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Banking

LeClairRyan's Banking Industry team is composed of veteran attorneys who are well respected for their depth of experience and knowledge related to the financial services industry. We provide business counsel on all types of financial transactions as well as represent banking industry clients in litigation in state and federal courts across the nation. Our client list includes: 

  • National and regional commercial banks 
  • Investment banks 
  • Funds 
  • Mezzanine and sub-debt lenders 
  • Community banks 
  • Commercial finance companies 
  • Commercial lessors

As the finance industry emerges from an era of major change and adapts to a new business climate and financial landscape, our attorneys are poised to pave the way in helping clients become respected leaders in this revolutionized market. Covering the full spectrum of issues related to the banking industry, we singularly focus on providing clients with legal strategies as well as business solutions.

Our team members possess a depth of experience related to banking and financial services law within their particular area of practice, working collaboratively to protect your company’s best interests. Utilizing a multidisciplinary approach, our attorneys provide clients with business counsel and legal representation in matters ranging from labor and employment to corporate services issues as well.

Lending and Leasing Transactions

Our attorneys frequently advise leading financial institutions on a variety of lending and leasing transactions, consistently achieving maximum strategic advantages for clients.

Our distinctive lending and leasing strengths include: 

  • Commercial and private bank lending transactions 
  • Asset-based lending 
  • Real estate and construction lending 
  • Aircraft and art-secured lending 
  • Equipment, vehicle and aircraft leasing and financing transactions 
  • Purchase and sale of lease portfolios 
  • Acquisition and sale of leasing companies 
  • Syndications 
  • Inter-creditor arrangements 
  • Troubled Asset Relief Program (TARP) funding 
  • Multi-currency facilities
  • Factoring (purchase and sale of accounts receivable)

In addition, our team's bankruptcy attorneys represent lenders and lessors with workouts, real estate and UCC foreclosures, and provide creditor representation in bankruptcy proceedings. We also advise community banks in formation, capital raising, mergers and acquisitions, and proxy matters.

Litigation and Regulatory Compliance

Our team consistently tries cases to verdict and achieves favorable and quantifiable results for financial institutions in matters related to collections, fraud, check kiting, lender liability, securities and consumer claims, among others.

Members of our team also represent financial institutions in compliance matters and enforcement actions related to Anti-Money Laundering (AML) statutes, the Foreign Corrupt Practices Act (FCPA), and regulations issued by the U.S. Department of Treasury Office of Foreign Assets Control. Collectively, our attorneys possess experience from regulatory agencies, law enforcement (including a former high-level supervisor from a U.S. Attorney’s Office), and the in-house corporate environment. Such a diverse range of regulatory and compliance exposure enables our team to provide finance industry clients with top-notch counsel and representation.

We skillfully handle enforcement issues, assessing compliance needs, reviewing existing AML policies and procedures, and counseling our clients to implement and maintain new compliance programs, which meet both best practices standards as well as regulatory requirements.

Discovery Solutions

LeClairRyan's Legal Solutions Center offers clients the experience and depth necessary to help individuals and businesses involved in banking litigation navigate all aspects of modern discovery. We ensure our clients have access to a strategically leveraged combination of skilled discovery professionals, secure processes and cutting-edge technologies. By utilizing project teams to offer cost-effective, tailored approaches to each client, the discovery professionals LeClairRyan partners with create world-class, custom solutions for projects of all sizes.

Representative matters:

Loan Origination 

  • Represented a lender in connection with a $450 million term loan made to a high net worth individual 
  • Represented national bank in $700 million revolving credit and letter of credit facility secured by private equity fund capital commitments 
  • Represented national bank in $300 million revolving credit facility secured by domestic and offshore hedge fund interests and management fees 
  • Represented national bank in $40 million revolving credit facility secured by fine art and real estate 
  • Represented a lender in a $200 million term loan facility to a hedge fund 
  • Represented a lender in providing a $50 million credit facility to a pharmaceutical products company 
  • Represented a lender in a $50 million multiple-advance term loan facility to a limited liability company 
  • Represented lender in $25 million revolving credit line for hedge fund borrower 
  • Represented lender in $50 million multi-currency credit facility secured by equity interests in foreign affiliates 
  • Represented lead lender in $24 million not-for-profit financing project participated among three lenders 
  • Represented lender in bank qualified bond financing for retirement community 
  • Represented lead lender in $40 million syndicated loan facility for aggregate, concrete and block company 
  • Represented senior lender in leveraged financing provided together with a mezzanine lender, for the acquisition of a foam products company by a private equity group 
  • Represented senior lender in $18 million senior secured credit facilities providing financing together with multiple subordinated facilities for the acquisition of a mid-Atlantic trucking company by investor group 
  • Represented various banks in connection with the implementation of their acquisition programs, merger strategy and the issuance of adjustable preferred stock, and public debt 
  • Represented a NY subsidiary of a major foreign commercial bank in a $200 million term loan to finance a major acquisition in the fashion industry 
  • Represented major U.S. lender in a $300 million revolving credit facility to the manager of several major off-shore hedge funds 
  • Represented major U.S. lender in a $45 million revolving credit facility secured by an aircraft that was under fabrication and required progress payments 
  • Represented major U.S. lenders as administrative agents, lenders, lead agents and arrangers in over $15 billion of subscription secured loan facilities to private equity funds (both on-shore and off-shore), secured by the unfunded capital commitments of the investors to such funds. Such transactions include syndications/clubbed deals/loan participations, as well as single-lender facilities.

Litigation 

  • Successfully obtained a full recovery for a bank client on a $50 million letter of credit in state court proceeding. Assisted client in liquidating $29 million in assets and obtained summary judgment for the remaining $21 million owed, plus attorneys’ fees and costs.
  • Successfully obtained $80 million judgment on behalf of client in matter involving foreclosure of a mortgage and claims against the debtor. Litigated over the course of several years in numerous state and federal courts in New Jersey and New York, this matter was tried to conclusion in 40 days.
  • Successfully represented regional bank and obtained a defense verdict in Boston's U.S. District Court after three-week jury trial. Investors who fell victim to a $32.6 million Ponzi scheme run by Bradford C. Bleidt sought to recover from the bank based on claims of aiding and abetting, conversion and negligence. The jury took less than two hours to deliver the verdict for the bank. 
  • Successfully obtained dismissal of $5 million claim brought by Ponzi scheme victim against regional bank on a motion to dismiss 
  • Successfully represented Banco do Brasil in obtaining summary judgment on claims relating to unpaid loans to foreign government. Banco do Brasil S.A. v. State of Antigua & Barbuda, 268 A.D.2d 75, 707 N.Y.S.2d 151 (1st Dep't. 2000) 
  • Represented a New York City-based community bank in a breach of loan agreement, in which an individual obtained a business loan based upon fraudulent representations and failed to make payments. After obtaining a judgment for full amount of the loan, plus attorneys' fees against both the business and the business owner, the business dissolved. Collected full amount of the judgment from the business owner after seeking the judicial sale of the individual's home. 
  • Successfully obtained judgment on behalf of regional bank after three-day bench trial in which plaintiff made allegations of fraud, breach of contract, negligence and conspiracy, alleging bank failed to protect funds held "in escrow" 
  • Obtained defense verdict for regional bank in a bench trial held in the Circuit Court of Roanoke County, Virginia, in which plaintiff alleged wrongful payments from a bank account 
  • Represented mortgage lending corporation in connection with a mortgage Ponzi scheme involving approximately 20 loans and $11.8 million in both bankruptcy court in the Eastern District of Virginia and state court litigation Virginia and Maryland 
  • Obtained summary judgment for regional bank in state court arising out of a customer's claim that it and a competitor entered into a conspiracy to injure the customer’s business, alleging $15 million in damages 
  • In a suit brought in bankruptcy court by a chapter 7 trustee against regional bank for allowing alleged unauthorized withdrawals from an account, obtained dismissal on grounds that trustee lacked standing (this decision was affirmed by the federal district court) 
  • Obtained summary judgment for a national bank (as assignee of a mortgage instrument) in a TILA and fraud claim, and successfully defending the verdict on appeal to the D.C. Circuit 
  • Obtained a jury verdict in federal court, affirmed on appeal, for a national bank in a four-day jury trial involving an $8 million international wire fraud claim 
  • Obtained summary judgment, affirmed on appeal, for a national bank in a $15 million "crooked bookkeeper" case where the bookkeeper, the controller in a small company, deposited into her personal account at the bank $15 million in company checks also drawn on the company's account at the same bank, each check being "signed" by the crook using the stamped signature of the company's authorized signer 
  • After a two-day trial, obtained a jury verdict in favor of a community bank against a customer alleging that the bank wrongfully paid more than $800,000 in forged checks drawn on the customer's account 
  • Obtained a defense verdict in state court in favor of a bank that was sued for allegedly wrongfully foreclosing on plaintiff's property 
  • Obtained summary judgment on behalf of a national bank in Maryland federal court on multiple claims arising out of a phony invoice and vendor check scheme, with exposure of in excess of $800,000

Restructures and Workouts 

  • Represent a mortgage lender in the restructure of 18 separate loans to two real estate development companies and a related construction company providing for payoff from the orderly sale of single family houses, approved residential lots and raw land 
  • Represent a secured lender in the restructuring of existing obligation and the extension of additional credit to a greeting card manufacturer and the subsequent sale of the company to a European competitor resulting in payment in full of all loans 
  • Represent a mortgage lender on the restructuring of mortgage loans on four contiguous retail, office and manufacturing properties including the granting of numerous cross easements to allow each property to be independently viable, the restructuring of the existing debts and the provision of additional financing for tenant fit up and building improvements 
  • Represent a secured creditor in connection with the workout of the obligations of a related age restricted residential project, assisted living facility and nursing home 
  • Represent a lender in the workout of loans related to a failed golf course project. Assist the lender with preparing loan modifications, preparing documents to secure additional collateral, and providing counsel regarding foreclosure, bankruptcy, loan restructuring, and selling of the notes
  • Represent lenders in connection with the sale of individual defaulted loans and defaulted loan portfolios

Securities Offerings 

  • Served as underwriter's counsel to a regional brokerage firm in a $21 million common stock offering 
  • Served as issuer's counsel to a regional bank in a non-cumulative convertible preferred stock offering for $60 million 
  • Served as issuer's counsel to a regional bank holding company in a $63 million common stock offering 
  • Served as issuer's counsel to a community bank in unit offering of common stock and convertible notes for $27 million 
  • Served as underwriter’s counsel to a regional brokerage firm in a non-cumulative convertible preferred stock offering for $20 million

TARP Funding 

  • Served as issuer's counsel to a bank holding company in a TARP fixed rate cumulative perpetual preferred stock offering of $18 million 
  • Served as issuer's counsel to a bank holding company in a TARP fixed rate cumulative perpetual preferred stock offering of $30 million 
  • Served as issuer's counsel to a bank in a TARP fixed rate non-cumulative perpetual preferred stock offering of $77 million 
  • Served as issuer's counsel to a bank in a TARP fixed rate non-cumulative perpetual preferred stock offering of $3 million 
  • Served as issuer's counsel to a bank holding company in a TARP fixed rate cumulative perpetual preferred stock offering of $59 million 
  • Served as issuer's counsel to a bank a TARP fixed rate cumulative perpetual preferred stock offering of $5 million

Mergers and Acquisitions 

  • Representing American National Bankshares in its $38 million acquisition of MidCarolina Financial Corporation 
  • Represented Union Bankshares Corporation in a $138 million acquisition of First Market Bank 
  • Represented Shore Financial Corporation in its $54 million sale to Hampton Roads Bankshares 
  • Represented Virginia Financial Group in the $235 million merger of equals with FNB Corporation that created StellarOne Corporation 
  • Represented BOE Financial Services of Virginia in its $44 million sale to Community Bankers Trust Corporation 
  • Represented F&M National Corporation in $1.2 billion sale to BB&T Corporation 
  • Represented Virginia Financial Group in acquisition of eight offices from BB&T/First Virginia in the amount of $202 million in deposits and $83 million in assets

Bankruptcy 

  • In re Champion Enterprises, Inc. (District of Delaware). Assisted in effectuating debtors' sale of assets and currently developing plan of reorganization in conjunction with the debtors 
  • In re LandAmerica Financial Group, Inc. (Eastern District of Virginia). Confirmed plan of reorganization; currently representing post-confirmation liquidation trustee 
  • In re Phase2Media, Inc. (Southern District of New York). Internet advertising agency that had a liquidating plan that was funded by litigation by the Committee and the debtor, and was confirmed in the Southern District of New York 
  • In re Premier Membership Services LLC (Southern District of Florida). Plan confirmed providing 30¬ – 40 percent payout to unsecured creditors guaranteed by principal owner of the debtor 
  • In re VP Energy, Inc. (Western District of Pennsylvania). Plan confirmed providing balloon promissory note issued by reorganized debtor and payable to Unsecured Creditor Trust 
  • In re ATLIS Systems, Inc. (District of Maryland). Plan confirmed providing payout to unsecured creditors based on future revenue

Equipment Leasing 

  • Represented equipment financing company with claims totaling more than $2 million in Chapter 11 bankruptcy case of asphalt company; negotiated cash collateral budget and adequate protection payments
  • Represented lenders in hundreds of matters involving replevin, detinue and workouts of troubled loans (including bankruptcies) with equipment as collateral
  • Represented debtors in bankruptcy and out-of-court workouts involving equipment and real estate as collateral
  • Represented lenders in bankruptcies and other matters involving troubled loans with real estate as collateral
  • Represented lenders regarding rights under participation agreements related to troubled loans
  • Represented lenders regarding troubled loans with government guaranties

Regulatory Compliance

  • Represent financial institutions in connection with matters before enforcement and regulatory agencies including the U.S. Department of Justice, the Securities and Exchange Commission (SEC) and various state Attorneys General's Offices; includes responding to subpoenas for documents as well as employee testimony 
  • Conduct internal investigations on behalf of audit committees and corporate compliance addressing issues of corporate governance and issues involving potential civil regulatory and criminal exposure 
  • Advise financial corporations, as well as their boards of directors and committees, in connection with corporate governance and compliance matters including issues related to the Foreign Corrupt Practices Act

Contact

  • Industry Team Co-Leader
    212.430.8029
  • Industry Team Co-Leader
    415.913.4946