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BANK MERGERS & ACQUISITIONS PROJECTS
*A representative list of Bank Mergers & Acquisitions Projects
A Regional Private Lender, Los Angeles, California
The client was a Wall Street investment bank interested in taking a position in this high leverage, high interest rate lender making loans against a variety of residential product on both coasts. The loan balances tended to be very large and secured by significant properties located within tony neighborhoods. Many of the loans were in-process construction with several draws remaining, some with significant cost overruns already identified. In order to provide a quick, yet comprehensive view of the overall book, templates were developed for key information needed to assess the nature of each loan and how well it was secured. Market research was used and personal financial statements from borrowers were assessed to determine the quality of each loan.
A Small State Bank, Arizona
The client was a regional bank wanting to leverage it’s market position with a more geographically focused footprint. The loan book was both residential and commercial and was secured by a wide range of collateral quality. The client was more interested in cost containment and speed than the depth of the dive on each loan. Thus, simple templates were developed for key information needed to assess the nature of each loan and how well it was secured. Little market research was used and personal familiarity with similar property types as well as these property markets was relied upon.
Wilmington Trust Bank, Wilmington, Delaware
The client was an acquiring bank interested to control Wilmington Trust’s footprint in DE, NJ and PA. Wilmington Trust had a significant commercial book secured by a wide variety of properties including condominium towers, mixed-use, office, and retail. The client required a deep dive on the structure of each loan and the collateral itself, so as to better understand the implications of its counter-party risk with Wilimington’s interest rate swaps and collateral risk for loans subordinate to ground-leases, among a variety of other issues. The deliverable was an extensive outline of each loan structure, a snapshot of the collateral economics in the present and an order of magnitude forward projection, and an assessment of the likely resolution of the loan. Extensive amounts of market research were used, property tours conducted and several local market participant interviews were conducted.
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