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WALNUT CREEK, CA – October 29, 2021 – Mechanics Bank (ticker: MCHB) today announced that its Board of Directors declared a cash dividend of $810 per common share, payable on November 10, 2021 to all common stockholders of record as of the close of business on November 8, 2021. The determination to pay dividends in the future will be evaluated by the Board of Directors and will depend upon, among other factors, results of operations, financial condition, capital requirements and contractual restrictions.
About Mechanics Bank
Mechanics Bank is an independent, full-service community bank headquartered in Walnut Creek, California, with approximately $19 billion in assets, a best-in-class deposit franchise and 123 branches. It was founded in 1905 to assist local businesses and families and has remained focused on building lasting customer relationships throughout its storied history. Today, Mechanics Bank is one of the largest California-based banks and continues to earn its reputation as a successful and trusted financial partner...
moreWALNUT CREEK, CA – July 23, 2021 – Mechanics Bank (ticker: MCHB) today announced that its Board of Directors declared a special cash dividend, representing $2,569 per common share, payable on August 5, 2021 to all common stockholders of record as of the close of business on August 2, 2021. The determination to pay dividends in the future will be evaluated by the Board of Directors and will depend upon, among other factors, results of operations, financial condition, capital requirements and contractual restrictions.
About Mechanics Bank
Mechanics Bank is an independent, full-service community bank headquartered in Walnut Creek, California, with approximately $19 billion in assets, a best-in-class deposit franchise and 123 branches. It was founded in 1905 to assist local businesses and families and has remained focused on building lasting customer relationships throughout its storied history. Today, Mechanics Bank is one of the largest California-based banks and continues to earn its reputation as a successful and trusted...
moreWALNUT CREEK, CA – September 3, 2019 – Mechanics Bank today announced the completion of its acquisition of Rabobank, N.A., a subsidiary of Rabobank Group. Mechanics Bank acquired Rabobank, N.A.’s retail, business banking, commercial real estate, mortgage, and wealth management businesses. Total consideration for the transaction, which was announced March 15, 2019, was approximately $2.1 billion.
The new entity operates under the highly respected Mechanics Bank name, with over $17 billion in total assets, a best-in-class deposit franchise and 144 branches. Headquartered in Walnut Creek, California, Mechanics Bank was founded in 1905 to assist the area’s local businesses and families and has remained focused on building lasting customer relationships throughout its storied history. Today, Mechanics Bank is the 5th largest California-based bank and continues to earn its reputation as a successful and trusted financial partner committed to helping consumers, businesses and communities grow and prosper.
“We believe this strategic combination of two highly...
moreDALLAS, TX – September 3, 2019 – Ford Financial Fund today announced the closing of Ford Financial Fund III, L.P., with over $1 billion in commitments. Ford Financial Fund is a private equity fund focused on investments in community banks. It is co-managed by Gerald J. Ford and Carl B. Webb, who are among the nation’s most experienced and successful investors in and operators of a broad range of financial services companies. The General Partner committed $155 million of its own capital across Fund II and Fund III, which are both fully invested in Mechanics Bank. Fund II closed in May 2013.
Fund III closes in conjunction with the acquisition of Rabobank, N.A., by Mechanics Bank. Ford Financial Fund is the majority owner of California-based Mechanics Bank, now with over $17 billion in total assets, a best-in-class deposit franchise and 144 branches. Fund III is Ford Financial Fund’s largest fund to date and includes the return of many highly valued current limited partners as well as a slate of quality first-time investors.
“We are very pleased with the...
moreWALNUT CREEK, CA – July 29, 2019 – Mechanics Bank (OTCBB: MCHB) (“Mechanics”) today announced that Mechanics and Rabobank International Holding B.V. (“Rabo Parent”) have received regulatory approval from the Board of Governors of the Federal Reserve, The Office of the Comptroller of Currency, The Federal Deposit Insurance Corporation and the California Department of Business Oversight for the pending acquisition of Rabobank, N.A. (“RNA”), Rabobank’s California-based and primarily retail bank, by Mechanics. No further regulatory approvals are required for Mechanics and Rabo Parent to consummate the acquisition and the other transactions contemplated by the March 15, 2019 stock purchase agreement by and between Mechanics and Rabo Parent (the “stock purchase agreement”). The acquisition is expected to close on or about September 1, 2019, subject to the satisfaction of the remaining conditions set forth in the stock purchase agreement.
Mechanics also announced today that it commenced a rights offering to its current shareholders. Pursuant to the rights...
moreWALNUT CREEK, CA – July 1, 2019 – Mechanics Bank announced today that it has received a rating of ‘Outstanding’ from the Federal Deposit Insurance Corporation (FDIC) for the Bank’s most recent Community Reinvestment Act (CRA) examination period of May, 2016 through April, 2019. The exam rating included Performance Test results of ‘Outstanding’ in the Investment and Service Test areas, and a rating of ‘High Satisfactory’ in the Lending Test category.
“I could not be more proud of our organization” said John DeCero, President and CEO of Mechanics Bank. “It is my understanding that very few banks nationwide receive such a lofty rating. We are a Community Bank and we have always taken our local commitment very seriously, it is just part of who we are. It is also nice to be recognized for all of the time and energy our employees invest in supporting and enhancing our communities. It is a great reflection of their efforts and we look forward to continuing to build on that success.”
The CRA exam evaluates the Bank’s ability to help meet the credit needs...
moreWALNUT CREEK, CA and ROSEVILLE, CA – March 15, 2019 – Mechanics Bank (OTCBB: MCHB) and Rabobank, N.A., a subsidiary of Rabobank Group, today announced that Mechanics Bank and Rabobank Group have entered into a definitive agreement pursuant to which Mechanics Bank will acquire Rabobank, N.A. in a strategic business combination transaction. The transaction has been approved by each party’s authorizing board of directors.
Mechanics Bank is a 114-year-old full-service community bank based in Walnut Creek, California, with 44 branches throughout California and more than $6 billion in assets. Headquartered in Roseville, California, Rabobank, N.A. is a nationally chartered bank with 100 branches and more than $13 billion in assets. The combined entity would operate under the Mechanics Bank name with 144 branches and in excess of $17 billion in total assets.
In the transaction, Mechanics will acquire Rabobank, N.A.’s retail, business banking, commercial real estate, mortgage, and wealth management businesses. Not included in the transaction are Rabobank,...
moreWALNUT CREEK, CA – June 4, 2018 – Mechanics Bank (“Mechanics”) (OTCBB: MCHB) today announced the completion of its previously announced acquisition of Learner Financial Corporation (“Learner Financial”) and its wholly owned subsidiary, Scott Valley Bank, which became effective on June 1, 2018.
The acquisition, which was first announced on February 12, 2018, brings together two historic and storied community banks with a collective 272 years of local banking experience and service. Headquartered in Yreka, California, Scott Valley Bank operates nine regional commercial banking locations in Northern California and two in Oregon, with approximately $692 million in assets. The combined organization will operate under the Mechanics Bank name later this summer after the two organizations are fully integrated.
“We are proud to merge the talented teams at Scott Valley Bank and Mechanics Bank to create an even stronger regional community bank”, said John DeCero, President and CEO of Mechanics Bank. “As we said at the outset, this union is a natural one based...
moreWALNUT CREEK, CA – February 12, 2018 – Mechanics Bank (“Mechanics”) (OTCBB: MCHB) and Learner Financial Corporation (“Learner Financial”), the bank holding company for Scott Valley Bank, today announced that they have reached a definitive agreement for Mechanics to acquire Learner Financial and its wholly owned subsidiary, Scott Valley Bank. The transaction has been approved by the Boards of Directors of Mechanics, Learner Financial and Scott Valley Bank.
Headquartered in Yreka, California, Scott Valley Bank is a business-focused community bank with approximately 113 employees and eleven regional commercial banking locations in Northern California and Oregon. As of December 31, 2017, Scott Valley Bank had approximately $692 million in total assets.
“This is a great combination. It’s incredibly rare to find a business partner that shares a similar history, culture and set of values,” commented John DeCero, President and CEO of Mechanics Bank. “Both Mechanics Bank and Scott Valley Bank have proud community banking traditions over 100 years strong. We...
moreWALNUT CREEK, CA – October 3, 2016 – Mechanics Bank (“Mechanics”) today announced the completion of its previously announced strategic merger with California Republic Bancorp (“CRB”) (OTCBB: CRPB), a bank holding company for California Republic Bank, which became effective on October 1, 2016. Pursuant to the terms of the merger, CRB shareholders will receive cash consideration of $37.19 per share. Mechanics also announced today that it has completed its previously announced rights offering. The proceeds from the rights offering were used to help fund the aggregate merger consideration and pay certain fees and expenses related to the merger.
Upon the completion of the merger, John DeCero, formerly the President of CRB, and Jon Wilcox, formerly the Chief Executive Officer of CRB, became members of the Board of Directors of Mechanics Bank, and John DeCero succeeded Ken Russell to become the President and Chief Executive Officer of Mechanics Bank. Ken Russell returns to the Ford Financial Fund, while continuing to serve as a director on the Mechanics Bank’s...
moreSeptember 13, 2016
WALNUT CREEK, CA, AND IRVINE, CA, September 13, 2016 – Mechanics Bank (“Mechanics”) and California Republic Bancorp (“CRB”) (OTCBB: CRPB), a bank holding company for California Republic Bank, today announced that they have received regulatory approval from the FDIC and the California Department of Business Oversight for their pending merger. No further regulatory approvals are required for Mechanics and CRB to consummate the merger and the other transactions contemplated by the April 28, 2016 merger agreement by and among Mechanics, CRB and Coast Acquisition Corporation, a wholly owned subsidiary of Mechanics. The merger is expected to close on or about October 1, 2016, subject to the satisfaction of the remaining conditions set forth in the merger agreement.
Upon completion of the merger, CRB shareholders will receive cash consideration of $37.19 per share.
Mechanics also announced today that it commenced a rights offering to its current shareholders. Pursuant to the rights offering, current shareholders will receive 0.42146 subscription rights for...
moreApril 28, 2016
WALNUT CREEK, CA, AND IRVINE, CA, April 28, 2016 – Mechanics Bank (“Mechanics”) and California Republic Bancorp (“CRB”) (OTCBB: CRPB), a bank holding company for California Republic Bank, today announced that they have reached a definitive agreement to merge. The transaction has been approved by the Boards of Directors of each company. Under the terms of the agreement, CRB shareholders will receive $37.19 per share in cash.
Headquartered in Irvine, CRB is a commercial and private lending institution with approximately 500 employees and five regional commercial banking locations throughout Southern California. As of March 31, 2016, CRB had approximately $1.8 billion in total assets. CRB also operates a significant auto lending division across 14 states. The combined entity would have approximately $5.4 billion in total assets.
“We think California Republic Bank is the perfect complement for Mechanics Bank,” said Ken Russell, President and CEO of Mechanics Bank. “Mechanics Bank has plenty of capital and capacity, and CRB is an extraordinarily effective...
moreApril 16, 2015
DALLAS, TX, April 16, 2015 – Ford Financial Fund II, L.P. (“Ford Financial”) announced today that its wholly owned subsidiary, EB Acquisition Company LLC (the “Purchaser”), will now purchase all outstanding shares of common stock of Mechanics Bank (the “Bank”) that are validly tendered prior to the expiration of the previously announced tender offer, subject to the absence of any regulatory objection, at a price of $26,832.00 per share, in cash, without interest and less any applicable withholding taxes, on the terms and subject to the conditions set forth in the Amended and Restated Offer to Purchase, dated December 15, 2014, as amended (the “Offer to Purchase”).
The Purchaser also announced today that it has received the required regulatory approval from the Board of Governors of the Federal Reserve System to purchase outstanding shares of common stock of the Bank that are validly tendered prior to the expiration of the offer. While the tender offer remains subject to the satisfaction of other closing conditions, the Purchaser expects that it will close...
moreJanuary 27, 2015
DALLAS, TX, October 31, 2014 – Ford Financial Fund II, L.P. ("Ford Financial") announced today that its wholly owned subsidiary, EB Acquisition Company LLC (the "Purchaser"), has commenced a cash tender offer to acquire up to 65% of the outstanding shares of common stock of Mechanics Bank (the "Bank") on a fully diluted basis (the "Maximum Aggregate Amount") at a price of $26,832.00 per share, in cash, without interest and less any applicable withholding taxes, on the terms and subject to the conditions set forth in the Offer to Purchase, dated October 31, 2014 (the "Offer to Purchase").
The tender offer will expire at midnight, New York City time, on January 15, 2015, unless extended by the Purchaser (such date and time, as the same may be extended or earlier terminated, the "Expiration Time").
If shareholders validly tender shares of common stock of the Bank (the "Shares") in excess of the Maximum Aggregate Amount, only the Maximum Aggregate Amount will be accepted for purchase, and the Shares will be purchased on a pro rata basis. As a result,...
moreSeptember 25, 2014
DALLAS, TX and WALNUT CREEK, CA, September 25, 2014 – Ford Financial Fund II, L.P. ("Ford Financial") and Mechanics Bank (the "Bank") today jointly announced that they have entered into an agreement pursuant to which Ford Financial will conduct a tender offer to acquire a majority of the outstanding shares of common stock of the Bank. Under the terms of the agreement, Ford Financial will conduct a tender offer to purchase up to 65 percent of the outstanding shares of common stock of the Bank at a cash purchase price of $26,832 per share. Mechanics Bank’s Board of Directors (the "Board") has approved the transaction, which will allow the Bank's existing shareholders the opportunity to obtain meaningful liquidity while maintaining an equity stake in the Bank moving forward.
The offer price represents a premium of approximately 62 percent over the last reported sale price of the Bank’s common stock on the OTC Bulletin Board on September 24, 2014, the day prior to the announcement of the transaction. The terms and conditions of...
moreMay 17, 2013
DALLAS, TX, May 17, 2013 – Ford Financial Fund, a private equity fund focused on investments in financial services companies, today announced the closing of Ford Financial Fund II, L.P. with $755 million in commitments. Ford Financial Fund is led by Gerald J. Ford and Carl B. Webb, two of the nation’s most experienced and successful investors in, and operators of, financial services companies. The General Partner is committing $113 million of its own capital to Fund II.
Gerald J. Ford, Co-Managing Member at Ford Financial Fund, commented, “We are pleased by the tremendous interest in Fund II from an excellent group of investors. We appreciate the confidence of our Fund I limited partners who recommitted to invest with us and welcome the new investors who joined us for Fund II. We look forward to leveraging our experience in the financial services industry to continue to source unique investment opportunities.”
Fund II follows the successful $500 million recapitalization of Pacific Capital Bancorp in 2010 by Fund I. Pacific Capital Bancorp was the...
moreDecember 1, 2012
SAN FRANCISCO, CA, December 1, 2012 – UnionBanCal Corporation (“UNBC”) and its primary subsidiary, Union Bank, N.A. (“Union Bank”), today announced that it has completed its $1.5 billion purchase of Pacific Capital Bancorp (“PCBC”), a bank holding company headquartered in Santa Barbara, California. As part of the transaction, Santa Barbara Bank & Trust, N.A. will be merged with and into Union Bank on December 3, 2012, with Union Bank continuing as the surviving entity. The merger received final regulatory approval on November 14, 2012.
Through the transaction, Union Bank acquires $3.7 billion in loans held for investment and $4.7 billion in deposits, as of September 30, 2012.
The registration of PCBC’s common stock under the Securities Exchange Act of 1934, as amended, will be terminated. Shares of PCBC common stock will no longer be listed on any stock exchange or quotation system, including the Nasdaq Global Market. Public stockholders of record of PCBC will receive a letter of transmittal with detailed instructions for exchanging their stock...
moreMarch 12, 2012
Combination to Substantially Enhance California Central Coast Presence
SAN FRANCISCO, CA, March 12, 2012 – UnionBanCal Corporation (UNBC) and its primary subsidiary, Union Bank, N.A. (Union Bank), today announced that UNBC has entered into a definitive agreement to acquire Pacific Capital Bancorp (NASDAQ: PCBC), a bank holding company headquartered in Santa Barbara, California, for $46 per share in cash. The acquisition, which requires approval from banking regulators and subject to other customary closing conditions, is expected to be completed in the fourth quarter of 2012. Following entry by the companies into the agreement, SB Acquisition Company LLC, the holder of approximately 75 percent of the outstanding shares of common stock of Pacific Capital Bancorp, delivered to Pacific Capital Bancorp its action by written consent adopting and approving the agreement.
By acquiring Pacific Capital Bancorp and its primary bank operations, Santa Barbara Bank & Trust, N.A., Union Bank will expand its geographic footprint to important...
moreAugust 31, 2010
SANTA BARBARA, CA, August 31, 2010 — Pacific Capital Bancorp (the “Company”) (Nasdaq: PCBC), a community bank holding company, announced today the closing of the previously announced $500 million investment in the Company by SB Acquisition Company LLC, a wholly-owned subsidiary of Ford Financial Fund, L.P.
“We are very pleased to join the Pacific Capital family,” said Gerald J. Ford, Managing Member of the Ford Financial Fund. “We are career bankers committed to the long-term operations of our banking partners. This is an outstanding community bank operating in some of the best markets in California. Combine that with Pacific Capital’s long history, deep community roots, and exceptional employees, and you have a very powerful formula for long-term success.”
Said Carl B. Webb, Senior Principal with Ford Financial Fund, “Everyone involved in this complex transaction has worked very hard to get to this day, and we could not be more pleased to be here. As a result of the significant capital infusion, Pacific Capital is once again one of the strongest...
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