Brief: Mechanics Bank To Acquire Rabobank In A $2.1 Bln Deal

Mechanics Bank

15/03/2019 16:46

March 15 (Reuters) - Mechanics Bank  MCHB.PK :
    * MECHANICS BANK AND RABOBANK, N.A. ANNOUNCE STRATEGIC
BUSINESS
COMBINATION TRANSACTION
    * TOTAL CONSIDERATION FOR TRANSACTION WILL BE APPROXIMATELY
$2.1
BILLION
    * COMBINED ENTITY WOULD OPERATE UNDER MECHANICS BANK NAME
WITH 144
BRANCHES AND IN EXCESS OF $17 BILLION IN TOTAL ASSETS
    * CURRENTLY, 79% OF MECHANICS BANK'S OUTSTANDING SHARES ARE
OWNED
BY FORD FINANCIAL FUND II
    * RABOBANK GROUP WILL RECEIVE 9.9% OF OUTSTANDING SHARES OF
MECHANICS BANK AFTER GIVING EFFECT TO TRANSACTION
    * TRANSACTION IS EXPECTED TO CLOSE IN Q3 OF 2019
    * WILL ACQUIRE RABOBANK, N.A.'S RETAIL, BUSINESS BANKING,
COMMERCIAL REAL ESTATE, MORTGAGE, AND WEALTH MANAGEMENT
BUSINESSES
    * NOT INCLUDED IN DEAL ARE RABOBANK, N.A.'S FOOD AND
AGRIBUSINESS
ASSETS

Source text for Eikon:  ID:nBw4b42bXa 
Further company coverage:  MCHB.PK 

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