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Situation
A regional bank decided to sell one of its smaller, low-performing
banks. Community members found out about the sale and became
concerned the bank may be purchased and lose its community
focus. The community members formed a holding company to
buy the bank, but needed help understanding and navigating the
regulatory requirements involved. Since the bank was considered a
low-performing bank, regulators were hesitant to approve the sale.
Solution
The Eide Bailly team worked with the holding company to fully understand all facets of this transaction. We then prepared detailed financial projections to establish the bank's potential for
growth and success and worked with the regulators to explain these projections and alleviate their concerns. Eide Bailly's
banking expertise and regulatory knowledge helped ensure a smooth approval process.
Results
- Helped holding company complete a successful bank purchase-
allowing bank to remain local.
- Provided guidance to help bank grow from $20 million to more
than $200 million in 15 years.
- Continued relationship with bank, providing tax services, strategic
planning and general consulting.
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