De novo bank formation
Our attorneys represented Piermont Bank and its sponsor entity, Ivy Financial Development, in the formation and initial capitalization of Piermont Bank as a New York state-chartered, FDIC-insured, commercial bank. Piermont Bank is the first independent de novo FDIC-insured bank charter issued by the NY Department of Financial Services in more than a decade. As part of the formation of Piermont Bank, Arnold & Porter assisted Piermont with a private placement of its common stock and the exchange of common stock for the outstanding membership interests in the sponsor entity, Ivy Financial, which was ultimately merged into Piermont Bank.
Arnold & Porter also advised on every aspect of the regulatory process with the NY Department of Financial Services and the FDIC, as well as all corporate governance work, including preparation of the charter, bylaws, and all organizational resolutions for Piermont Bank. The capitalization transactions closed on June 25, 2019.