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Community bank-focused investor Ford Financial collects $1B-plus for latest fund

Ford Financial Fund, which invests in community banks, collected more than $1 billion for Ford Financial Fund III LP at closing.

Fund III, which is Ford Financial's largest fund ever, closed in conjunction with Mechanics Bank's purchase of its California-based peer Rabobank NA. Commitments to the fund came from new and existing investors.

The general partner's commitment to Fund III and Fund II totals $155 million. Both the newly closed and predecessor funds are fully invested in Mechanics Bank, which is majority owned by the private equity firm, according to a release.