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February 7, 2019

Nelson Mullins Banking Team Takes Four of Top 20 Spots in Largest Bank Mergers

Nelson Mullins has handled four of the 20 largest bank mergers in the U.S. over the past 12 months, representing a total of $6.3 billion in equity transaction value, according to data regarding the largest bank mergers in S&P Global Market Intelligence compiled by Sandler O’Neill + Partners, L.P., a leading financial services sector investment banking firm.

The firm is tied for the second most active firm in the U.S. in such transactions. Greenville, S.C. partner John Jennings has been the lead attorney in three of these transaction, making him tied for the third most active lead attorney in the country in the large bank mergers included in the Sandler O’Neill data set.

“For decades, we have handled community bank mergers and built a team that has breadth and depth of experience and capabilities managing the unique issues associated with bank mergers.  We have grown into being able to deftly facilitate transactions of all sizes,” said Neil Grayson, head of the firm’s financial institutions practice group. “And clients find us to be responsive, efficient, and effective. We have been fortunate to have had the opportunity to work with wonderful clients and to play a part in their growth and success,” said Grayson.

In the most recent large merger transaction, a team including John Jennings, Allie Nagy, Lee Kiser, Brittany McIntosh, Craig Nazzaro, Ricky Davis, Liz DeVos, Samer Roshdy, and others represented Chemical Financial Corporation in its signing of a definitive agreement to combine with TCF Financial Corporation in an all-stock transaction valued at approximately $3.5 billion (view press release). The combined company will have approximately $45 billion in assets, $34 billion in total deposits, and more than 500 branches across nine states, including in four of the top 10 Midwest markets. The merger is the largest bank deal since last May and one of the biggest announced in the last five years, according to The American Banker.

In other deals noted in the top 20: 

  • A team of John Jennings, Ken Janik, Maurice Holloway, Brittany McIntosh, and Ricky Davis represented CenterState Bank in its definitive merger agreement to acquire National Commerce Corporation in an all-stock transaction valued at approximately $850.4 million entered into in November 2018 (view press release). CenterState operates as one of the largest community bank franchises headquartered in the state of Florida. With over $12 billion in assets, the bank provides traditional retail, commercial, mortgage, wealth management, and SBA services throughout Florida, Georgia, and Alabama.
  • A team of John Jennings, Ken Janik, Maurice Holloway, Ricky Davis, and others represented CenterState again in its acquisition of Charter Financial Corp. in a part-stock, part-cash transaction valued at approximately $365 million (view press release).
  • A deal team of former partner Brennan Ryan along with Allie Nagy, Nikki Lee, Lee Kiser, and others represented State Bank Financial Corporation in a definitive merger agreement with Cadence Bancorporation in a $1.5 billion deal. In this transaction, Allie Nagy, Nikki Lee, Charles Vaughn, and Lee Kiser also advised State Bank with respect to a complicated merger agreement true-up provision that provided approximately $73 million of additional stock for the shareholders of their client (view press release).

In addition to large bank merger transactions, Nelson Mullins has continued to be one of the nation’s most active firms with respect to community bank mergers, acquisitions, and securities law matters.  Among other transactions in 2018, Nelson Mullins represented Amalgamated Bank in its $120 million IPO,  served as underwriters’ counsel in the $100 million IPO for i3 Verticals Inc., and handled a total of 11 bank mergers.

Established in 1897, Nelson Mullins has more than 750 attorneys and government relations professionals with offices in 11 states and Washington, DC. For more information on the firm, go to www.nelsonmullins.com.

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