Mechanics Bank completed its acquisition of Rabobank, a subsidiary of Rabobank Group. Mechanics Bank acquired Rabobank’s retail, business banking, commercial real estate, mortgage, and wealth management businesses.
Mechanics Bank and Rabobank International have received regulatory approval for the pending acquisition of Rabobank — Rabobank’s California-based and primarily retail bank — by Mechanics.
Following the strategic combination of the Mechanics Bank and Rabobank, John DeCero, president and CEO of Mechanics Bank, and Mark Borrecco, CEO of Rabobank, will serve as Co-CEOs of the new organization.
Mechanics Bank agreed to acquire Rabobank in a strategic business combination transaction valued at approximately $2.1 billion. The transaction has been approved by each party’s authorizing board of directors
Scott Hoover joined Mechanics Bank as vice president, senior relationship manager in the Irvine, CA office. Hoover will be responsible for, among other things, originating and managing business loans and lines of credit.
Mechanics Bank agreed to acquire Learner Financial and its wholly owned subsidiary Scott Valley Bank.
Mechanics Bank has added Samantha Foster and Debbie Watson, two experienced food and wine industry finance specialists, to its regional commercial banking team in Napa.
Mechanics Bank has strengthened its wine industry presence with the appointment of Dan Aguilar, a banking professional with 20 years of wine industry lending experience, as VP/regional manager in Napa Valley, CA.
Mechanics Bank announced the hiring of Mario Callegari, SVP and manager commercial lending in the Napa Valley region.