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Tuesday, Jun 2, 2026

Mechanics Bank to Have 2 CEOs

Mechanics Bank (OTCBB: MCHB) announced it will have two chief executives after its acquisition of Rabobank, N.A., a subsidiary of Rabobank Group.

Mechanics Bank CEO John DeCero, a well-known Orange County banker, will share the title with Rabobank CEO Mark Borrecco when the deal closes, which is expected sometime in the third quarter.

Carl B. Webb, chairman of the Board of Mechanics Bank, along with DeCero and 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 deal announced in March, Mechanics Bank is set to acquire Rabobank’s banking business for $2.1 billion. The combined entity is slated to operate under the Mechanics Bank name, with 144 branches and in excess of $17 billion in total assets.

DeCero will oversee commercial banking, wealth management and indirect auto finance. DeCero was a co-founder of California Republic Bank, which was acquired by Walnut Creek-based Mechanics Bank in 2016.

Borrecco, a 25-year banking veteran, will oversee the retail banking and consumer lending activities.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.

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