Times Staff | Posted: Saturday, May 5, 2007 12:00 am
Rabobank, specializing in community banking and agricultural finance, this week announced it has completed the ,857 million acquisition of Mid-State Bancshares, the holding company for Mid-State Bank & Trust.
All of Mid-State/s 41 retail branches and seven commercial loan offices remain open for business, a company spokesman said.
The Mid-State franchise will be integrated into the Rabobank organization immediately but will continue to operate under the Mid-State Bank & Trust name until the fall, when it will be renamed Rabobank, the spokesman said.
As of April 30, all trading in Mid-State Bancshares common stock was terminated. Shareholders of Mid-State Bancshares will receive ,37 per share in cash.
Mid-State Bank & Trust Chief Executive Officer James W. Lokey will become president of Rabobank N.A. alongside current Rabobank N.A. President Rick Arredondo under the leadership of Ronald Blok, chief executive officer.
Lokey and Mid-State Bancshares Chairman Carrol Pruett, who helped found Mid-State Bank in 1961, will join the board of directors of Rabobank N.A.
The acquisition merges Mid-State Bank & Trust with Rabobank N.A., the California community bank, creating an ,8.1 billion bank with approximately 1,700 employees.
The combined bank now has 81 branches and 13 financial service centers spanning nearly 700 miles of California, from the Imperial Valley to the Sacramento metropolitan area.
May 5, 2007