Ford Financial Fund has held the the closing of Ford Financial Fund III with over USD1 billion in commitments. Ford Financial Fund is a private equity fund focused on investments in community banks.
The fund is co-managed by Gerald J Ford and Carl B Webb, who are among the nation’s most experienced and successful investors in and operators of a broad range of financial services companies. The General Partner committed USD155 million of its own capital across Fund II and Fund III, which are both fully invested in Mechanics Bank. Fund II closed in May 2013.
Fund III closes in conjunction with the acquisition of Rabobank, NA, by Mechanics Bank. Ford Financial Fund is the majority owner of California-based Mechanics Bank, now with over USD17 billion in total assets, a best-in-class deposit franchise and 144 branches. Fund III is Ford Financial Fund’s largest fund to date and includes the return of many highly valued current limited partners as well as a slate of quality first-time investors.
“We are very pleased with the significant interest in Ford Financial Fund III, which attracted an exceptional base of investors,” says.Ford. “It is gratifying to have many existing investors reaffirm their faith in us by participating in Fund III. We also had the opportunity to welcome many new and highly sophisticated investors as well.”
“The successful raise of Fund III in support of a large acquisition during a challenging market environment represents tremendous trust in our ability to effectively invest in unique financial services opportunities,” says Webb. “We deeply appreciate this participation and fully intend to earn the continued confidence of our limited partners by establishing the new Mechanics Bank as the premier community bank in California.”
