Business
Mechanics Bank Completes Sale of Fannie Mae Delegated Underwriting and Servicing Business Line to Fifth Third Bank
WALNUT CREEK, Calif., May 07, 2026--Mechanics Bancorp (Nasdaq: MCHB) announced today that Mechanics Bank, a wholly owned subsidiary, has completed the previously announced sale of its Fannie Mae Delegated Underwriting and Servicing ("DUS®") business line ("DUS Business") to Fifth Third Bank, National Association ("Fifth Third Bank") for aggregate cash consideration of approximately $126 million.
About this update from Mechanics Bancorp
[{"type":"text","content":"WALNUT CREEK, Calif., May 07, 2026--(BUSINESS WIRE)--Mechanics Bancorp (Nasdaq: MCHB) announced today that Mechanics Bank, a wholly owned subsidiary, has completed the previously announced sale of its Fannie Mae Delegated Underwriting and Servicing ("DUS®") business line ("DUS Business") to Fifth Third Bank, National Association ("Fifth Third Bank") for aggregate cash consideration of approximately $126 million.","length":445,"tagName":"p"},{"type":"text","content":"Under the terms of the completed transaction, Fifth Third Bank acquired Mechanics Bank’s approximately $1.8 billion DUS servicing portfolio, including associated escrow amounts, and hired Mechanics Bank employees who operate the DUS Business.","length":242,"tagName":"p"},{"type":"text","content":"About Mechanics Bancorp","length":23,"tagName":"p"},{"type":"text","content":"Mechanics Bancorp is headquartered in Walnut Creek, Calif., and is the financial holding company of Mechanics Bank, a full-service bank with $21.4 billion in assets as of March 31, 2026, and 166 branches across California, Oregon, Washington and Hawaii. Founded in 1905 to help families, businesses and communities prosper, Mechanics Bank offers a wide range of products and services in consumer and business banking, commercial lending, cash management services, private banking, and comprehensive wealth management and trust services.","length":536,"tagName":"p"},{"type":"text","content":"To learn more, visit www.MechanicsBank.com.","length":43,"tagName":"p"},{"type":"text","content":"Cautionary Note Regarding Forward Looking Statements","length":52,"tagName":"p"},{"type":"text","content":"This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements other than statements of historical facts included herein may be forward-looking statements. Generally, forward-looking statements include the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "goal," "upcoming," "outlook," "guidance" or "project" or the negative of those terms, or similar expressions. We do not assume any obli...