US-based Mechanics Bank has inked an agreement to buy Learner Financial and its wholly owned subsidiary Scott Valley Bank for an undisclosed sum.
Scott Valley Bank operates as a business-focused community bank and has a work force of about 113 staff. The bank manages 11 regional commercial banking locations in Northern California and Oregon. It had about $692m in total assets as of 31 December 2017.
Upon completion of transaction, Scott Valley Bank will be merged with and into Mechanics Bank. Clients of both banks will continue to do business with their current bankers.
Commenting on the deal, Mechanics Bank president and CEO John DeCero said: “This is a great combination. It’s incredibly rare to find a business partner that shares a similar history, culture and set of values.
“Both Mechanics Bank and Scott Valley Bank have proud community banking traditions over 100 years strong. We believe this merger will offer customers and employees of both banks even greater strength and resources while maintaining our commitments to the communities we serve.”
Scott Valley Bank president and CEO Craig Van Selow said: “The combination of two storied, historic community banks in Northern California is an absolute natural union.
“Mechanics Bank offers our clients and our employees’ deeper resources and broader opportunities to continue the legacy of service to our communities and to reinforce our growth. We could not have hoped for a partner with a better understanding and appreciation of what hand-crafted banking really means.”
The transaction is slated to be concluded in the second or third quarter of 2018, subject to customary closing conditions, including the receipt of required regulatory approvals.