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Mechanics Bank acquiring Rabobank NA's banking assets in $2.1B deal

Walnut Creek, Calif.-based Mechanics Bank agreed to acquire Roseville, Calif.-based Rabobank NA in a deal with total consideration of about $2.1 billion.

Mechanics Bank will acquire Rabobank's retail, business banking, commercial real estate, mortgage and wealth management businesses. It will not, however, acquire its food and agribusiness assets, which will be transferred with limited exceptions to a Rabobank affiliate, the Missouri-based commercial lender RABO AgriFinance Inc.

In a separate release, Rabobank wrote that the deal would strengthen RABO AgriFinance's position as the leading production ag lender in the U.S. The American food and agriculture sector is the most important growth area for the bank globally, it wrote. The ag lender plans to open 10 new offices in California and currently operates more than 40 nationwide. About 170 staff at Rabobank NA will become employees of RABO AgriFinance.

The deal is expected to close in the third quarter.

On an aggregate basis, S&P Global Market Intelligence calculates that the deal value is 129.2% of common equity and 156.9% of tangible common equity, 15.14% of assets and 14.5x earnings.