U.S. Markets closed

Mechanics Bank revamps leadership after deal tripling bank’s size

Mark Calvey
Mechanics Bank revamps leadership after deal tripling bank’s size

Walnut Creek-based Mechanics Bank and Rabobank said Monday that it will create a co-CEO leadership structure and a new office of the chairman when the two banks complete a $2.1 billion combination that’s tripling the size of Mechanics Bank. Mechanics Bank (OTCBB: MCHB) President and CEO John DeCero and Roseville-based Rabobank N.A. CEO Mark Borrecco will become co-CEOs of the combined bank, which is expected to have about $18 billion in assets when the deal closes in August or September. Mechanics is buying Rabobank’s retail, business banking, commercial real estate, mortgage and wealth management businesses in California.