Mechanics Bank will acquire Learner Financial and its wholly owned subsidiary Scott Valley Bank. The transaction has been approved by all boards of directors and will add $692 million to Mechanics’ total assets.
Completion of the transaction is subject to customary closing conditions and regulatory approvals and is expected to close during Q3/2018.
“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. “We believe this merger will offer customers and employees of both banks even greater strength and resources while maintaining our commitments to the communities we serve.”
“The combination of two storied, historic community banks in Northern California is an absolute natural union,” said Craig Van Selow, president and CEO of Scott Valley Bank. “We could not have hoped for a partner with a better understanding and appreciation of what hand-crafted banking really means.”
Keefe, Bruyette & Woods acted as financial advisor to Learner Financial, with Sheppard, Mullin, Richter & Hampton acting as its legal advisor. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mechanics.
