Mechanics Bancorp (MCHB) News & EventsMCHBNews & EventsMechanics Bancorp

Mechanics Reports Q2 Tangible Book Value of $7.56

Reports Q2 tangible book value per share $7.56. Reports Q2 CET1 capital ratio 14.39%. C.J. Johnson, President and CEO of Mechanics, said, "We had a strong second quarter financially and substantially completed our merger with HomeStreet. We also successfully sold our Fannie Mae DUS business line and paid $162 million in cash dividends during the quarter. Our merger was an unqualified success and I am very grateful to our employees for a job well-done on the integration. I look forward to getting back to "business as usual" and believe Mechanics is well-positioned for future growth."

Mechanics Bank Opens Wholly Owned Subsidiary in Delaware

Mechanics Bank has opened Mechanics Bank Trust Company of Delaware, a wholly owned subsidiary that provides complex trust planning and administration in accordance with the State of Delaware's laws. Heading Mechanics Bank Trust Company of Delaware is Cindy Brown, SVP and Director of Special Situs Trusts. Brown is an associate member of the Delaware State Bar Association. In addition, she serves on the Delaware Council on Banking.

Mechanics Bancorp Completes Sale of Fannie Mae Business for Approximately $126 Million

Mechanics Bancorp completed the previously announced sale of its Fannie Mae Delegated Underwriting and Servicing business line to Fifth Third Bank, National Association for aggregate cash consideration of approximately $126 million. Under the terms of the completed transaction, Fifth Third Bank acquired Mechanics Bank's approximately $1.8 billion DUS servicing portfolio, including associated escrow amounts, and hired Mechanics Bank employees who operate the DUS Business.