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Rabobank, N.A. acquired by California-based Mechanics Bank

Posted: 7:22 PM, Mar 15, 2019
Updated: 2019-03-16 01:47:56-04

Rabobank is merging with Mechanics Bank.

Mechanics Bank is based in Walnut Creek. It currently has 44 branches throughout California.

Rabobank, N.A., which is a subsidiary of Rabobank Group of the Netherlands, has 100 branches across the U.S.

In the $2.1 billion transaction, Mechanics Bank will acquire Rabobank, N.A.’s retail, business banking, commercial real estate, mortgage, and wealth management businesses.

The deal is expected to close in the third quarter of the year.

While the Rabobank branches will change their names to Mechanics Bank, bank officials say customers do not need to take any action and should expect little to change as the two organizations prepare to combine.

In a statement on its website, Rabobank says the merger will “bring together two well-capitalized, community-focused banks with common values and deep roots in California.”