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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.


Background

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


Early years

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
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,
Santa Fe Railroad The Atchison, Topeka and Santa Fe Railway , often referred to as the Santa Fe or AT&SF, was one of the larger railroads in the United States. The railroad was chartered in February 1859 to serve the cities of Atchison and Topeka, Kansas, and S ...
, the
Ford Motor Company Ford Motor Company (commonly known as Ford) is an American multinational automobile manufacturer headquartered in Dearborn, Michigan, United States. It was founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles ...
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 World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...
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 The Kaiser Shipyards were seven major shipbuilding yards located on the United States west coast during World War II. Kaiser ranked 20th among U.S. corporations in the value of wartime production contracts. The shipyards were owned by the Kais ...
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.


Expansion

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 Richmond is a city in western Contra Costa County, California, United States. The city was incorporated on August 7, 1905, and has a city council.
. In 1990 the bank began expanding outside of Western Contra Costa County, adding offices in
Walnut Creek A walnut is the edible seed of a drupe of any tree of the genus '' Juglans'' (family Juglandaceae), particularly the Persian or English walnut, '' Juglans regia''. Although culinarily considered a "nut" and used as such, it is not a true ...
, Pleasant Hill, Concord,
Oakland Oakland is the largest city and the county seat of Alameda County, California, United States. A major West Coast of the United States, West Coast port, Oakland is the largest city in the East Bay region of the San Francisco Bay Area, the third ...
,
Marin County Marin County is a county located in the northwestern part of the San Francisco Bay Area of the U.S. state of California. As of the 2020 census, the population was 262,231. Its county seat and largest city is San Rafael. Marin County is a ...
, and Napa Valley. This was followed by later additions of Mechanics Bank offices in
San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
,
El Dorado Hills El Dorado Hills (''El Dorado'', Spanish for "The Golden") is an unincorporated town and census-designated place in El Dorado County, California. Located in the Greater Sacramento region of Northern California, it had a population was 50,547 at ...
, Elk Grove,
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, and Lafayette. In 1995 the bank reached 1 billion dollars in assets. In 2009 during the
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the bank refused 60 million dollars in bailout money (TARP). The bank is currently remodeling all of its retail locations to be
LEED Leadership in Energy and Environmental Design (LEED) is a green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating systems for the design, constructio ...
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 disclosed a tender offer to buy 51% of the bank 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.


References


External links


Official website
{{Authority control Richmond, California Companies based in Richmond, California Banks based in California Pinole, California Banks established in 1905 1905 establishments in California