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DeCero, Borrecco

DeCero, Borrecco

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.

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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.