Mechanics Bank

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, the Mechanics Bank Arena 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 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, Santa Fe Railroad, the Ford Motor Company and their employees during this period. Downer also successfully led the bank through the Great Depression while many other banks succumbed.

In 1939, E.M. Downer Jr. became president. During World War II 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 Kaiser Shipyards 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. In 1990 the bank began expanding outside of Western Contra Costa County, adding offices in Walnut Creek, Pleasant Hill, Concord, Oakland, Marin County, and Napa Valley. This was followed by later additions of Mechanics Bank offices in San Francisco, El Dorado Hills, 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 bank refused $60 million in bailout loans from the Troubled Asset Relief Program. The bank remodeled all of its retail locations to be LEED 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. 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'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

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1905 establishments in California
Banks based in California
Banks established in 1905
Companies based in Richmond, California
Pinole, California
Richmond, California