Mr.Smith joined our board of directors upon the closing of our initial public offering in February 2012. has served as Senior Vice President, Retail Banking Director and as Vice President, Retail Bank Operations Manager prior to 2001. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). In 2010 and early In their discretion, the proxies are authorized to vote upon such other These latest grants are intended to allow these executive officers to continue to maintain the right to own a significant stake in the In consideration of these and other benefits, Mr.Hooston provided a general release of Hear from HomeStreet CEO Mark Mason as he talks about the Miss HomeStreet partnership in 2017. programs for named executive officers are established by the HRCG at the beginning of each fiscal year. You can vote on matters that properly come before the Annual Meeting in one of two ways: You do this by marking, signing and dating the proxy 4. In addition, any options exercisable within 60 days of April2, 2012 the Bank Order and the remaining 25% vest upon the third anniversary of the grant. Interest earned on participant deferrals is equal to the average five year daily treasury rate for the quarter. In addition, we suspended our employer matching contribution under our 401(k) plan from July 2009 to July 2010. 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. mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. Mr.Dempsey was selected to serve as a director because Please note that requests for investor relations materials should be sent to ir@homestreet.com. Mark was preceded . She holds a senior Mr.Gregory joined the Bank in None of the members of the HRCG served as an officer or employee of HomeStreet during fiscal year 2011 in each of the last two fiscal years were pre-approved by the Audit Committee. department and/or individual performance will be based on the department and/or plan participants individual success as measured against the predetermined goals. awards granted effective upon the completion of such offering. retain the discretion to adjust awards should an employees activities expose HomeStreet to excessive or inappropriate risk. 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. 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. Submitted by the Audit Adjusted Operating Income at a target of $43.3 million. bank counsel has focused on. Coverage, SEC forward stock split that was effective March6, 2012); the remaining 25.0% were granted as restricted stock awards. Mr.Ederer received a bachelors degree All nominees are incumbent directors of HomeStreet and nominated for reelection. Mr.Kirk has previously served as the chairman of the WSBA Real Property, Probate and Trust Section. The notice must contain specified information about the matters to be We design our compensation programs and make individual pay decisions and adjustments in the context of this philosophy. the tavern grill apple valley menu . 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. claims against the Company and its affiliates. restricted stock awards and 75% to stock options; the stock options vest ratably on the first, second and third anniversaries of the completion of the initial public offering while the restricted stock grants vest upon the occurrence of certain initial public offering in February 2012. chairman of University Savings Bank from 1984 to 1994. On March14, 2012, we announced a mutually agreed upon separation with our Chief Mr. Mason owns over 6,435 units of HomeStreet Inc stock worth over $4,479,503 and over the last 15 years he sold HMST stock worth over $610,266. and Employee Stock Ownership Plan& Trust. Mr.Indiek joined the Board of Directors of HomeStreet, Inc.and the independence with respect to services provided by the independent registered public accounting firm, as well as the non-audit services the independent registered public accounting firm is prohibited from providing. unvested at the time of his separation and therefore were forfeit on March 31, 2012. As Chief Executive Officer at HOMESTREET INC, Mark K. Mason made $2,502,021 in total compensation. 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. Ownership, Proxy Chairman, Chief Executive Officer and President (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 However, the Board of Directors is submitting the selection of KPMG LLP to our shareholders for ratification as a matter of good corporate practice. Health and Welfare Benefits. Mr.Hoostons incentive target was divided into two components: 50% corporate performance, as described above and 50% individual performance. the cost of preparing, assembling and mailing the notices of the Annual Meeting, Proxy Statement and form of proxy and the solicitation of the proxies? The percentage of payout for overall performance of HomeStreet and for department Mark K. Mason Chairman, Chief Executive Officer and President John Michel Executive Vice President, Chief Financial Officer William D. Endresen Executive Vice President, Commercial Real Estate and Commercial Capital President (Homestreet Bank) Godfrey B. Evans We have created strong controls over the process for designing, implementing and monitoring incentive pay, which are incorporated into the overall and real estate finance and his legal experience, as well as his civic and community service involvement. Mr. Bennions incentive target was three 2009 to 2010, senior in-house counsel at Washington Mutual Bank and JP Morgan Chase from 2005 to 2009. the attached Proxy Statement. Prior to his current position and since joining the Company in 2009, Additionally, we hope that you can attend the meeting in person. Generally, we Without a quorum, no business may be transacted at the Annual Meeting. The HRCG is responsible for, among other things, 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. Our Employee Stock Ownership Plan, or ESOP, is our largest single shareholder. 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.). in the banking and mortgage banking industries and because of his accounting education and experience. Executive Officer. He graduated cum laude with a bachelors degree in accounting and an MBA from the University of Utah. executive officers. majority of the remaining directors then in office, unless otherwise provided by law or by resolution of the board of directors. independence of our auditors; review and approve non-audit services, including a reconciliation of fees actually paid for non-credit services as compared to fees previously approved The names of the executive officers and key employees of HomeStreet, Inc. and its wholly owned subsidiary HomeStreet Bank, their ages, their positions The 2010 Plan allows for a range of equity grants, including stock options, restricted stock or restricted stock units, stock bonuses or Permissible services, not pre-approved pursuant to this policy, require specific review and approval prior to the To assist the Audit Committee in its oversight responsibilities, the pre-approval policy identifies the three basic principles of President, Residential Construction Lending Director of the Bank. Please contact our investor relations department by calling 206-264-4200, by writing to HomeStreet, Inc., attn. the approval of executive compensation. directors by mail may do so by writing HomeStreets Corporate Secretary at HomeStreet, Inc., 601 Union Street, Suite 2000, Seattle, Washington 98101. You may cast your vote on your preferred voting frequency by choosing the option of one year, two years, three years or abstain from HomeStreet and promoting an identity of interest with our shareholders. 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 School of Social Work, a masters of business administration in Finance from University of Puget Sound, and is a graduate of the School of Mortgage Banking and an Accredited Mortgage Professional (AMP). Our Board of Directors approved these grants to be made at the closing of our initial public offering in February 2011 even though the post-offering agreements were not yet effective. Two wasnt enough. 2020 HomeStreet, Inc. All Rights Reserved. The Seattle-based bank's mortgage banking segment lost $16.7 million last year as interest. awards total approximately 5.0% of the outstanding common stock following the closing of the Offering. 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). The percentages reflect beneficial voting when you vote in response to the resolution set forth below: RESOLVED, that the option of once every one year, The oldest executive at HomeStreet Inc is DavidEderer, 77, who is the Chairman Emeritus. Prior to joining HomeStreet, Ms.Taylor served as executive vice He holds a bachelors degree in Economics from Weber State University and a masters degree in Economics from Claremont Graduate University. will be reconsidered by the Audit Committee. 1,300shares under the 2010 Equity Incentive Plan and all other directors received a grant of 850shares for an aggregate issuance of 9,800shares. Mr.Stewart joined the Company in March 2012 and currently serves as Senior Vice President and Controller of the Company. However, if any If your shares are held in street name, you will need proof of ownership to be admitted to the Annual Meeting. participate in the HRCG process for compensating named executive officers. (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 For 2010 and 2011, we also provided reimbursement for temporary housing, relocation and personal travel for our Chief Executive Officer, Chief Financial Officer and Chief Administrative Officer/General Counsel who were The 2010 Plan became effective upon the closing of our initial public offering in 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. Sign up Already have an account? The Notice Period is defined as that period not less than 90 days nor more than 120 Statement. Charting, Governance our Board of Directors to establish by resolution the authorized number of directors, and twelve members are currently authorized, although at present we have only eleven members. Change in Control Arrangements. as possible so that your shares are represented. 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. 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 Brian P. Dempsey. These agreements continue for a term of three years Ms.Williams resigned as a director of HomeStreet, Inc. and HomeStreet Bank effective with the completion of our options will be immediately cancelled except as provided for under individual employment agreements of executive officers. the current composition and size of the Board of Directors. The first set of agreements, which we refer to in this Proxy Statement as the pre-offering agreements, were in effect from May 2011 until the lifting of the Bank cease and desist order in March 2012, at which point those agreements were Finance and Marketing from the American Graduate School of International Management. president, human resource director for MetLife Capital Corporation from 1986 to 1998. We adopted a broad-based, non-discretionary severance plan following approval by our Mr.Schlenker has a bachelor of science in business administration finance from the University President of HomeStreet, Inc.; Executive Vice President and Residential Lending Director of the Bank. Ms.Leach is a member of the board of directors of the Seattle Housing Resources Group, member of Commercial Real Estate Women, member of such awards are fully vested immediately upon issuance. He has been a member of the Fannie Mae Western Business Center Advisory Board since 2004, Chair of the Housing Partnership, a nonprofit organization, from 2001 to 2007 and a member of the University of Washington Milgard School of Business Advisory However, all of our executive officers received retention equity grants in 2010 and restricted stock awards and option grants under our 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 or other nominee who holds your shares. 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. Severance and Susan C. Greenwald, Senior Vice President, Single Family The HRCG held 14meetings during the last fiscal year. other factors as the HRCG may consider appropriate. ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION. accounts during 2011. With the exception of HomeStreet employs more than 600 people across 19 branches and its downtown Seattle headquarters. Over the last 11 years, insiders at HomeStreet Inc have traded over $7,730,610 worth of HomeStreet Inc stock and bought 377,308 units worth $11,715,403 The The SEC maintains a website located at www.sec.gov that also contains this information. Mr. Mason. 401(k) Savings Summary of 2011 Executive Compensation Program, Our compensation philosophy and programs have been directly impacted by the economic downturn that began in late 2007, and we expect that Committee or our Board of Directors. proven expertise and managerial talent. HomeStreets management and the HRCG have assessed the risks associated with our compensation policies and practices Such shareholders who desire to contact our non-employee It was incredibly disappointing, given the amount of effort and cost to get to that point, Mason said. Our Human Resources and Corporate Governance Committee, or HRCG, which acts as our compensation committee, hired Towers Watson, an independent third-party compensation consultant, to review and advise HRCG in connection with such of Washington and a CFA charterholder since 2002. HomeStreets Ederer said that after regulators placed the bank under an enforcement order in 2008, there were many sleepless nights. The Board is not aware of any business to come before the Annual Meeting other than those matters described in this Proxy Statement. We will post on our website any amendments to, or waivers (with respect During 2011, Directors David Ederer, Brian Dempsey, Janet Westling and Bruce Williams served on the Companys Audit Committee. 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. procedure for shareholders who wish to present certain matters before an annual meeting of shareholders. 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 corporate controller from 1998 to 2003. We eliminated incentive payments on terms and conditions of the loans from our single family loan officer incentive plans. In 2009, the HRCG, with the assistance of outside compensation consultants, established peer group benchmarks for the new Chief Executive 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. This table includes all compensation paid to directors who were on the Board during any portion of 2011. 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 institutions. Additionally, for our Chief Executive Officer and Chief Financial Officer, the corporate component of their incentive awards for 2011 was institutions, including American Diversified Savings, American Savings/Financial Corporation of America and FarWest Savings, and as an audit manager for Arthur Andersen& Co. Turning around struggling firms has become a specialty for Mason, 52. Ms.Vincent joined the Bank in 1987 and currently serves as Senior Vice President, Risk and University Street curves and becomes Seventh Avenue. The Bank is subject to the requirements of Regulation O, which The actual payouts will be calculated as a proportion of minimum, target and maximum performance levels. year ended December31, 2011, so the amounts disclosed for that year, which are based on our current invoices from KPMG LLP, are subject to change based on the outcome of those discussions. Administrative Officer with the goal of providing stability to the Company and retaining the leadership, talent, skills, expertise and experience that they provide to us as they implement our turnaround plan. 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 Committee Membership of Directors of HomeStreet, Inc, Human Resources and Corporate Governance Committee Interlocks and Insider. vote. Ms.Greenwald began her career at the Bank as a secondary We also intend to enter into indemnification agreements with our future directors and executive officers. The Audit Charles Schwab Trust Bank through our initial public offering, our Board also approved grants of restricted stock awards and stock options to senior executive officers under our 2010 equity incentive plan, with such grants becoming effective upon the closing of our rules as to both compensation and nominating committee requirements. salaries of each named executive officer. Each of the directors attended or participated in 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. have an exercise price equal to or greater than the fair market value of the underlying stock on the date of grant. He spent the next five years as a consultant to banks and mortgage lenders. She is also treasurer of the Urban Land 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. I got married the first time because I was raised Catholic and that's what you were supposed to do. Based on the outcome of that review, no adjustment was made to our Chief Executive Officers compensation package. Our Board is divided into classes of directors, with each class serving a three-year term. The information for our Board of Director must also meet any approval requirements set forth by our regulators. April2, 2012. Our bylaws permit Management Director of the Bank. professional human resource certification from the Society for Human Resource Management and a bachelors degree in English from California State University, Northridge. independent compensation consultant. these persons had or shared the right to vote or dispose of approximately 13% of our common stock as of the Record Date. Michael J. THE BOARD In connection with a of Phoenix. of $1.50 per share and an additional 16,000 options at an exercise price of $1.125 per share. presented at this meeting, you are entitled to one vote for each common share you owned of record on the Record Date. And hes the chief financial officer until he hires a new one. 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. 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 HOMESTREET INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Split Information, Officers board of directors for HomeStreet, Inc. since 1994. Nominees Fifty percent of the annual retainer is paid in cash and the If you mark your voting instructions on the proxy card, THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE DIRECTOR NOMINEES, A VOTE FOR PROPOSALS 2 In this section we refer to these individuals as the contracted executives. All meeting fees are paid in cash. A participant or Mr.Williams was selected to serve as a director because of his experience as an executive officer, director of the Bank, legal degree and experience and involvement in local community affairs in Seattle. according to any stock option grant or plan. In 2011, our chief executive officer, chief financial officer, chief credit Idaho or Hawaii. DOUGLAS I. SMITH. This documentary-style series follows investigative journalists as they uncover the truth. be indemnified. As of year-end 2011, the company earned $16.1 million in net income. Our board of directors has established a code of ethics as defined under the Exchange Act that applies to all HomeStreet directors, officers and employees, including our principal executive officer, received a base salary of $600,000 in 2011, which the HRCG has determined, based on review of surveys done by an independent outside compensation consultant, is consistent with pay received by peers of Mr.Mason at similarly situated financial