Regulators Approve Unique Thrift Merger/Conversion Transaction
The Office of the Comptroller of Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have approved the merger of Liberty Savings Bank, FSB, a federal mutual savings bank headquartered in Whiting, Indiana, with Peoples Bank SB of Munster, Indiana. The Barack Ferrazzano Financial Institutions Group acted as legal counsel for Liberty Savings Bank in this complex and unique transaction, where Peoples acquired the assets and liabilities of Liberty through a voluntary supervisory merger conversion of Liberty. As a result of this type of merger/conversion transaction, no shares were issued or cash or other consideration paid in the transaction. Approval was not required by the members of Liberty for the transaction, which was completed on July 1, 2015. Barack Ferrazzano's legal team was led by J. Brent McCauley and Abdul R. Mitha.
Barack Ferrazzano Financial Institutions Group
In recent years, our 30-attorney Financial Institutions Group has represented more than 250 financial institutions across the country, including buyers and sellers of financial institutions in more than 200 M&A deals. Our M&A experience is unparalleled-over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions, according to SNL Financial. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2015 report.