Mechanics Bank of Richmond (MCHB)

[Enterprising Investor]

Ford Financial Fund Receives Approval from California Department of Business Oversight to Acquire up to 65% of the Common Stock of Mechanics Bank (1/27/15)

DALLAS--(BUSINESS WIRE)--Ford Financial Fund II, L.P. (“Ford Financial”) announced today that its wholly owned subsidiary, EB Acquisition Company LLC (the “Purchaser”), has received the requisite approval of the California Department of Business Oversight to acquire up to 65% of the outstanding shares of common stock of Mechanics Bank (the “Bank”). As a result of this approval, shareholders of the Bank who have tendered or subsequently tender shares pursuant to the cash tender offer commenced by the Purchaser to acquire up to 65% of the outstanding shares of common stock of the Bank, on a fully diluted basis, at a price of $26,832.00 per share, in cash, without interest and less any applicable withholding taxes, on the terms and subject to the conditions set forth in the Amended and Restated Offer to Purchase, dated December 15, 2014 (the “Offer to Purchase”), will not be able to withdraw those shares, regardless of whether the offer is extended.

The Purchaser also announced today that it has further extended the expiration date of the offer. The tender offer is now scheduled to expire at midnight, New York City time, on February 27, 2015, unless extended by the Purchaser (such date and time, as the same may be extended or earlier terminated, the “Expiration Time”). The tender offer was previously scheduled to expire at midnight, New York City time, on February 16, 2015. As of 5:00 p.m., New York City time, on January 26, 2015, approximately 13,084 shares were tendered pursuant to the offer.

D.F. King & Co., Inc. is acting as the information agent for the tender offer. Requests for documents and questions regarding the tender offer may be directed to D.F. King & Co., Inc. at [phone] (toll-free) or [phone] (collect).

This press release is for information purposes only and is not an offer to purchase or a solicitation of an offer to purchase with respect to any securities. The tender offer is being made solely pursuant to the Offer to Purchase and related letter of transmittal, which set forth the complete terms of the tender offer.

About Ford Financial

Ford Financial is a private equity fund with approximately $755 million in commitments that is focused on investments in financial services companies. Ford Financial’s Co-Managing Members, Gerald J. Ford and Carl B. Webb, possess a rare combination of investment skill, deep industry expertise and decades of operational experience. Ford Financial invests in a variety of opportunities, from healthy companies in need of growth equity to troubled banks that need to be recapitalized. Unlike most private equity funds, Ford Financial is structured and prepared to become a bank holding company under applicable banking regulations.

http://www.businesswire.com/news/home/20150127006541/en/Ford-Financial-Fund-Receives-Approval-California-Department#.VMsIQ4ktGUk