Overview
The Barack Ferrazzano Financial Institutions Group served as legal counsel to Gifford Bancorp, Inc. (“Gifford”), the holding company for The Gifford State Bank, in its definitive agreement with Piper Holdings, Inc. (“Piper”), the holding company for The Fountain Trust Company, whereby Piper will acquire Gifford and Gifford State Bank in an all-cash transaction.
Upon completion of the transaction, Piper will have approximately $850 million in total assets with more than 165 employees across eight counties in Indiana and Illinois. The transaction is expected to close in the first quarter of 2026, with the conversion of accounts happening soon thereafter, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of Gifford’s shareholders.
“The merging of these two established institutions allows us to provide a broader range of banking services to our customer base, and our larger combined lending limit will allow us to continue to grow and become a bigger player in our communities,” said Tony McLain, President & CEO of Gifford.
Barack Ferrazzano’s legal team was led by Financial Institutions Group partner Abdul R. Mitha with assistance from associate Camryn C. Dreyer. Executive compensation and benefit matters were handled by partner Andrew K. Strimaitis and associate Alex Freund.
