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Mechanics Bank is a full-service community banking financial institution headquartered in Walnut Creek, California.
The Associated Press, 29-01-2009, access date 01-29-2009
It was founded in 1905 and serves markets in throughout the state of California. The bank has over $17 billion in assets and over 1,000 associates at more than 130 retail branches. Mechanics Bank also previously owned the naming rights to two event venues in
Bakersfield, California Bakersfield is a city in and the county seat of Kern County, California, United States. The city covers about near the southern end of the San Joaquin Valley, which is located in the Central Valley region. Bakersfield's population as of th ...
, the
Mechanics Bank Arena Dignity Health Arena is a multi-purpose arena in Bakersfield, California. Located downtown at the corner of Truxtun Avenue and N Street, it was built in 1998, and was originally known as Centennial Garden, a name submitted by local resident Brian ...
and Mechanics Bank Theater and Convention Center.


History

Mechanics Bank was originally chartered as The Iverson Bank and Trust Company, founded in Richmond in 1905. It was renamed as The Mechanics Bank in 1907. Shortly after it was renamed, Edward M. Downer joined the organization, and by 1919 he had purchased a controlling interest and soon became president. E.M. Downer (1869–1938) was a prominent official in the town of
Pinole Pinole, also called pinol, is roasted ground maize. The resulting powder is then used as a nutrient-dense ingredient to make different foods, such as cereals, baked goods, tortillas, and beverages. For example, it can be mixed with a combination ...
who created the "Bank of Pinole", the precursor to Mechanics Bank.E.M. Downer
https://www.mechanicsbank.com, access date 29-01-2009
In 1889 at the age of 20 E.M. Downer was appointed as Transfer Agent and Telegrapher for Southern Pacific Railroad's Pinole Depot railroad station. The depot became the town hub and he subsequently opened a laundromat and started '' The Pinole Weekly Times'' newspaper. Later the depot was selected as the location for the infant city's first post office and Downer became the first postmaster. After the community incorporated in 1903 he became the first city clerk and afterwards mayor. The beginnings of the bank were in 1905 when E.M. Downer began offering financial services to his acquaintances from a floor safe in his office. This was a great convenience to the residents because the closest bank at the time was at the Contra Costa County seat at Martinez, away. In 1915 he became second vice president and later, in 1919 after purchasing a controlling interest, he became president until his death in 1938. He was succeeded by his son E.M. Downer Jr. in 1939 who served as president until 1978.E.M. Downer Jr.
https://www.mechanicsbank.com, access date 29-01-2009
After starting the Bank of Pinole in 1905, E.M. Downer joined Mechanics Bank in Richmond. The Downer family has led Mechanics Bank through most of its history, starting with E. M. Downer who ran the Bank through the 1920s boom years when Richmond was a major West Coast industrial center. Mechanics Bank served
Standard Oil Standard Oil Company was a Trust (business), corporate trust in the petroleum industry that existed from 1882 to 1911. The origins of the trust lay in the operations of the Standard Oil of Ohio, Standard Oil Company (Ohio), which had been founde ...
,
Santa Fe Railroad The Atchison, Topeka and Santa Fe Railway , often referred to as the Santa Fe or AT&SF, was one of the largest Class 1 railroads in the United States between 1859 and 1996. The Santa Fe was a pioneer in intermodal freight transport; at variou ...
, the
Ford Motor Company Ford Motor Company (commonly known as Ford) is an American multinational corporation, multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. T ...
and their employees during this period. Downer also successfully led the bank through the
Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...
while many other banks succumbed. In 1939, E.M. Downer Jr. became president. During
World War II World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...
Richmond became a major hub of industrial and shipping activities and the bank experienced explosive growth as did Richmond. Over 70,000 new residents were attracted to the city largely to the
Richmond Richmond most often refers to: * Richmond, British Columbia, a city in Canada * Richmond, California, a city in the United States * Richmond, London, a town in the London Borough of Richmond upon Thames, England * Richmond, North Yorkshire, a town ...
Kaiser Shipyards The Kaiser Shipyards were seven major shipbuilding yards located on the West Coast of the United States, United States west coast during World War II. Kaiser ranked 20th among U.S. corporations in the value of wartime production contracts. The ...
and other World War II home front industries (see '' Rosie the Riveter National Park''). Mechanics Bank created the first personal, automobile and appliance loans in Northern California in addition to the first drive-in banking operation. From 1941 to 1945, the bank more than quadrupled in size. E.M. Downer III became president in 1971.E.M. Downer III
https://www.mechanicsbank.com/, access date 29-01-2009
In 1980, the Bank moved its headquarters to the Hilltop neighborhood of
Richmond, California Richmond is a city in western Contra Costa County, California, United States. The city was municipal corporation, incorporated on August 3, 1905, and has a Richmond, California, City Council, city council.
. In 1990 the bank began expanding outside of Western Contra Costa County, adding offices in Walnut Creek, Pleasant Hill,
Concord Concord may refer to: Meaning "agreement" * Harmony, in music * Agreement (linguistics), a change in the form of a word depending on grammatical features of other words Arts and media * ''Concord'' (video game), a defunct 2024 first-person sh ...
,
Oakland Oakland is a city in the East Bay region of the San Francisco Bay Area in the U.S. state of California. It is the county seat and most populous city in Alameda County, with a population of 440,646 in 2020. A major West Coast port, Oakland is ...
,
Marin County Marin County ( ) is a county located in the northwestern part of the San Francisco Bay Area of the U.S. state of California. As of the 2020 census, the population was 262,231. Its county seat and largest city is San Rafael. Marin County is ac ...
, and
Napa Valley Napa Valley is an American Viticultural Area (AVA) in Napa County, California. The area was established by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) on February 27, 1981, after a 1978 petition submitted by the Napa Valley Vin ...
. This was followed by later additions of Mechanics Bank offices in
San Francisco San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...
,
El Dorado Hills El Dorado Hills (''El Dorado'', Spanish for "The Golden") is an unincorporated town and census-designated place in El Dorado County, California. Located in the Greater Sacramento region of Northern California, it had a population of 50,547 at ...
, Elk Grove, Roseville, and Lafayette. In 1995 the bank reached 1 billion dollars in assets. In 2009, in the aftermath of the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
, the bank refused $60 million in bailout loans from the
Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by U.S. Presi ...
. The bank remodeled all of its retail locations to be
LEED Leadership in Energy and Environmental Design (LEED) is a Green building certification systems, green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating ...
certified as part of an effort to "go green".Banking on the Environment
by Michael Scheibach, Bank News Publications, May 2008, access date 29-01-2009
In 2010, Dianne Daiss Felton (D.D.), the great-granddaughter of E.M. Downer was named chairman of the board. At the same time, E.M Downer's great-grandson, E. Michael Downer, was named vice chairman of the board, and E.M. Downer III (Eddie) was named chairman emeritus. In September 2014, Texas billionaire Gerald J. Ford acquired 51% of the bank via a
tender offer In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corp ...
. which was accepted. In 2016, Mechanics Bank completed a strategic merger with California Republic Bank of Irvine, CA. In 2018, Mechanics Bank completed a strategic acquisition of Scott Valley Bank of Yreka, CA. In 2019,
Rabobank Rabobank (; full name: ''Coöperatieve Rabobank U.A.'') is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation (Raboban ...
's North American retail operations merged with Mechanics Bank; the combined banks will do business under the Mechanics name. In 2024, the bank hired its new Chief Executive Officer C.J. Johnson.


References


External links


Official website
{{Authority control 1905 establishments in California Banks based in California Banks established in 1905 Companies based in Richmond, California Pinole, California Richmond, California