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Tuesday, October 24, 2017Categories: News, Press Release
MECHANICS BANK COMMITS A QUARTER OF A BILLION DOLLARS IN LOANS TO NAPA AND SONOMA COUNTY REBUILDING EFFORT
WALNUT CREEK, CA—October 24, 2017—Mechanics Bank (OTC: MCHB) today announced a major commitment to help with the recovery and rebuilding of Napa Valley and Sonoma County communities impacted by the recent fires, and to provide an immediate $50,000 donation for relief to families that have suffered.
“Although the majority of Napa and Sonoma were untouched by the fires, the degree of devastation in the affected areas is just stunning,” says Carl Webb, Chairman of the 112-year-old community bank. “Seeing firsthand the pain and loss that has been inflicted on our neighbors, our hearts go out to them. We are committed to taking an active role in their full recovery and in rebuilding. To that end, we have allocated a quarter of a billion dollars of our balance sheet specifically for this effort.”
“Mechanics Bank has a long history of working with our communities from the Great Depression to earthquakes,” says Michael Downer, Vice Chairman and great grandson of the bank’s founder. “I’ve lived in Napa for nearly 30 years and feel lucky to call it home. Our family roots are now four generations in Napa and Sonoma with customers, friends and employees. While the losses are heartbreaking, our community is resilient and will rebuild. We will be here to help individuals, small businesses, and non-profits today, tomorrow and in the future.”
Mechanics Bank is also making an immediate donation of $50,000 in the form of $500 each to 100 families identified by the local charity organization, Puertas Abiertas as emergency funds for each family to individually cope with the crisis. “We are humbled and very thankful for this donation. This assistance will go to those most in need, those who desperately can use the help in rebuilding their lives. Many of our families have lost jobs, housing and emotional stability; we, Puertas Abiertas CRC, will continue to work hand in hand with these families for a brighter future,” says Josefina Hurtado, Executive Director. Puertas Abiertas (Open Doors) Community Resource Center in Napa works with Latinos to inspire and achieve healthy living, self- sufficiency, and opportunities for leadership and community engagement.
John DeCero, CEO of Mechanics Bank, added, “We will continue to support and work with our great nonprofit partners who are the backbone of these communities. We’ll also be working very closely with local government officials, local business leaders, insurance companies and construction companies that will all be critical to the recovery effort. We’re developing a plan over the next several months for how to best deploy the loan funds in a way that will directly benefit Napa and Sonoma—plans that will include creative and flexible terms, favorable pricing, and a streamlined approval process with a dedicated team to assist residents and businesses through the application and rebuilding process.”
About Mechanics Bank
Mechanics Bank, established in 1905, is an independent, full service community bank. With more than $5.6 billion in assets, it is the largest bank headquartered in Northern California’s East Bay region. With 35 branch offices throughout Northern and Southern California it provides a highly personalized relationship banking experience that includes consumer and business banking services, commercial lending, commercial deposit and cash management services, and comprehensive trust, wealth management and private banking services. More information may be found at www.mechanicsbank.com.
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