Assistance. Susan C. Greenwald, Senior Vice President, Single Family From 1998 to 2002, Mr.Mason was president, chief Mark Edward Ritchey Obituary | Star Tribune In their discretion, the proxies are authorized to vote upon such other benchmark group as independently assessed by EW Partners. services is compatible with maintaining the independent registered public accounting firms independence. Upon recommendation of the These grants were allocated 25% to Mr.Stewart was previously the director of finance at Volt Information Sciences, Inc. from 2009 to 2010, senior in-house counsel at Washington Mutual Bank and JP Morgan Chase from 2005 to 2009. and collateral, as those prevailing at the time for comparable loans with persons not related to us, and do not involve more than the normal risk of collectability or present other features unfavorable to us. Mr.Hoostons cash incentive awards were $481,226 or 160.4% of target and $89,014 or 74.2% of target, respectively. executive and his dependents for up to 18 months. Regulatory Oversight Director. BRIAN P. DEMPSEY, GERHARDT MORRISON AND Together This table includes all compensation paid to directors who were on the Board during any portion of 2011. department and/or individual performance will be based on the department and/or plan participants individual success as measured against the predetermined goals. They were going to put up more than the fees they were going to earn, Mason said. FBR Capital Markets, HomeStreets underwriter, presold two-thirds of the shares and offered to buy $5 million worth of the banks stock more than it was being paid for the IPO. days prior to the one year anniversary of the date on which we mailed our proxy materials to shareholders in connection with the previous years annual meeting of shareholders. Compensation Information for Mark Mason, CFO of CITIGROUP INC - Salary.com Mr.Morrison served as a member of the board of directors of HomeStreet, Inc. from 2003 until May 2008, Who is paying Under these rules, more than one person may 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 shareholder of record and you sign your proxy card but do not give instructions with respect to the voting of directors, your shares will be voted FOR the re-election of Messrs. Dempsey, Morrison and Smith. Shareholder recommendations for candidates to the Board of Directors must be directed in writing to HomeStreet, Inc., 601 Union Street, Suite 2000, Seattle, Washington 98101, Attention: General Counsel, and must include the $240,000 for Mr.Evans and $200,000 for Mr.Iseman. Ms.Williams is the sister of performance in light of those goals and objectives, if any; establish and provide oversight of compensation philosophy and programs; and. procedure for shareholders who wish to present certain matters before an annual meeting of shareholders. (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 competitive bid prices, may be automatically deemed pre-approved as related party transactions under our Related Person Transaction Policies and Procedures, a copy of which is available on our website at www.homestreet.com. Plan& Trust. complex from the freeway on-ramp). accounts during 2011. 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 Who can help answer any other questions I may have? How long will each of the directors elected at the Annual Meeting continue to serve? (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 bank counsel has focused on. The level of awards was based on an analysis conducted by Towers Watson, an 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. 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 Annual Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. principal terms of the post-offering agreements are the same as those of the pre-offering agreements. In general, 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. University of Washington and is a graduate of the Pacific Coast Banking School. The pre-offering agreements also provided for annual incentive payment opportunities of no less than 50.0% of Mr.Masons salary. The chairman of HomeStreet received a one-time grant of 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. $481,226 in 2012, based on performance in 2011, and our named executive officers as a group received awards of $1,181,316 in the aggregate. We issued an aggregate of 356,969 shares of our common stock as part Management/Support Performance-Based Annual Incentive Plan. requiring board approval under Regulation O, however, review and approval by our Board of Directors would still be required to approve such loan under Regulation O despite any such pre-approval as a related party transaction. Mark Mason | The Seattle Times 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 2011 not believe any element of the Management/Support Plan encourages participants to incur excessive or unnecessary risks to HomeStreets assets or reputation. home, Corporate The 2010 equity incentive plan was not effective for 2011. our executive compensation program was designed appropriately and is working to align the interests of our management team with the interests of our shareholders to support long-term value creation. The Management/Support Plan includes a provision allowing for the reduction or recovery of awards if the HRCG determines that materially OUR BOARD RECOMMENDS THAT SHAREHOLDERS VOTE TO APPROVE THE NOMINEES LISTED It is my distinct pleasure to invite you to attend the 2012 annual meeting of shareholders of HomeStreet, Inc. 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. professional human resource certification from the Society for Human Resource Management and a bachelors degree in English from California State University, Northridge. He has served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank and The Bjurman Barry Family of Mutual Funds. defined below) and who was a shareholder at the time of such notice and as of the record date. That grim situation didnt deter turnaround specialist Mark Mason, who started as a consultant at the end of that September and soon was named president and CEO. the Bank Order and the remaining 25% vest upon the third anniversary of the grant. Bloomberg's Alix Steel and Paul Sweeney harness the power of Bloomberg Intelligence to provide in-depth research and data on more than 2,000 companies and 130 industries. Coronavirus Tips Working and Protection. Where can I find the results of the Annual Meeting? participate in the HRCG process for compensating named executive officers. Because the Company did not have a registered class of securities in fiscal year 2011, no Section16 reports were due during that year. Though far short of the $180 million it first sought, the IPO raised the banks capital levels enough that regulators could soon lift the restrictions on HomeStreet. officers that exceed $500,000 in aggregate require the approval of the Banks board of directors. Ms.Greenwald has been a member of Seattle Mortgage Bankers since approximately 1987 and is an active participant on various industry committees. to have a material adverse effect on HomeStreet. Mark Mason is on Facebook. 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 Thank you for your ongoing support of and continued interest in HomeStreet, Inc. the attached Proxy Statement. Turning around struggling firms has become a specialty for Mason, 52. Executive officers, directors and greater than ten percent shareholders are This will not prevent you from voting in person, but will ensure that your vote is These pre-offering agreements, which were in effect for most of 2011 and the beginning of 2012, provided for base salaries of not less than $600,000 for Mr.Mason, $300,000 for Mr.Hooston, (Continued and to be signed on the reverse side.) He takes this stuff all in stride.. and he received his bachelors degree in Accounting from the University of Washington. It turned out there were four times as many orders for shares than shares available. you'll be able to: Access over 1,500,000 executive and board member profiles. Mark K. Mason, Director, Chairman, Chief Executive Officer and President of HomeStreet, Inc. Mr. Mason has been the Company's Chief Executive Officer and HomeStreet Bank's Chairman and Chief Executive Officer since January 2010 and the Chairman of the Company since March 2015. Mr.Boggs previously Brian P. Dempsey. Mark K. Mason, Director, Vice Chairman, Chief Executive Officer and President of He recently joined a golf club, too, and has plans for a family vacation. We are requesting that you provide the Board of Directors your vote prior to the meeting by completing and returning Mr.Masons and This documentary-style series follows investigative journalists as they uncover the truth. of knowledge, experience and capability on the Board of Directors and considers (1)the current size and composition of the Board of Directors and the needs of the Board of Directors and the respective committees of the Board of Directors, with the Securities and Exchange Commission (the SEC) within four (4)business days of the Annual Meeting. awards total approximately 5.0% of the outstanding common stock following the closing of the Offering. KPMG. incentive awards in 2011 as follows: Mr.Evans and Mr.Isemans incentive targets were two components: 50% corporate performance and 50% individual performance. During the year ended December31, 2011, the Board of Directors held 22 meetings. President, General Counsel, Chief Administrative Officer and Corporate Secretary of HomeStreet, Inc. and the Bank. From February 2008 to October 2008, Mr. Mason also served as president of a startup energy company, TEFCO, LLC. 4. Claim your profile, Chairman, Chief Executive Officer and President. According to Trepp, a provider of bank ratings, about half the banks that were under regulatory restrictions as of May 2009 when HomeStreet was ordered to improve its finances and management have since failed or been acquired. From February 2008 to October 2008, Mr. Mason also 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 Mutual Funds. of the Washington Savings League. 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. The SEC has defined beneficial ownership of a security to mean, generally, the possession, including shared possession, directly or indirectly, of voting power or investment power. Richard W.H. 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. Participation. the current composition and size of the Board of Directors. facilitate an orderly Annual Meeting, we request that you provide the Board of Directors your vote prior to the Annual Meeting by completing and returning the enclosed proxy card as soon as possible. We eliminated incentive payments on terms and conditions of the loans from our single family loan officer incentive plans. The Audit Committee Report is included in this Proxy Statement. Executive Compensation below. chairman of University Savings Bank from 1984 to 1994. corporate controller from 1998 to 2003. officers as a group owned approximately 4.0% based on shares outstanding as of and options exercisable within 60 days of December31, 2011. 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 say-on-pay vote will, however, allow shareholders to express their views about our executive compensation philosophy, policies and practices, which may inform our Human Resources and Corporate Governance These agreements continue for a term of three years in each of the last two fiscal years were pre-approved by the Audit Committee. We use employment agreements with our named executive officers to retain those key executives and the talent, skills, experience and expertise that If the signer is a corporation, please sign The say-on-pay vote is advisory, and therefore not binding on the Company, the Human Resources and Corporate Governance The participant has a limited ability to change these elections. The largest trade he's ever made was exercising 242,168 units of HomeStreet Inc stock on 28 April 2016 worth over $2,663,848. CONNECT with Mark K. Mason through your network of contacts. You can see the complete history of Mr. Mason stock trades at the bottom of the page. Ms.Williams received a bachelors degree in Sociology from University of Washington, a masters degree in social work from University of Washington We asked food giants for the names of processing companies that supply meat for their frozen pizzas, canned soup, and hot dogs. director candidates and has the authority to approve the fees and retention terms of any search firm. community bank located in Bellevue, Washington. This Proxy Statement, HomeStreets 2011 Annual Report on Form 10-K and the Companys other reports filed officers for an exemption from the deductibility limits of Section162(m). 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 Subsequently, 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. Kathryn A. Williams, Senior Vice President and Community Relations Director of the Bank. 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. The unique circumstances presented by the Banks financial condition and the market downturn had a direct KPMG LLP has These grants consist of restricted stock that will vest in equal installments over persons ownership of HomeStreet stock. What if my shares are held in street name? Please contact our investor relations department by calling 206-264-4200, by writing to HomeStreet, Inc., attn. Mr.Iseman has served as Senior Vice President, Credit Administration and Vice President, Special Assets Group and OREO Group Manager and Income Property Credit Administrator. As president and CEO of Fidelity Federal Bank in Los Angeles starting in 1998, he oversaw the turnaround of a $3.7 billion bank. our Chief Executive Officer, whose incentive compensation is tied exclusively to corporate performance, we believe a portion of each executives potential compensation should be tied to individual performance as evaluated by the HRCG and the Mr.Evans is admitted to practice law in California and in Washington, D.C. Mr.Evans holds a bachelors degree and a masters degree in Architecture from the University compensation policies and programs include: provide levels of compensation competitive with those offered by our peers and competitors and consistent with our level of performance; attract and retain the most qualified and experienced individuals available to further our success; align the interests of executives and shareholders by linking a significant portion of an executives compensation to HomeStreets short- and Mr.Morrison was selected to serve as a director of $1.50 per share and an additional 16,000 options at an exercise price of $1.125 per share. For determining competitive pay Mr.Mason was selected to serve as a director because of his significant experience as an executive officer, director and consultant to banks and mortgage companies, his While we expect that all of the nominees University Street curves and becomes Seventh Avenue. 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. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED On March14, 2012, we announced a mutually agreed upon separation with our Chief results from the single family mortgage origination activities under Mr.Bennions leadership. Hear from HomeStreet CEO Mark Mason as he talks about the Miss HomeStreet partnership in 2017. Prior to his current position with the Bank, he was the Vice President, Chief Executive Officer (other than for our Chief Executive Officer, whose performance is evaluated solely by the HRCG). We evaluate each Over 2 weeks, Mason flew across the country on a roadshow for the IPO, shaking hands with institutional investors, going from New York and Los Angeles to Milwaukee and Dayton, Ohio. The Annual was lifted effective March26, 2012. Institute of Seattle. We will post on our website any amendments to, or waivers (with respect 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. 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. She is also the first cousin of former directors Janet Westling, Steven Zimmerman and Karen Zimmerman. who is the woman in the amica commercial - Newventureltd.com officers, received incentive awards to be paid in cash in 2012 based on attainment of specified goals that are intended to align the interests of employees with the interests of the Company. When shares are held jointly, each holder should sign. ownership positions and transactions involving derivative securities relating to our common stock. 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. It was incredibly disappointing, given the amount of effort and cost to get to that point, Mason said. constitute an excess parachute payment within the meaning of Section280G of the Internal Revenue Code, the Company will pay that individual an additional amount so that his net payment will not be diminished in any respect by the As of the record date, 7,162,606.8 shares of our common stock were issued, outstanding and entitled to vote at the Annual Meeting. HomeStreet had planned to complete its IPO in early August. committee, as a director and treasurer of Citizens for Smart Growth (Blaine County, Idaho), a trustee of Zion Preparatory Academy, chairman and trustee of Big Brothers of Seattle, a trustee of the Overlake School, and as a trustee of the Seattle In particular for the second half of 2011 and the full year the Company recognized net income of approximately $22.3million and 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. have an exercise price equal to or greater than the fair market value of the underlying stock on the date of grant. 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 Mr.Kirk is a member of the Washington State Bar Association (WSBA). The ratification of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year ending December31, 2012. Mason said he had to persuade the board to try a third time so soon again. of Skinner Development Company and until 1986, chaired the Real Estate Department of Davis Wright TremaineLLP in Seattle. 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 organizations, including serving on the Advisory Board for the University of Washington, School of Social Work, the board of directors of the Woodland Park Zoo, the board of directors of the Mountain-to-Sound Greenway, the board of trustees of Pamela J. Taylor, Senior Vice President, Human Resources Director of the Bank. determining the presence or absence of a quorum for the transaction of business. FOLLOW changes in Mark K. Mason's employment. incentive bonus awards. Officer/General Counsel received 20,000 options. 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. HomeStreet has an insider trading policy that prohibits, among other things, short sales, hedging of stock Fee paid previously with preliminary materials. be deemed a beneficial owner of the same securities, and a person may be deemed a beneficial owner of securities as to which he has no economic interest. We believe that our compensation program is reasonable and appropriate based in part on the analysis and advice of our outside compensation officers in an effort to retain those individuals and focus management on stabilizing and recapitalizing the Bank. differenza tra associazione culturale e associazione di promozione sociale or any of the three previous years or has had any relationships or participated in any related party transactions that qualify as interlocking or cross-board memberships that are required to be disclosed under the rules of the SEC. executives and senior managers in 2010. long-term company-wide goals of safety and soundness, increased shareholder value and risk management. For the other proposals for our Chief Executive Officer and Chief Financial Officer in 2009, we considered compensation information for equivalent positions of the following banks: In November 2011, the HRCG subsequently engaged EW Partners, Inc. (EW Partners) determination of beneficial ownership of securities. of those grants. in connection with the closing of our initial public offering in February 2012 that were subject to vesting based on increases in our stock price above the initial public offering price, but to date the HRCG has not made any other awards conditioned 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 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. 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. submitting for your approval four proposals including the election of three directors to a three-year term, commencing at the annual meeting. He previously served as a member of the board of directors of the Bank from 1986 until the closing of our initial public offering in February 2012. The Bank is the directed trustee for our common stock owned by the Plan.
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