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Mechanics Bank closes Learner Financial deal

Walnut Creek, Calif.-based Mechanics Bank closed its acquisition of Learner Financial Corp. and its Yreka, Calif.-based unit, Scott Valley Bank, effective June 1.

After complete integration of the two organizations, the resulting entity will operate under the Mechanics Bank name later this summer.

Scott Valley Bank has about $692 million in assets.

Keefe Bruyette & Woods Inc. acted as financial adviser, while Sheppard Mullin Richter & Hampton LLP acted as legal adviser to Learner Financial. For Mechanics, Wachtell Lipton Rosen & Katz acted as legal adviser.