Lawyer pink slips abound in bank mergers; acquired banks' in-house and outside counsel experience the biggest losses
Article Abstract:
Corporate counsel most likely to feel the layoff impact in bank mergers are the acquired banks in-house and outside counsel. A National Law Journal survey of bank mergers in the mid-1990s showed that buyers dictate who will get laid off, and that in-house counsel experienced in derivatives and transactional work, while outside counsel with specific experience are more likely than generalists to keep theirs. If trends of the past continue to hold true, more than half of in-house counsel will be dismissed, at the extremes, while outside counsel may lose as much as 90% of their bank-supplied fees.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1997
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Bank boards ponder adopting new pills; poison pill activity among banks is heating up in response to recent hostile takeovers and pill expiration dates that are nearing
Article Abstract:
Many banks must consider adopting poison pill provisions due to a resurgence in hostile takeovers of financial institutions and the expiration this year of many first-generation poison pills. The measures themselves and the law regarding them both developed significantly in the late 1980s, and should be taken into account in crafting replacements. Important new features include the Adverse Person trigger, Continuing Director provisions, and more. Bank boards may need a refresher in the value and mechanics of poison pills.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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As the number of players shrinks, oversight grows: the mergers of financial institutions give rise to antitrust and fair lending concerns, as well as corporate and structural issues
Article Abstract:
The advent of nationwide interstate banking on Sept 29, 1995, marked the end of nine months of unprecedented merger activity among the nation's banks, and the trend will continue. Careful planning and forethought will help any institution to make the best of this complex situation. Topics discussed include antitrust and regulatory oversight, corporate and structural issues, taxes and accounting, conduct of due diligence, special representations and warranties, negative covenants, and bridging provisions.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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- Abstracts: Financial institutions tend to long-term ties; in-house counsel and outside representation remain stable. Corporate counsel post can lead to power seat
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