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Roundtable on the Future of Retail Banking

the-bank-accountOn Friday, February 10, 2017, Jonathan and I sat down with our partners, Jim McAlpin, head of Bryan Cave’s Financial Services practice, and Dan Wheeler, head of Bryan Cave’s Fintech practice, to discuss the impact of financial technology on retail banking.  Like branching strategies, there isn’t necessarily one universally correct strategy with how community banks should address financial technology, but ignoring fintech completely is unlikely to be a viable long-term strategy.

On this episode of The Bank Account, Jonathan, Jim, Dan and I explore some possible approaches for addressing fintech, and relay some of the reactions that we’ve heard from successful community banks.

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Acquire or Be Acquired 2017 Takeaways

the-bank-accountJoining everyone else, we offer our takeaways from BankDirector’s 2017 Acquire or Be Acquired Conference, but we think we might be the first/only podcast recap of AOBA! Bryan Cave’s head of Financial Services, Jim McAlpin, joins Jonathan and me in a free ranging discussion of the conference in Episode 10 of The Bank Account.

Specific topics include some thoughts on KBW’s opening remarks, comments on the investor panel and keynote speech from US Bank’s Richard Davis, a discussion of the future of community banks and fintech, and a recap of the M&A simulation run in connection with FIG Partners at AOBA. We also get in a few Super Bowl LI predictions, in expectations that our hometown Atlanta Falcons will Rise Up!

Please click to subscribe to the feed on iTunes, Android, Email or MyCast. It is also now available in the iTunes and Google Play searchable podcast directories.

You can also follow-us on Twitter for updates between podcast episodes @RobertKlingler and @hightowerbanks.

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The Link Between Board Diversity and Smart Business

Our time is one of rapid technological and social change. The baby boom generation is giving way to a more diverse, technology-focused population of bank customers. In conjunction with the lingering effects of the Great Recession, these changes have worked to disrupt what had been a relatively stable formula for a successful community bank.

Corporate America has looked to improve diversity in the boardroom as a step towards bringing companies closer to their customers. However, even among the largest corporations, diversity in the boardroom is still aspirational. As of 2014, men still compose nearly 82 percent of all directors of S&P 500 companies, and approximately 80 percent of all S&P 500 directors are white. By point of comparison, these figures roughly correspond to the percentages of women and minorities currently serving in Congress. Large financial institutions tend to do a bit better, with Wells Fargo, Bank of America and Citigroup all exceeding 20 percent female board membership as of 2014.

However, among community banks, studies indicate that female board participation continues to lag. Although women currently hold 52 percent of all U.S. professional-level jobs and make 89 percent of all consumer decisions, they composed only 9 percent of all bank directors in 2014. Also of interest, studies by several prominent consulting groups indicate that companies with significant female representation on boards and in senior management positions tend to have stronger financial performance.

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Georgia Super Lawyers and Rising Stars 2013

Although service to clients will always remain more important than peer reviews, we are proud to announce that partners Walt Moeling, Kathryn Knudson and Jim McAlpin were each selected for inclusion as bank regulatory attorneys in Georgia Super Lawyers 2013.  In addition, partner Rob Klingler was named to the Georgia “Rising Stars” list for 2012.

Super Lawyers lists the top 5 percent of attorneys in a state or region who have attained a high level of recognition and professional achievement. Honorees are identified through peer surveys, independent research and a blue-ribbon panel review.

“Rising Stars” are chosen by their peers as being among the top up-and-coming lawyers (40 years old or younger, or in practice 10 years or less). Only 2.5 percent of the lawyers in the state were selected.

In total, 27 Bryan Cave lawyers in the Atlanta office were named Georgia Super Lawyers and an additional seven were named “Rising Stars.”  A complete list of Bryan Cave’s Super Lawyers and Rising Stars is available here.

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Moeling and McAlpin Present at AOBA

On January 27, 2013, Bryan Cave LLP Partners, Walt Moeling and Jim McAlpin, presented at the 2013 Acquire or Be Acquired Conference on “Charting Your Strategic Course in a Challenging Environment.

The presentation includes the results of the 2013 Bryan Cave Survey of thought leaders in the banking industry, and is available below.

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Media Mentions – September 28, 2012

With attorneys and staff worldwide, Bryan Cave attorneys are often quoted in the news.  Recent Media Mentions of Financial Institutions Group attorneys include:

Andreassen in Paybefore Update

DC Attorney Kristine Andreassen was noted as contributing to an article in the July edition of Paybefore Update concerning the Consumer Financial Protection Bureau’s proposed policy statement for disclosing consumer complaint information about financial products and services other than credit cards.  The bureau’s handling of a consumer complaint database for non-credit card products would closely mirror how it currently discloses credit card complaint data, a process that has drawn criticism. Among objections, the current credit card complaint database publishes “unverified claims” that name the banks, but not any specifics regarding the complaints.  Andreassen is a contributing editor to Paybefore.

Atkinson in American Banker

Charlotte partner B.T. Atkinson was quoted August 15 by American Banker regarding election year uncertainty, and how it is affecting M&A work.  “The election is more likely to come up in the more red states.  They are looking at the election with hope that things will get better, because they believe that it can’t get any worse,” Atkinson said.  “The current administration isn’t looking to do much about regulatory relief, and they hope that the new administration will.”  Atkinson noted that the Obama administration’s Jumpstart Our Business Startups Act, signed into law in April, has been a boon for many smaller banking companies that will no longer have to report to the Securities and Exchange Commission.  “The JOBS Act is tremendous because deregistering saves real money,” he said.  “That is one thing that has happened.”

Klingler in The Deal, Law360

Atlanta Partner Robert Klingler was quoted at length July 13 in The Deal and July 23 by Law360 concerning banks holding TARP funds and recent auctions by the U.S. Treasury of its stakes in these banks.  The Treasury on July 23 started an auction process involving the sale of preferred stock and subordinated debt positions it acquired in 12 banks as part of the Troubled Asset Relief Program, under which it invested $245.1 billion in 707 financial institutions.  The auction will be the fourth of its kind this year.  After the current sale, the Treasury still will hold positions in 325 banks.  Klingler told The Deal the preferred and sub-debt sale involving the 12 banks is happening now both because market conditions are right and because of the overarching idea that the government was never in the business of investing in private companies.  Political motives could be in play, too, he added.  “From a Washington outsider’s point of view, I think everything is political,” Klingler said.  “The fact that an election is rapidly approaching helps play into that.  The fact that the government has received a profit on the portfolio creates additional flexibility for them to say, ‘OK, let’s get out as soon as possible.'”  Click here to read the Law360 article.

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Media Mentions – July 24, 2012

With attorneys and staff worldwide, Bryan Cave attorneys are often quoted in the news.  Recent Media Mentions of Financial Institutions Group attorneys include:

Achenbach in American Banker

Ken Achenbach was quoted in a July 2 article in American Banker regarding the decline in FDIC Loss-Sharing Deals for failed-bank buyers as the economy improves. Achenbach said “If the FDIC loss share backstop is there, it certainly mitigates the risks involved in taking the portfolio . . . Given the limited amount of diligence you’re able to do in these deals, and particularly earlier in the economic cycle where there was much more price uncertainty in the real estate markets, people actively wanted that safety net. Over time, however, bidders may be becoming more comfortable with asset pricing and may be assigning less value to the protections of loss-sharing. In addition, the FDIC is now encouraging banks that are comfortable doing so to make non-loss share bids.”

Hightower in Bank Safety & Soundness Advisor

Jonathan Hightower was quoted July 2 by the Bank Safety & Soundness Advisor concerning new Basel III capital rules, and how community bankers might need to prepare for the changes sooner rather than later.  Hightower said the new rules probably won’t change acquisition, development and construction (ADC) lending behavior now, when so few banks are making ADC loans.  But he said it will impact future lending plans.  “Where you’ll really see a difference is when the market  comes back and banks get more comfortable thinking about reentering this market,” he said.  “there are lenders out there who know the business and have done this kind of lending for a long time.  But now, unless those loans meet some focused requirements, they’ll be subject to those higher risk weights.”

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Jim McAlpin and Rob Klingler to Present at PKM’s CFO Peer Group Meeting

On Tuesday, May 22, 2012, Atlanta partners Jim McAlpin and Rob Klingler will be presenting at Porter Keadle Moore’s CFO Peer Group meeting.

Jim will present “Risk Management from a Legal Perspective.”

The regulators are raising the bar for enterprise risk management at community banks. Bank boards and senior management need to be thinking of how to satisfy these requirements within the context of the limited resources that community banks can deploy.  One more area of focus is being added to an already crowded Board agenda.

Rob will present “The Impact of the Jobs Act on Community Banks.”

In a time of ever increasing regulation, Congress has passed the Jobs Act, a significant piece of deregulation of the federal securities laws. Public and private offerings are both impacted, and likely to be permanently changed. Capital is still hard to raise, but at least a few obstacles have been relaxed.

Please click here for more information or to register for the event.

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Building Value in a Changing Environment

A Letter to our Clients and Friends in the Financial Institutions Industry (Spring 2012)

Walt Moeling and Jim McAlpin spoke at the 2012 Acquire or Be Acquired Conference sponsored by Bank Director Magazine. Their topic was “The Path to Recovery – Building Value in a Changing Environment.” In preparation for their presentation at the AOBA conference, Walt and Jim surveyed a group of leading industry observers to obtain their insights. (A printer-friendly version of the Letter to Clients is also available.)

We thought you would be interested in what we heard this year in response to these questions, and the following is an excerpt from Walt’s and Jim’s presentation at the AOBA Conference:


6,800 commercial banks (91% of all U.S. banks) have assets of less than $1 billion. Only 560 banks have assets between $1 billion and $10 billion, and only 106 institutions have assets greater than $10 billion. 2,500 banks (33% of all U.S. banks) have assets less than $100 million.

Both ROE and ROA for banks with less than $10 billion in assets improved in 2011, but still were about 65% to 70% of historical averages.

Economists surveyed by The Wall Street Journal expect U.S. GDP growth of just 2.3% for 2012. [The Wall Street Journal, December 22, 2011.]

2012 Bryan Cave Survey

We surveyed 50 industry thought leaders, including bank consultants and advisers, investment bankers and partners at private equity firms. We asked them to look forward over the next few years and give us their thoughts on factors considered by bankers and boards of directors when conducting strategic planning. We received more than 40 responses from across the country. Many of our respondents have allowed us to share their comments either with attribution or anonymously.

What will be the pace of growth in the U.S. economy and in bank assets over the next 3 years?” 

Survey respondents consistently predicted the pace of growth in the U.S. economy over the next 3 years to be between 2% and 3%.

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Media Mentions – March 23, 2012

With attorneys and staff worldwide, Bryan Cave attorneys are often quoted in the news.  Recent Media Mentions of Financial Institutions Group attorneys include:

Klingler in American Banker

Atlanta Partner Robert Klingler was quoted March 15 in American Banker regarding an agreement reached between the U.S. Treasury Department and Pacific Capital.  UnionBanCal has agreed to buy Pacific Capital for $1.5 billion in cash, with the Treasury getting about $165 million in exchange for its 11 percent stake.  That would be about 90 cents on the dollar of the bailout money the Treasury invested in Pacific Capital through the Troubled Asset Relief Program.  Klingler said the deal is probably a good one for the Treasury.  “The ability to recoup an investment that is stressed at its face value is extremely difficult,” Klingler said.  “If the bank goes into receivership, the Treasury is looking at pennies — and that might be generous.  So the Treasury has shown a willingness to strike a deal that makes it more likely for the company to either find new capital or someone willing to acquire it.”

Moeling in SNL

Atlanta Partner Walt Moeling was quoted March 8 by SNL Financial regarding the fact that the FDIC increasingly has asked those bidding on failed banks to up their offers in order to help stem losses to the deposit insurance fund.  The practice is called “the best and final round” and has been used in 14 failed-bank transactions since July 2011.  The best and final round of bidding is a case of the FDIC acting like a “businessperson,” Moeling said.  “They’re charged with getting the best price.  They’ve done this some all along.  I don’t think it’s truly exceptional but I think they’re very focused on the fact that they have a deposit insurance fund valuation issue here.”  Click here to read the full article.

Blanchard in Safety and Soundness Report

Atlanta Partner Jerry Blanchard was quoted extensively March 5 in The Safety and Soundness Report regarding Pearson v. Delta Credit Union.  Delta Credit Union in Atlanta was hit with a $75.4 million damage award in a lawsuit filed by a Florida developer.  The two sides disagreed over what various terms of the loan documents meant, including whether the promissory note in question constituted a demand note.  Commentators suggested that some of the problems could have been adverted by more artful contract drafting.  Blanchard pointed out that if a note is called a demand note but contains terms and conditions that more closely resemble a term note there is a substantial risk that a court might conclude the parties entered into a term loan rather than a loan payable on demand.

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