Mechanics Bank (OTCPK:MCHB) entered into a definitive agreement to acquire California Republic Bancorp (OTCPK:CRPB) for approximately $290 million in cash on April 28, 2016. Under the terms of the transaction, California Republic shareholders will receive $37.19 per share in cash. Clients of both banks should continue to do business with their current bankers, and expect little to change as Mechanics Bank and California Republic are brought together.

Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory and shareholder approvals. The transaction is approved by the Boards of both Mechanics bank and Califoirnia Republic. The transaction is expected to close in the second half of 2016. As on September 13, 2016, the transaction has received regulatory approval from the FDIC and the California Department of Business Oversight. The merger is expected to close on or about October 1, 2016 Joseph N. Gulash, Ashwin Kakani, William Tong, Daniel Kerr of Keefe, Bruyette & Woods, Inc. acted as financial advisors and Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to California Republic. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mechanics.