Mechanics Bank Announces $165 million Aggregate Special Dividend

Rhea-AI Summary

Mechanics Bank (MCHB) has declared a special cash dividend of $2,569 per common share, payable on August 5, 2021 to stockholders of record as of August 2, 2021. The Bank's Board will evaluate future dividends based on operations, financial condition, and capital requirements. Mechanics Bank, founded in 1905, is a leading California-based bank with approximately $19 billion in assets and a strong deposit franchise comprising 123 branches.

Positive

• Declared a special cash dividend of $2,569 per share, enhancing shareholder value.
• Strong asset base of approximately $19 billion indicates stability.

Negative

• None.

Mechanics Bank (ticker: MCHB) today announced that its Board of Directors declared a special cash dividend, representing $2,569 per common share, payable on August 5, 2021 to all common stockholders of record as of the close of business on August 2, 2021. The determination to pay dividends in the future will be evaluated by the Board of Directors and will depend upon, among other factors, results of operations, financial condition, capital requirements and contractual restrictions.

About Mechanics Bank

Mechanics Bank is an independent, full-service community bank headquartered in Walnut Creek, California, with approximately $19 billion in assets, a best-in-class deposit franchise and 123 branches. It was founded in 1905 to assist local businesses and families and has remained focused on building lasting customer relationships throughout its storied history. Today, Mechanics Bank is one of the largest California-based banks and continues to earn its reputation as a successful and trusted financial partner committed to helping consumers, businesses and communities grow and prosper. Mechanics Bank provides a highly personalized relationship banking experience that includes consumer and business banking services, commercial lending, cash management services, and comprehensive trust, investment and wealth management services. Mechanics Bank received a rating of “Outstanding” from its primary regulator, the Federal Deposit Insurance Corporation (FDIC), for its most recent Community Reinvestment Act examination period of May 2016 through April 2019. Mechanics Bank is a Member FDIC institution and Equal Housing Lender.

Additional information about Mechanics Bank can be found online at www.mechanicsbank.com.

Forward-Looking Statements

This press release contains forward-looking statements. All statements made other than statements of historical fact are forward-looking statements. You can identify these statements from our use of the word "believe" or the negative of this term and similar expressions. These statements, which have been included in reliance on the "safe harbor" provisions of the federal securities laws, involve risks and uncertainties. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

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FAQ

What is the dividend amount for Mechanics Bank (MCHB)?

Mechanics Bank has declared a special cash dividend of $2,569 per common share.

When is the Mechanics Bank (MCHB) dividend payment date?

The special cash dividend will be paid on August 5, 2021.

What is the record date for the Mechanics Bank (MCHB) dividend?

The record date for the dividend is August 2, 2021.

How does Mechanics Bank (MCHB) evaluate future dividends?

Future dividend payments will be evaluated based on results of operations, financial condition, and capital requirements.