The Companys Human Resources and Corporate Governance committee, or HRCG, acts as both our nominating and corporate governance committee and our compensation committee. Share story By Sanjay Bhatt Seattle Times business reporter In. Additional copies of the Annual Report on Form 10-K may be The Chief Executive Officer and Chief Financial Officer each received a one-time grant of nonqualified stock options for their efforts in improving our financial condition HomeStreet, Inc. Mr. Mason has been the Company's Chief Executive Officer ("CEO") and a member of the Company's Board and HomeStreet Bank's Chairman of the Board and Chief Executive Officer since January 2010. Directors Scott places certain restrictions on loan transactions between the Bank and its directors, executive officers and principal shareholders (or any of their related interests). This plan reserves for issuance awards of up to 84,000shares of our common stock in order to provide for compensation to directors for one-half of the annual board compensation as described above. In 2017, HomeStreet CEO Mark Mason explained why. Williams worked as an attorney at Perkins Coie LLP in Seattle. Last updated: 4 January 2023 at 8:15pm EST. This additional discretionary award was for the significant contribution to the companys 2011 operating What happens if additional matters are presented at the Annual Meeting? according to any stock option grant or plan. appropriate on matters that involve specific areas of risk that each Committee oversees. HomeStreet Bank CEO Mark Mason is leading the bank's retreat from the mortgage banking business. in each of the last two fiscal years were pre-approved by the Audit Committee. At the meeting, the Companys shareholders will be asked to approve a proposal to elect three nominees for the Board The meeting will be held at 10 a.m. Pacific Time on May23, 2012 at the downtown Seattle More specifically, KPMG LLP currently serves at the IDENTIFY executive and board member connections in Mark K. Mason's network. 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. results from the single family mortgage origination activities under Mr.Bennions leadership. Mr.Smith has worked for Miller and Smith Inc., a privately held residential land development and home building company in metropolitan Washington, D.C., since 1992, and has served as its president since 1998. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. He graduated cum laude with a bachelors degree in accounting and an MBA from the University of Utah. 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. Notwithstanding our overall compensation objectives, incentive compensation opportunities for Your vote is important. 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 OF KPMGLLP AS HOMESTREETS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM unpaid salary and incentive compensation, unused vacation time, and unreimbursed expenses, in the event of termination of a contracted executives employment within one year or during the 90 days immediately preceding a change of was lifted effective March26, 2012. The annual incentive awards granted under this plan provide for payments based upon attainment of specified goals that are intended to align the interests of employees with the interests of HomeStreet. for such services; review the adequacy of our internal accounting controls and financial reporting processes; and. The say-on-pay vote is advisory, and therefore not binding on the Company, the Human Resources and Corporate Governance Prior to joining the Bank, Mr.Boggs was employed by Microsoft Corporation from 1993 to 2003 where he served in a variety of positions including vice president, Who is paying the shareholders of said corporation to be held May23, 2012, at 10:00 a.m. in the Windward Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101, and any adjournments or postponements thereof, and to vote the shares of the determination of beneficial ownership of securities. Human Resources and Corporate Governance Committee. Certain members of senior management, including the Chief Executive Officer, Chief Human Resources Officer, General Counsel and Risk and Regulatory Oversight Director regularly business as may properly come before the Annual Meeting of Shareholders of HomeStreet, Inc. accounts during 2011. Sign up Already have an account? In particular for the second half of 2011 and the full year the Company recognized net income of approximately $22.3million and Two wasnt enough. 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 member of the Washington State and Federal Bar Associations. shareholder of record, you are invited to attend and are entitled to and requested to vote on the proposals set forth in this Proxy Statement. Submitted by the Audit of Phoenix. these persons had or shared the right to vote or dispose of approximately 13% of our common stock as of the Record Date. Companys independent registered public accounting firm and has conducted the integrated audit of HomeStreets financial statements for 2011. mcdonalds garfield mugs worth Any shareholder who desires to contact our non-employee directors may do so electronically at the following website: http://ir.homestreet.com. Prior to his current position with the Bank, he was the Vice President, The Board of Directors has determined that, with the exception of Mark Mason and Bruce Williams, all of its current members are Thank you for your ongoing support of and continued interest in HomeStreet, Inc. options will be immediately cancelled except as provided for under individual employment agreements of executive officers. If the signer is a corporation, please sign Association. She previously worked for KeyBank, Western Bank (a division of Washington Mutual) and Bank of America/Seafirst. American Stock Transfer and Trust Company, LLC, our stock transfer agent will serve as the inspector of elections and in that 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. Any such discretionary matching contribution matches a participants pre-tax 40l(k) Plan contributions at a percentage we determine of the first designated executive officers to defer annually all or part of their incentive bonus and to receive an employer contribution equal to the additional employer contributions, if any, that would have been made to the 40l(k) Plan and ESOP based on shareholders are entitled to vote, on an advisory or non-binding basis, on the compensation of our named executive officers as disclosed in accordance with the SECs rules in the Executive Compensation section of this Proxy 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 Under these rules, more than one person may How many shares are entitled to vote at the meeting? Mark was preceded . Without a quorum, no business may be transacted at the Annual Meeting. market commercial lending, and vice president, business banking. the current composition and size of the Board of Directors. Award opportunity levels, expressed as a percent of salary, have been set for each eligible employee for each plan year. All meeting fees are paid in cash. tables and the other related disclosure., THE BOARD OF 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 75% or more of the aggregate of the total number of meetings of the Board of Directors and the total number of meetings held by all committees of the Board of Directors on which that director served during the past fiscal year. 61 incentive awards in 2011 as follows: Mr.Evans and Mr.Isemans incentive targets were two components: 50% corporate performance and 50% individual performance. What percentage of stock do the directors and executive officers own? Mark Mason's first promotion came when his grandfather, who owned a landscaping business, let him mow front lawns after initially assigning him weed-digging duty in backyards. The HRCG periodically solicits advice from outside compensation consultants on its compensation policies and practices. The Board of Directors believes the proposals are in the best interests of HomeStreet and its shareholders (including, without limitation, for the purpose of soliciting additional proxies), the persons named as proxy holders, David Ederer and Godfrey Evans, or either of them, will have discretion to vote on those matters in accordance with their best With the exception of the base salaries for our Chief Executive Officer and as possible so that your shares are represented. Jay C. Iseman, Executive Vice President and Chief Credit Officer of HomeStreet, Inc. and with the Securities and Exchange Commission (the SEC) within four (4)business days of the Annual Meeting. Our Articles of Incorporation provide that our directors will serve a term of three years or until their respective successors are CONNECT with Mark K. Mason through your network of contacts. Ms.Francis has a bachelor of arts in economics from the University of New Mexico. Mason joined Citigroup in 2001 and has held a number of executive positions at the firm, including Chief Financial Officer of Citi's Institutional Clients Group, Chief Executive Officer of Citi Private Bank, Chief Executive Officer of Citi Holdings, and Chief Financial Officer and Head of Strategy and M&A for Citi's Global Wealth Management the approval of executive compensation. (2)recapitalization of HomeStreet, Inc., (3)reclassifications of our common stock, (4)liquidation or dissolution of HomeStreet, Inc., or (5)sale of substantially all assets of HomeStreet, Inc. For all other matters, the Lemon joined the Bank in 1985 and since 2001 THE SHARES REPRESENTED HEREBY SHALL BE VOTED SPECIFICALLY ON THE PROPOSALS LISTED ON THE REVERSE SIDE HEREOF If a shareholder who has notified the Company of his or her intention Looking forward, Mason said hes excited to see HomeStreet grow its mortgage-lending business. 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 home building and land development industries. What if my shares are held in street name? joined the Bank in February 2011 and currently serves as Senior Vice President and Program Manager of HomeStreet Investment Services. 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. Payment of Filing Fee (Check the appropriate box): Fee computed on table below per Exchange Act Rules 14a-6(i)(l) and 0-11. 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. core deposits by at least 3.0%. Our Employee Stock Ownership Plan, or ESOP, is our largest single shareholder. obtained without charge by writing to Investor Relations, HomeStreet, Inc., 601 Union Street, Suite 2000, Seattle, Washington 98101. Together 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 However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. will be reconsidered by the Audit Committee. year ended December31, 2010 and fees paid for audit services rendered by KPMG LLP for the year ended December31, 2011. We evaluate each managing risks and promoting regulatory compliance and allows us to attract and retain the most qualified and experienced individuals available to further our success. This vote is not intended to address any officer and then to chief executive officer in 2002, a position that he held until January 2010. Director of the Bank. We generally do not pay bonuses under any of our incentive Darrell S. Van Amen FOR AGAINST ABSTAIN Brian P. Dempsey Gerhardt Morrison Douglas I. Smith 2. Mr.King was chosen to serve as a director because of his experience as an executive officer, director and consultant to banks and financial services companies, his commercial banking relationships, his financial experience, In addition, the plan authorizes the HRCG to provide that the grant, vesting or settlement of any award made under the plan may be subject to one or more pre-established performance goals. HomeStreet has an insider trading policy that prohibits, among other things, short sales, hedging of stock 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. In this section we refer to these individuals as the contracted executives. However, we may authorize compensation payments that do not comply with the exemptions in Section162(m) when we believe that such payments are appropriate to We may reimburse brokerage firms, custodians, nominees, fiduciaries and other persons representing beneficial owners for their reasonable expenses in forwarding officers in an effort to retain those individuals and focus management on stabilizing and recapitalizing the Bank. Ms.Francis joined the Bank in May 2011 and currently serves as Senior Vice President and Cash Management Director. Please refer to the questions and answers section commencing on page2 of the Proxy Statement and the instructions on the proxy card. your shares will be voted as you instruct. The All 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. 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 He has previously served as a member of the submitting for your approval four proposals including the election of three directors to a three-year term, commencing at the annual meeting. We are authorized to issue up to 706,356 shares of our common stock issuable under the 2010 Plan, however, our Board of Directors have indicated that they intend to limit the amount of aggregate awards to be granted under the 2010 The notice must contain specified information about the matters to be Directors has two standing committees: an Audit Committee and the Human Resources and Corporate Governance Committee. He is a former Director of Primerica, Inc. (NYSEL PRI) Mr. Mason resides in New Jersey with his wife and two children. The participant has a limited ability to change these elections. We believe our compensation program provides appropriate rewards and motivation for our executive officers to produce strong financial results while Under our present bylaws, directors must comply with all applicable laws and regulations, including any required approvals from our regulators. He also served as president and date of the notice of the meeting in order to be timely. However, if you hold your shares in street name (in the name of a bank or some other nominee), you Mr.Morrison served as a member of the board of directors of HomeStreet, Inc. from 2003 until May 2008, Our board of directors is divided into three classes and one-third of our directors are elected each year 2011 The Seattle-based bank's mortgage banking segment lost $16.7 million last year as interest. Proposals. With regard to candidates who are properly recommended by shareholders or by other means, the HRCG will review the qualifications of any such Interest earned on participant deferrals and employer contributions under the plan is equal to the average five-year daily treasury rate If you provide Mark Mason was named Chief Financial Officer of Citigroup, a multinational investment bank and financial services corporation in February 2019. Prior to joining the Bank, he held various officer positions at Safeco Corporation, including vice president, application solution delivery. In order to be included in the Proxy Statement for the 2013 annual meeting of HomeStreets performance will be based on overall success as measured by criteria determined by the HRCG, with input from our Chief The bank finished its worst quarter ever in September 2009, losing nearly $43 million. (3)payment of health insurance premiums for executive and his dependents for up to 18 months. 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. HomeStreet executives participate in a short-term cash by | Jun 10, 2022 | high school indoor practice facility cost | route 3 south massachusetts | Jun 10, 2022 | high school indoor practice facility cost | route 3 south massachusetts 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 tavern grill apple valley menu . The Board of credit and lending experience, finance and accounting education and experience, distressed institution turnaround experience and relationships in the banking industry and the capital markets. officers as a group owned approximately 4.0% based on shares outstanding as of and options exercisable within 60 days of December31, 2011. 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 However, it has All employees, including our named executive officers, are eligible to make pre-tax Board since 2004. familial relationships. Management/Support Plan is based on adjusted operating income which we refer to as Adjusted Operating Income. Adjusted Operating Income is based on pretax income plus loan loss provision and OREO expenses, gains and losses on sales of Amounts Mr.Hoostons employment agreement was terminated in connection with a separation and release agreement we entered with Mr.Hooston (the Separation You may cast your vote on your preferred voting frequency by choosing the option of one year, two years, three years or abstain from Were excited to be back as a full-service bank, Mason said. During 2011, Directors David Ederer, Brian Dempsey, Janet Westling and Bruce Williams served on the Companys Audit Committee. Chairman, Pres & CEO at HomeStreet Inc. As the Exec. This will not prevent you from voting in person, but will ensure that your vote is There are 19 older and 7 younger executives at HomeStreet Inc. business unit executive officers. Who can help answer any other questions I may have? In 2000, he was promoted to president and chief operating 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. retain the discretion to adjust awards should an employees activities expose HomeStreet to excessive or inappropriate risk. Hospital and Seattle Pacific University. The Sarbanes-Oxley Act of 2002 requires the Audit Committee to be directly responsible for the served as a trustee and chair of the audit committee and budget and investments committee of the Financial Executives Research Foundation from 2002 to 2008, as director, chair of the pension committee and audit committee and designated financial Pursuant to the Separation Agreement, Mr.Hooston received, among other things, a $300,000 severance payment, representing one-years base salary, [subject to regulatory approval or the Company in 2008. The HRCG typically considers several factors when setting the base On average, HomeStreet Inc executives and independent directors trade stock every 9 days with the average trade being worth of $104,339. You may also find the annual proxy statement by going directly to the company's website. Freddie Mac, serving initially as its first chief financial officer from 1970 to 1973 and then as its president and chief executive officer from 1974 to 1977. HomeStreets executive base salaries are intended to be competitive with our peers. The turnaround, said Mason, was so all consuming. As a result of that review, the HRCG determined that the compensation packages offered to the Chief Executive Officer and Chief Financial Officer were appropriate and commensurate with the services required. Income at a target of $43.3 million (2)reducing non-performing assets to total assets to 5.8% (3)reducing classified assets to total assets to below 9.0% (4)achieving a net interest margin of at least 2.46% and (5)increasing Mr.Todhunter joined the Bank in 1982 and currently serves as Senior Vice President and Residential Construction Lending Director. IDENTIFY executive and board member connections in Mark K. Mason's network. 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. Our Board of Directors recommends a triennial vote as the most appropriate alternative for the Company as it will allow our institutions, including American Diversified Savings, American Savings/Financial Corporation of America and FarWest Savings, and as an audit manager for Arthur Andersen& Co. to have a material adverse effect on HomeStreet. This Proxy Statement, HomeStreets 2011 Annual Report on Form 10-K and the Companys other reports filed Place and Purpose of HomeStreets Annual Meeting. Bennion and Patricia A. Leach. Ms.Williams resigned as a director of HomeStreet, Inc. and HomeStreet Bank effective with the completion of our The proposals scheduled to be voted on at the Annual Meeting are: The election of the three Class I directors listed in this Proxy Statement to serve for a term of three years or until their respective successors are The proxy must be sent to every shareholder in advance of the company's annual shareholders meeting. outstanding common shares entitled to vote at the Annual Meeting, present in person or represented by proxy, will constitute a quorum at the meeting. 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. He is also a member of the boards of directors of several community organizations, including University of Washington Physicians, and Based upon a review of the assessment conducted by McLagan in 2010 and early 2011 and an internal review by our human resources She is also the first cousin of former directors Janet Westling, Steven Zimmerman and Karen Zimmerman. and/or individual performance will be allocated based on the specific weighting of the goals, the participants annual incentive award tier, and the actual performance compared to the pre-determined minimum, target and maximum performance the attached Proxy Statement. As of year-end 2011, the company earned $16.1 million in net income. He also holds an M.B.A. from Harvard Business School. financial expertise with respect to audit committee members. You may do this by either a) signing and returning another proxy with a later date prior to the date of the a retired business attorney. Technology Advisory Council, the Seattle University Accounting Advisory Board and the Financial Executives International. On January20, 2010, the shareholders approved the 2010 Equity Incentive Plan (the 2010 Plan), which authorizes the grant of nonqualified and incentive 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). Ms.Greenwald has been a member of Seattle Mortgage Bankers since approximately 1987 and is an active participant on various industry committees. Washington 98101. A map and directions to the meeting location can be found at the back of 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 Prior to joining the Bank, Mr.Battaglia was of counsel to Williams, Kastner& Gibbs from