S&C’s Financial Services M&A Practice Leads Field in Banner Year

2019 was a strong year for Bank M&A deals, and S&C was proud to lead the way. The Firm advised on the top 5 bank M&A deals of 2019 by deal value:

• SunTrust in its $66 billion merger of equals with BB&T
• Texas Capital in its $5.5 billion merger of equals with Independent Bank
• First Horizon in its $3.9 billion merger of equals with IBERIABANK
• The financial adviser to TCF Financial in its 3.9 billion merger of equals with Chemical Financial
• Rabobank in its $2.1 billion sale of Rabobank N.A. to Mechanics Bank

The S&C teams advising on each of the SunTrust, Texas Capital and First Horizon transactions were led by Mitch Eitel, managing partner of the firm’s financial services practice, and Senior Chair Rodge Cohen. The S&C team advising on the Rabobank transaction was led by S&C partners Donald Toumey and Stephen Salley.

S&C’s leading role in bank M&A transactions is highlighted by our #1 ranking both in 2019 as well as across the past decade from 2010 to 2019 (source: Bloomberg).

In addition to bank M&A matters above, S&C advised clients across the financial services spectrum, totaling 80 financial services transactions in 2019, with a total deal value of over $355 billion. S&C's financial services lawyers work seamlessly in M&A and strategic matters across the banking, asset management, broker-dealer, exchange, financial technology, specialty finance and insurance sectors. Last year we also handled Fiserv’s $22 billion acquisition of First Data (led by partners Mark Menting and Jared Fishman), CIT in its $1 billion acquisition of Mutual of Omaha Bank (led by partner Camille Orme and Mitch Eitel), Axioma’s $850 million acquisition by Deutsche Börse (led in the U.S. by partner Andrew Gerlach), SoftBank Group Capital in its $200 million Series D investment in Lemonade (led by partner Marion Leydier), and Tokio Marine’s $3.1 billion acquisition of Pure Group (led by partner Robert DeLaMater).

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