Mechanics Bank, a Walnut Creek, CA-based bank, completed the acquisition of the retail, business banking, commercial real estate, mortgage, and wealth management businesses of Rabobank, N.A., a subsidiary of Rabobank Group.
The total consideration for the transaction, which was announced March 15, 2019, was approximately $2.1 billion.
The new entity operates under the Mechanics Bank name, with over $17 billion in total assets, a deposit franchise and 144 branches.
Founded in 1905, Mechanics Bank is a full-service community bank with over $17 billion in assets, a deposit franchise and 144 branches. The company’s relationship banking experience includes consumer and business banking services, commercial lending, cash management services, and trust, investment and wealth management services.
John DeCero, formerly President and CEO of the bank, and Mark Borrecco, formerly CEO of Rabobank, N.A., serve as Co-CEOs of the new organization. They join Carl B. Webb, Chairman of the Board of Mechanics as members of the Office of the Chairman (and Co-Managing Partner of Dallas-based Ford Financial Fund).