Rabobank, National Association, will be acquired by Mechanics Bank after entering a into a definitive agreement.
Mechanics Bank has 44 branches throughout California while Rabobank, N.A. has 100 branches nationwide, combined they will have 144 branches nationwide with $17 million in total assets.
The transaction is expected to go through in the third quarter of 2019.
Rabobank, N.A. will be keeping its food and agribusiness assets. Those assets will transfer to Rabo Agrifinace, an affiliate of Rabobank, N.A. located in St. Louis, Missouri.
“Bringing Rabobank, N.A. together with Mechanics Bank gives us a great opportunity to fill an established gap between the big banks and smaller community banks throughout the state,” said John DeCero, President and CEO of Mechanics Bank.
“This is a unique opportunity to merge two high-performing consumer and commercial banks with common values and deep roots in California,” said Mark Borrecco, CEO of Rabobank, N.A. “Both organizations take pride in putting their customers first and possess a strong sense of community.”
Customers of both banks should continue to do business with their current bankers and expect little to change as the two get ready to merge.
Nick Wynne with Rabobank Arena said there has not been any idea of what the name of the arena will be after the merger.
All Rabobank banks will be called Mechanics Bank after the merger.