Mechanics Bank to Consolidate Administrative Functions in Walnut Creek
Richmond, CA, June 23, 2010— Mechanics Bank announced today that it is acquiring a majority interest in a three-story, 75,000-square-foot office building at 1111 Civic Drive in Walnut Creek, California, and will use it to consolidate many of the bank’s administrative departments and staff now located in other sites throughout the East Bay.
The 105-year-old bank’s corporate headquarters will remain in Richmond, California, its home for most of its history.
“Centralizing more of our administrative functions in one place makes sense for our employees and for our business,” said Steve Buster, Mechanics Bank CEO. “The new building fits our footprint, allows us to consolidate certain departments that are now spread apart and puts functional teams together. It works well for now, and gives us room to expand in the future.”
The bank’s move-in will be phased over several years. Once extensive remodeling is completed in the spring of 2011, the first two groups slated to move into the new space on Civic Drive are Corporate Banking and Wealth Management employees now housed on the 6th floor at 1333 North California Blvd. in Walnut Creek. The bank is actively seeking a tenant to occupy the 18,000 square feet of Class A office space with commanding views of Mt. Diablo scheduled to be vacated by those groups.
Mechanics Bank purchased the building from Walnut Creek based Hall Equities Group, a longtime client of the bank.
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About Mechanics Bank:
Mr. David Louis