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Wednesday, November 22, 2017Categories: News, News
Excerpt from San Francisco Business Times, November 16, 2017
Mechanics Bank, one of the Bay Area’s largest community banks with $5.7 billion in assets, has spent much of the year digesting its purchase of California Republic Bank in Southern California.
The deal brought on board the combined bank’s new CEO John DeCero, along with a substantial business working with auto dealerships to finance their customers’ purchases. Mechanics Bank majority owner is the Dallas-based Ford Financial Fund, led by Gerald Ford and Carl Webb, who also serves as Mechanics Bank chairman.
Growth is high on the agenda in 2018. Mechanics Bank, founded in Richmond in 1905 to serve railroad workers, will likely make an acquisition in the next year. The bank also made a $250 million lending commitment to help the North Bay recover from the wildfires, an amount that doubles the loan portfolio in the region.
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