Mechanics Bank (OTCPK:MCHB) signed a definitive agreement to acquire Learner Financial Corporation on February 12, 2018. Post-closing, Scott Valley Bank, subsidiary of Learner Financial, will be integrated with Mechanics Bank. Patrick Moty will remain market president in Redding. Scott Valley Chief Executive Officer, J. Craig Van Selow, will no longer be an executive with the new company. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. As of February 12, 2018, the transaction has been approved by the Boards of Directors of Mechanics Bank, Learner Financial and Scott Valley Bank. Federal regulators approved the deal in May 2018. The transaction is expected to close during the second or third quarter of 2018. Joe Gulash, Ashwin Kakani, Dan Kerr and Stewart Rickert of Keefe, Bruyette & Woods, Inc. acted as financial advisors to Learner Financial Corporation. Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to Learner Financial. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Mechanics Bank. Joe Gulash, Ashwin Kakani, Dan Kerr and Stewart Rickert of Stifel, Nicolaus & Company, Incorporated acted as financial advisors to Learner Financial Corporation.