Walnut Creek, Calif.-based Mechanics Bank completed the acquisition of the retail, business banking, commercial real estate, mortgage and wealth management businesses of Roseville, Calif.-based Rabobank NA.
Total consideration for the transaction, which was announced in March, was approximately $2.1 billion.
Operating under the Mechanics Bank name, the new entity has more than $17 billion in total assets, according to a news release.
John DeCero, formerly president and CEO of Mechanics Bank, and Mark Borrecco, formerly CEO of Rabobank, are co-CEOs of the new organization and join Carl Webb as members of the office of the chairman. DeCero will oversee commercial banking, wealth management and indirect auto finance, while Borrecco will manage the retail banking and consumer lending activities of the bank.
Webb is chairman of Mechanics Bank and is a co-managing partner of Ford Financial Fund, which owns 81% of the bank, according to the news release.
Wachtell Lipton Rosen & Katz was legal adviser to Mechanics Bank, and Credit Suisse was financial adviser.
