beneficiary receives a distribution of his or her plan deferrals and Request, Email All compensation paid to non-employee directors in 2011 was paid in cash. Officer/General Counsel received 20,000 options. 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 Mr.Schlenker previously served as a member of the board of directors at the Klamath Falls YMCA. The HRCG will determine the amount of any award that was overpaid as a result of inaccurate information and will send 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. As a result, 75% of the options granted to Mr.Hooston pursuant to the 2010 retention grants were vested and exercisable upon his termination. Who can help answer any other questions I may have? 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 ANNUAL MEETING OF SHAREHOLDERS Wednesday, May23, 2012 10:00 a.m. At The Windward We eliminated incentive payments on terms and conditions of the loans from our single family loan officer incentive plans. While we expect that all of the nominees The EW Partners peer group included a slightly different list of institutions from the peer group used in 2009, and was made up of the following banks: Currently, the compensation package for our named executive officers is comprised of base salary, an annual short-term cash incentive 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. The Notice Period is defined as that period not less than 90 days nor more than 120 April2, 2012. In order to provide additional equity-based compensation incentives and to reward key personnel who had played an important role in stabilizing and recapitalizing HomeStreet and the Bank, the HRCG approved Please note that requests for investor relations materials should be sent to ir@homestreet.com. HomeStreet is a good example where it makes a lot more sense to bring someone like Mark in to revive the place rather than watch the thing deteriorate until it has to be sold off, said Rick Riccobono, director of banks for the state Department of Financial Institutions. shareholders to provide input on our compensation philosophy, policies and practices while allowing the Company, Board of Directors and Human Resources and Corporate Governance Committee adequate time to evaluate the effects of our compensation Human Resources and Corporate Governance Committee Interlocks and Insider Executive Officer. HomeStreets executive base salaries are intended to be competitive with our peers. He subsequently served as an executive officer at several financial. 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. Beginning in 2009, we imposed a general freeze on salary increases and in 2009, 2010 and 2011 we also suspended contributions to the Employee Stock three-year terms, with one-third of the board of directors elected at each Annual Meeting of shareholders. View the executive profile of Mark K. Mason, Chairman, Chief Executive Officer and President at HomeStreet, Inc., on Equilar ExecAtlas to see current and past work history and gain access to Mark K. Mason's network of 74 business contacts. He incentive bonus awards. the Company in 2008. have an exercise price equal to or greater than the fair market value of the underlying stock on the date of grant. 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 Additional copies of the Annual Report on Form 10-K may be Seattle Rotary, and the board of directors of the Downtown Seattle Association. Musk Made a Mess at Twitter. Mark Mason is 60, he's been the Chairman of the Board, President, and Chief Executive Officer of HomeStreet Inc since 2015. Its like triage, Mason said. directed trustee votes the shares of our common stock as a bloc, as directed by the Plan fiduciary. We do management significant financial and nonfinancial risk exposures and the steps management has taken to monitor, control and report such exposures. Chairman and Pres & CEO of HomeStreet Inc, the total compensation of Mr Mason at HomeStreet Inc is $1,633,200. Prior to working at HomeStreet, Mr. Williams served for two years in the U.S. Peace Corps as a college professor in Liberia. [6], In 2018 the bank won a court case following its attempt to stop a hedge fund placing its own candidates on the board. 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 mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. Our shareholders have approved the 2011 HomeStreet, Inc. Equity Incentive Plan for Non-Employee Directors, which was implemented upon the Permissible services, not pre-approved pursuant to this policy, require specific review and approval prior to the subsequent recapitalization of the Bank, the Company re-adopted the compensation philosophy, described below, consistent with a financially stable and well-capitalized financial institution. Committee of the Board of HomeStreet, Inc. There are 1 executives at HomeStreet Inc getting paid more, with MarkMason having the highest compensation of $1,714,120. DIRECTORS RECOMMENDS A VOTE FOR THE ADVISORY (NON-BINDING). noted above. determining the presence or absence of a quorum for the transaction of business. otherwise be payable in cash (with a minimum $2,500 deferral in a plan year for those who elect to make such deferrals). In their discretion, the proxies are authorized to vote upon such other More Than 100 Years of Helping People and Their Businesses | HomeStreet . President, General Counsel, Chief Administrative Officer and Corporate Secretary of HomeStreet, Inc. and the Bank. defined in the 2010 retention grant agreements. She is also treasurer of the Urban Land The corporate component for the Chief Executive Officer (other than for our Chief Executive Officer, whose performance is evaluated solely by the HRCG). Vice President, General Counsel, Date, Time, Place and Purpose of HomeStreets Annual Meeting, Questions and Answers about the Proxy Materials and Annual Meeting, Proposal 2: Non-Binding Vote on Executive Compensation, Proposal 3: Non-Binding Vote on Frequency, Proposal 4: Ratification of Appointment of Independent Registered Public Accounting Firm, Pre-Approval of Audit and Non-Audit Services, Compliance with Section16(a) of the Exchange Act. He holds a bachelors degree in Economics from Weber State University and a masters degree in Economics from Claremont Graduate University. She holds a bachelors degree in Business Administration from Western Washington University and she has completed Mr.Bennions cash incentive was Ratification of Appointment of Independent Registered Public Accounting Firm. Mark K. Mason is the Chairman of the Board, President, Chief Executive Officer of the Company. 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. Employer matching contributions for the 401(k) Plan OF DIRECTORS RECOMMENDS A VOTE FOR THE RATIFICATION OF THE APPOINTMENT skills. The information THE BOARD OF DIRECTORS RECOMMENDS A If signer is a partnership, please sign in partnership name by authorized person. continue to serve as a director has been added following each of the director and nominee biographies. Mr.Indiek holds a bachelors degree in accounting from the University of Kansas, is a certified public accountant and a California real estate broker. From 1982 to 1987 Mr. business unit executive officers. Ownership Plan (ESOP). Finance and Marketing from the American Graduate School of International Management. In addition, we believe a meaningful portion of each executives total compensation opportunity should be linked to our 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. From 1998 to 2002, Mr. Mason was president, chief executive officer and chief lending officer for Bank Plus Corporation and its wholly owned banking subsidiary, Fidelity Federal Bank, where Mr. Mason also served as the chief financial officer from 1994 to 1995 and as chairman of the board of directors from 1998 to 2002. attract and retain executive talent. 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. 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 Management/Support Performance-Based Annual Incentive Plan. forward stock split that was effective March6, 2012); the remaining 25.0% were granted as restricted stock awards. The most active insiders traders include Mark K Mason, Michael J Malone, and John Michel. The Board of Directors believes the proposals are in the best interests of HomeStreet and its shareholders The Sarbanes-Oxley Act of 2002 requires the Audit Committee to be directly responsible for the Mr.Mason, who was hired in late 2009 based on his skills and experience in implementing turn-around plans at troubled financial institutions, The Bank is subject to the requirements of Regulation O, which Based upon a review of the assessment conducted by McLagan in 2010 and early 2011 and an internal review by our human resources PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE PROPOSALS 1. Mr. Williams currently serves on the board of trustees of PCC Natural Markets and is Treasurer and immediate Past Chair of Forterra (formerly known as the Cascade Land Conservancy). Mark Mason is 60, he's been the Chairman of the Board, President, and Chief Executive Officer of HomeStreet Inc since 2015. the approval of executive compensation. President of HomeStreet, Inc.; Executive Vice President and Residential Lending Director of the Bank. this zookeeper instance is not currently serving requests. appointment, compensation and oversight of the audit work of the independent registered public accounting firm. meeting. 2009 to 2010, senior in-house counsel at Washington Mutual Bank and JP Morgan Chase from 2005 to 2009. In May 2011, to provide additional compensation incentives and reward certain key executives who have played an important role in recapitalizing the All nominees are incumbent directors of HomeStreet and nominated for reelection. With the exception of Interest earned on participant deferrals and employer contributions under the plan is equal to the average five-year daily treasury rate This Proxy Statement, HomeStreets 2011 Annual Report on Form 10-K and the Companys other reports filed