Katten Advises Two Publicly Traded Financial Institutions in $630 Million Worth of TARP Capital Purchase Program Transactions
December 1, 2008
CHICAGO – Katten Muchin Rosenman LLP is pleased to have represented Associated Banc-Corp and Taylor Capital Group Inc. in recent unrelated capital investments by the U.S. Department of the Treasury under its voluntary TARP Capital Purchase Program. The value of these transactions totaled nearly $630 million.
Katten advised Wisconsin-based Associated Banc-Corp in a $525 million sale of senior preferred shares and related common stock warrants to the Treasury. Associated Banc-Corp is a diversified bank holding company with assets of $22 billion.
Separately, the firm advised Chicago-based Taylor Capital Group, a $4 billion bank holding company for Cole Taylor Bank, in its sale of $104.8 million in senior preferred stock and related common stock warrants to the Treasury.
The Katten group advising Associated Banc-Corp was led by Robert J. Wild, a Chicago-based partner in the firm’s Corporate and Securities Practices and a member of its TARP Task Force. Additional Katten attorneys advising Associated Banc-Corp in this matter included Chicago-based partners Shannon S. Anglin and Daniel B. Lange (Employee Benefits and Executive Compensation), Washington-based partner Jeffrey M. Werthan (Financial Services), Chicago-based associates James B. Anderson (Corporate) and Michael R. Durnwald (Employee Benefits and Executive Compensation), and New York-based associate Palash Pandya (Corporate).
Jeffrey R. Patt, co-chair of Katten’s Mergers and Acquisitions Practice, led the Katten team advising Taylor Capital Group. Mr. Patt was assisted by Chicago-based partners Michael J. Diver (Corporate) and Ms. Anglin, along with Chicago-based associates Mr. Durnwald and David J. Kelly (Corporate).
Katten’s multidisciplinary Troubled Asset Relief Program (TARP) Task Force advises clients on all aspects of the U.S. Department of the Treasury’s TARP program created under the Emergency Economic Stabilization Act of 2008.
The TARP Task Force draws upon its bank regulatory experience and its prior experience representing the Resolution Trust Corporation in its disposition of defaulted illiquid assets, and includes attorneys in the areas of banking, structured finance and securitization, corporate and securities, executive compensation, real estate, financial services, derivatives, bankruptcy and litigation.
Katten’s TARP Task Force advises clients on:
Participating in the TARP Capital Purchase Program
Issuing the necessary preferred shares and warrants
Determining how the executive compensation rules apply to them
Structuring their compensation arrangements appropriately
Complying with public disclosure and regulatory requirements
Participating in programs requiring or encouraging loan modifications