During the past month, federal banking regulators have received nearly three dozen applications to acquire banks.
First-quarter merger transactions of at least $1 billion increased 130 percent during the first quarter from a year earlier and amounted to $9 billion, Merrill DataSite reported last month. The report noted that most merger transactions were placed on hold coming out of the credit crunch early last year. The recent improvements reflect a strengthening economy.
The three partners at Manderson, Schafer & McKinlay LLP, which launched just last fall, “have extensive experience in M&A and private equity, securities, bankruptcy and restructurings,” a news release Tuesday said. The Newport Beach, Calif.-based law firm touted its role in advising Signature Group Holdings on its acquisition of Fremont General Corp. and helping the company convert around $770 million in operating losses to offset future tax liabilities. That plan is expected to be approved by a bankruptcy judge in the U.S. Bankruptcy Court for the Central District of California.
The Office of Thrift Supervision reported that it approved Baltimore-based Fairmount Bank’s application to convert to a stock form of organization.
Union Savings Bank recently announced the completion of its acquisition of First Litchfield Financial Corp., parent of The First National Bank of Litchfield.
The following bank merger applications were reported by the Federal Reserve Board and the Office of the Comptroller of the Currency.
