Arnold & Porter Assists Aurora Bank in Sale of Deposits to New York Community Bank
New York, NY -- On March 29, 2012, Arnold & Porter LLP's financial services group helped secure a definitive agreement to sell approximately $2.3 billion in deposit liabilities, the majority of which are brokered certificates of deposit, for Aurora Bank FSB ("Aurora") to New York Community Bank. Aurora, a subsidiary of Lehman Brothers Bancorp, Inc., is the 19th largest servicer of residential mortgages in the U.S., according to industry trade publication, Inside Mortgage Finance. The deal is estimated to close during the second quarter of 2012, subject to regulatory and third party approvals. Arnold & Porter has been advising Aurora Bank on the sale of its assets including residential mortgage servicing, the bank's largest asset, following the firm's representation of the Bank in its court-approved settlement with Lehman Brothers Holdings in November 2010. The team representing Aurora on the deposit sale was headed by partner Robert C. Azarow and counsel Howard L. Hyde, and included partners Brian C. McCormally and Cynthia D. Mann, and counsel Stephanie G. Nygard, all of whom are located in the firm's New York and Washington offices.
Widely acknowledged as one of the nation's leading financial services practices, the Arnold & Porter team of more than 35 lawyers provides US and international financial institution clients with comprehensive regulatory, litigation, legislative and transactional services. The practice group handles complex regulatory and transactional issues, represents clients in legislative matters, including Congressional hearings and investigations, and litigates cases involving the financial services industry at the administrative level and in state and federal courts, including the U.S. Supreme Court.