Rabobank’s U.S. operations have been acquired by Walnut Creek-based Mechanics Bank, the two companies announced Friday.
The $2.1 billion transaction was approved by each party’s authorizing board of directors, the companies announced in a joint press release.
Mechanics Bank will acquire Rabobank, N.A.’s retail, business banking, commercial real estate, mortgage and wealth management businesses.
Rabobank N.A. has 100 branches — including 14 in San Luis Obispo County — and more than $13 billion in assets. Mechanics Bank is a 114-year-old community bank with 44 branches and more than $6 billion in assets. Together, the entity would operate under the Mechanics Bank name with 144 branches and over $17 billion in assets.
Rabobank, N.A.’s food and agribusiness assets will be transferred to Rabobank N.A.’s affiliate, Rabo AgriFinance in St. Louis, Missouri.
The transaction is expected to close in the third quarter of 2019. The companies said to expect little change as the organizations prepare to merge.