On the latest episode of The Bank Account, in preparation #SharkWeek, Jonathan and I discuss unsolicited offers and some of the approaches for bank boards to deal with them. Topics covered include:
- Senator Warren’s declaration that OCC Acting Comptroller Keith Noreika is a “swamp thing;”
- unsolicited versus hostile approaches;
- approaches to sell a bank, including full auctions, limited auctions, and negotiated transactions;
- the need to have a current strategic plan and an understanding of the financial impact of such plan;
- the value of having a Policy for Corporate Change to ensure discussions about offers to acquire the bank find their way to the boardroom for discussion by the full board;
- dealing with an unsolicited offer in the middle of a negotiated transaction; and
- the value of having experienced advisors, like Bryan Cave LLP, at your side as you address these issues.