Co-CEOs Named to Head New Mechanics Bank

Mechanics Bank (OTCBB: MCHB) and Rabobank, N.A., a subsidiary of Rabobank Group, today announced plans for the leadership of the new Mechanics Bank following the strategic combination of the two entities.

Effective Legal Day One, John DeCero, President and CEO of Mechanics Bank, and Mark Borrecco, CEO of Rabobank, N.A., will serve as Co-CEOs of the new organization. The announcement was made by Carl B. Webb, Chairman of the Board of Mechanics Bank. Mr. Webb, Mr. DeCero and Mr. Borrecco will also become members of a newly created Office of the Chairman, which will chart the future direction of the combined bank.

Under a strategic business combination announced in March, Mechanics Bank is set to acquire Rabobank, N.A.’s retail, business banking, commercial real estate, mortgage, and wealth management businesses. The combined entity is slated to operate under the Mechanics Bank name, with 144 branches and in excess of $17 billion in total assets.

“This unique Co-CEO structure will put tremendous experience and expertise at the helm of our new bank,” said Mr. Webb. “Both John and Mark are very successful CEOs, and their individual capabilities, skills and personalities are highly complementary of one another. Working together, they will be a powerful and successful team in unlocking the full potential of this unique franchise and establishing Mechanics Bank as the premier community bank in California.”

Following the close of the transaction, Mr. DeCero will oversee commercial banking, wealth management and indirect auto finance at the new organization. With more than 29 years of banking experience, he has served as President & CEO of Mechanics Bank since October 2016. He was a co-founder of California Republic Bank, which was acquired by Mechanics Bank in 2016. He built a successful commercial banking group for the former Western Financial Bank and has also held positions at Citicorp and Comerica Bank. Born and raised in Chicago, he has a degree in finance from Augustana College in Illinois.

Mr. Borrecco will oversee the retail banking and consumer lending activities at the combined organization. A 25-year banking veteran, he was named CEO of Rabobank, N.A. in 2015. Prior to that, he was national retail sales manager for Bank of the West and has held positions at several other financial institutions, including Wachovia and World Savings. A California native, he received a bachelor’s degree in economics from California State University, Fresno.