We were counsel for the first mutual to stock thrift conversion and are one of the most experienced law firms in the country in mutual to stock conversions and mutual holding company transactions.
Reorganizations and IPOs
We are one of the most experienced law firms in the country in mutual-to-stock conversions and mutual holding company transactions. These transactions are highly complex corporate reorganizations in which a company that is “owned” by its depositors (if it is a financial institution such as a savings bank) or by its members or policyholders (if it is a mutual insurance company) changes its form of organization. In this process, the mutual members’ rights are terminated in exchange for consideration, and the company converts to stock ownership. In many cases, these companies further reorganize so that the operating entity (i.e., the bank or insurer) is owned, directly or indirectly, by a holding company. Most of these transactions are linked with an initial public offering of the holding company’s shares. We have represented companies in transactions requiring approval from as many as four different regulatory agencies.