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Of Course It Can Be Done

One of our financial institution clients was once a mutually held concern, owned by its depositors, but wanted to become a shareholder-owned institution. And it wanted to do that while simultaneously acquiring another publicly held institution—something that had never been done before. There wasn’t much or any documentation to work from on such a transaction, but our team figured out how to get it done. Along with a lot of creative thinking and persuasion of relevant regulators, the deal required a simultaneous stock conversion, acquisition, two proxy solicitations, numerous regulatory applications, and an offering of shares in the new organization, but our team got the job done with a minimum of delay and disruption. In fact, the process went so smoothly that it has been imitated by others, and recommended as an example by regulators since.