[NEW YORK] Mechanics Bank agreed to buy much of Dutch lender Rabobank Group's US operations for about US$2.1 billion, bringing together two California lenders and extending the combined company's reach throughout much of the state. Read more at The Business Times.
[NEW YORK] Mechanics Bank agreed to buy much of Dutch lender Rabobank Group's US operations for about US$2.1 billion, bringing together two California lenders and extending the combined company's reach throughout much of the state.
"This is quite unique in that there's very little overlap in our branches," Mechanics chief executive officer John DeCero said in a phone interview."There are only two cities where we share branches, Napa and Westlake Village, and those aren't geographically close together. So this is very complementary."
"This is a transformational opportunity for us," Carl Webb, co-managing partner at Ford Financial Fund and chairman of Mechanics Bank, said in an interview."I don't say we're out of the acquisition business, but this certainly gives us plenty to work on right now. We're going to be busy." Rabobank was weighing selling the operations in a deal that could fetch more than US$1 billion, Reuters reported in November. It also sought to sell its roughly 100 US branches to another California bank in 2017, people with knowledge of the situation have said, but the deal fell apart.The company's retail-banking unit was recently prosecuted by the Justice Department, which accused the bank of hiding evidence about the flow of Mexican drug-cartel money through its branches near the border.
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