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I am excited to share the news today that Mechanics Bank has entered into a definitive agreement to acquire Rabobank, N.A.
Our two organizations share a very similar mission, vision and purpose, demonstrated by a long history of genuine commitment to our clients and our local communities. Together, we have a unique opportunity to transform the banking landscape in California.
Our combined bank will provide a significant network of banking centers throughout California’s major population centers and economic centers, from the Imperial Valley to Southern Oregon, and from the coastal communities to the Sierra Nevada foothills. It means even greater strength, greater capacity, greater stability, and greater convenience. Plus, our ability to scale resources will give us the opportunity to focus on new and improved products, more solutions, and a continued effort to make banking easier without sacrificing our client-first approach to relationship banking.
Not included in the deal are Rabobank N.A.’s food and agribusiness assets, which will transfer to its sister unit, Rabo AgriFinance located in St. Louis, MO.
This merger has been approved by the Boards of Directors of both banks, but must receive approval from our regulators. Until then, we will continue to operate as separate banks, and you should not expect any changes. Our expectation is that we will have regulatory approval by the end of September. Upon approval and completion of the merger, the combined bank will operate under the Mechanics Bank name.
Feel free to check back here for updates on our journey, as well as important information as it becomes available. As always, feel free to call us with any questions at 800-797-6324, or stop by and talk to a banker.
I also want to take this opportunity to thank you for your continued commitment to Mechanics Bank. You are a critical part of the foundation that makes our local communities great places to live and work.
President and Chief Executive Officer
Upon regulatory approval and transaction close, the combined bank would feature:
Official Joint Press Release
Rabobank, N.A. Website
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