Mechanics Bank completed its $2.1bn acquisition of Rabobank N.A.

Mechanics Bank, a full-service community bank based in California, completed its $2.1bn acquisition of Rabobank N.A., subsidiary of Dutch bank Rabobank Group and a nationally chartered bank with 100 branches and more than $13bn in assets. As part of the total consideration payable in the transaction, Rabobank Group received 9.9% of the outstanding shares of Mechanics Bank after giving effect to the transaction. “Bringing Rabobank, N.A. together with Mechanics Bank gives us a great opportunity to fill an established gap between the big banks and smaller community banks throughout the state. We are two established institutions with values and principles that align closely. There’s very little geographic overlap and significant potential for value creation for both parties to this combination, and we believe that the new Mechanics Bank will be able to leverage our common strengths at a scale that will benefit all of our clients, our shareholders, and the communities we serve,” John DeCero, Mechanics Bank President and CEO.