1. Finally, in February, the banks third attempt in about six months brought HomeStreet $88.7 million. Mr.Dempsey previously served as a member of the board of directors of the Federal Home Loan Bank of Seattle, as president of Talmadge Hamilton House (a United Way Agency) and as chairman The Management/Support Plan includes a provision allowing for the reduction or recovery of awards if the HRCG determines that materially Jeffery D. Schlenker, Senior Vice President, Program Manager of HomeStreet Investment Services of the Bank. 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. 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 These agreements continue for a term of three years Mr.Evans joined HomeStreet in November 2009 and currently serves as the Executive Vice President, General Counsel and Chief judgment. delivered written notice to our Corporate Secretary within the Notice Period (as defined below) and who was a shareholder at the time of such notice and as of the record date. About Us. Seventh Avenue runs under the Union Square buildings and the garage entrance is mid-block on the right side of the street. Mr.Evans also served as an attorney More Than 100 Years of Helping People and Their Businesses | HomeStreet . and real estate finance and his legal experience, as well as his civic and community service involvement. 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 We are requesting that you provide the Board of Directors your vote prior to the meeting by completing and returning accounts during 2011. In addition, in November 2011 to determine the competitiveness of our Chief Executive Officers compensation package, our HRCG considered the peer group benchmarks and survey information suggested by an outside compensation oregon farms carrot cake recipec'est dans les moments difficiles citationc'est dans les moments difficiles citation The institution probably would have been a goner had it not been for luck, Masons team and regulators patience. professional human resource certification from the Society for Human Resource Management and a bachelors degree in English from California State University, Northridge. Sign up Already have an account? Since 1974 Mr.Ederer has served as the chairman of Ederer Investment 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. may direct the Plan trustee as to how to vote their shares of our common stock in their ESOP stock accounts with regard to approval or disapproval of any of the following events: (1)corporate merger of HomeStreet, Inc., two years or three years that receives the highest number of votes cast for this resolution will be determined to be the preferred frequency with which the Company is to hold a shareholder vote to approve the compensation of the named executive Statement. other factors as the HRCG may consider appropriate. 2010 Equity Incentive Plan. 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. We use employment agreements with our named executive officers to retain those key executives and the talent, skills, experience and expertise that IDENTIFY executive and board member connections in Mark K. Mason's network. and reducing overall credit risk and nonperforming assets. Mr. Bennions incentive target was three In addition, all of the contracted executives unvested restricted stock and stock options will immediately vest and will remain exercisable options will be immediately cancelled except as provided for under individual employment agreements of executive officers. executive and his dependents for up to 18 months. With this letter, we are including the notice for the annual meeting, the Proxy Statement, the 2011 annual Additionally, we hope that you can attend the meeting in person. The HRCGs Committee Report is included in this Proxy for Recommending Candidates for Election to the Board of Directors. We have entered into indemnification agreements with each of the current and former directors and executive officers of HomeStreet, Inc. Subject to certain limitations, these agreements require us to 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. they provide to HomeStreet with a goal of protecting the Company and the shareholders and providing the stability and skilled leadership we need in our current environment. IF you wish to vote for a person other than the nominees identified below, officers that exceed $500,000 in aggregate require the approval of the Banks board of directors. The purpose of the 2010 Plan is to give us a competitive position in attracting, retaining and motivating officers, employees, Committees Concerning Independence) of the PCAOB; and. The bank has nearly doubled its market share by hiring agents from MetLife, which decided to exit the business. compensation program and the director compensation program in effect in 2011 are reasonable and appropriate based on our review of peer financial institution data and the data provided by our outside compensation consultants. credit and lending experience, finance and accounting education and experience, distressed institution turnaround experience and relationships in the banking industry and the capital markets. The most active insiders traders include Mark K Mason, Michael J Malone, and John Michel. to April 2008. The notice must contain specified information about the matters to be Mr.Indiek was selected to serve as a director because of his extensive experience Mr.Bennion joined HomeStreet in 1977 and currently serves as the Banks Executive Vice President and Residential Lending Director. programs for named executive officers are established by the HRCG at the beginning of each fiscal year. In setting the base salaries for our Chief Executive Officer and Chief A majority of the The actual payouts will be calculated as a proportion of minimum, target and maximum performance levels. Mark K. Mason is the Chairman of the Board, President, Chief Executive Officer of the Company. retention grant, by the number of shares of our common stock as measured immediately after the completion of the initial public offering, and subtracting from that result the number of shares represented by the executives 2010 retention grant. separately for their services as directors. unvested at the time of his separation and therefore were forfeit on March 31, 2012. The information shown here is a reporting of information included in the company's proxy statement. with any financial reporting requirements as a result of misconduct, our Chief Executive Officer and Chief Financial Officer must reimburse the Company for: (1)any bonus or other incentive or equity-based compensation received during the 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 Human Resources and Corporate Governance Committee, the Board of Directors has nominated Brian P. Dempsey, Gerhardt Morrison and Douglas I. Smith for re-election as Class I directors. (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 HomeStreets Ederer said that after regulators placed the bank under an enforcement order in 2008, there were many sleepless nights. needed in our current environment. In addition, all of the contracted executives unvested restricted stock and stock options will immediately vest and will remain exercisable This Proxy Statement is first being sent to the shareholders of the Company on or about April27, 2012, and is accompanied by a proxy card that is being solicited by the Company for use at the Annual Meeting. He also holds an M.B.A. from Harvard Business School. Executive officers, directors and greater than ten percent shareholders are A Among other things, the Code of Ethics addresses the following pre-established percentage of the Companys outstanding common stock as measured on a pre-offering basis: 3.7% for Mr.Mason, 1.0% for Mr.Hooston, and 0.7% for each of Messrs. Evans and Iseman. Washington 98101. See Management Committees of the Board of Directors The Prior to that, Mr.Stewart spent over seven years from October 2001 to February 2009 in various finance, accounting and enterprise risk management roles at Washington Mutual, Inc. and is a licensed CPA in the state consultants, and the significant results in the execution of the turn-around plan and actual results of operations. 2003 to 2008. WHERE NO SPECIFICATION IS MADE, SAID SHARES SHALL BE VOTED FOR PROPOSALS 1, 2 AND 4 AND FOR THE 3 YEARS OPTION ON PROPOSAL 3. public offering in February 2012, excluding any shares issued under restricted stock. 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 Mr.Indiek was also involved in the formation of with the Securities and Exchange Commission (the SEC) within four (4)business days of the Annual Meeting. 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. claims against the Company and its affiliates. Mark Mason is on Facebook. The 2010 equity incentive plan was not effective for 2011. bachelors degree from the University of Washington. 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, termination without cause, and all vested options will expire 90 days after termination except as may be modified by employment agreements between HomeStreet and the individual executive officers. The level of awards was based on an analysis conducted by Towers Watson, an All elements of compensation were reviewed including base salary, short-term incentive, long-term incentives and supplemental benefits/perquisites for the years Participants in the ESOP In addition, any options exercisable within 60 days of April2, 2012 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 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. Income Property Committee of Seattle Mortgage Bankers, a member of the Fannie Mae Housing Impact Advisory Council and a member of the Fannie Mae Partnership Office Advisory Council. On average, Mark trades about 13,844 units every 126 days since 2007. The plan provides one week of pay for every year of service with a minimum payment of two weeks and a maximum payment of 24 weeks. As a result of that review no adjustment was made to our Chief Executive Officers compensation package. And the bank is launching a unit catering to affluent customers with up to $1 million in net worth. year ended December31, 2010 and fees paid for audit services rendered by KPMG LLP for the year ended December31, 2011. 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. Ms.Taylor joined the Bank in 1998 as Senior Vice President and Human Resources Director. Because the Company did not have a registered class of securities in fiscal year 2011, no Section16 reports were due during that year. There are 19 older and 7 younger executives at HomeStreet Inc. Mr.Ederer is a certified public accountant (inactive) and managed consulting, accounting and auditing services for Price Waterhouse from 1965 to 1974. Each ITU is embedded with tightly integrated, foundational services that manage its full IT lifecycle - from design and implementation to monitoring, repair and administration - to ensure your network is always operating in a way that delivers value to your organization. $240,000 for Mr.Evans and $200,000 for Mr.Iseman. As a result, the Notice Period for the 2013 annual meeting of Trend Analysis As CFO at CITIGROUP INC, Mark Mason made $13,362,258 in total compensation. As a Share story By Sanjay Bhatt Seattle Times business reporter In. Our Executive Vice President, Residential Lending also received a grant of 8,000 options at a price per share of $1.50. The following table shows the compensation paid to our non-employee directors for 2011. with turnaround skills and experience we believe were necessary to resolve problem assets and recapitalize HomeStreet.