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The Dallas investment group completed its tender offer for Mechanics Bank last month, culminating a three-year hunt for a target to serve as the base of its roll-up strategy. With that piece in place, the company is looking to buy other banks in northern California
May 26 -
Mechanics Bank in Walnut Creek, Calif., shook up its top leadership post following its sale to a Dallas investment group.
June 16
Mechanics Bank in Walnut Creek, Calif., has named three senior financial executives, about five months after a Dallas investment group acquired a majority stake.
The $3.5 billion-asset Mechanics named C.J. Johnson chief financial officer, Nathan Duda chief accounting officer and Fernando Pelayo controller, according to a Wednesday
Johnson was previously with Ford Financial, the Dallas group that
Johnson replaced Clinton Chew as CFO. Company spokeswoman Hatti Hamlin declined to comment on the reason for Chew's departure.
Duda previously was chief accounting officer at the $6.4 billion-asset Banc of California in Irvine. He joined Mechanics in July, according to his LinkedIn profile. The chief accounting officer position at Mechanics is new.
Pelayo was previously controller at Banc of California.
Mechanics has not yet found a chief executive to replace Christa Steele,
"It may be that he will stay for several months more," Hamlin said. "They don't have any clear candidate on the horizon at this point."
