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Schiff Hardin Represents First Mid-Illinois Bancshares in Acquisition of First BancTrust Corporation

Schiff Hardin is representing First Mid-Illinois Bancshares, a financial holding company, in its acquisition of First BancTrust Corporation.

News Release

Schiff Hardin Adds Tax Partner Olga Bogush in New York

Transactional Tax Practice Adds Depth to Firm’s M&A, Private Equity, and Finance Capabilities

News Release

Schiff Hardin Advises Wintrust on Two Chicago-Area Bank Acquisitions

Schiff Hardin advised Wintrust Financial Corporation (Nasdaq: WTFC) on the successful completion of its acquisition of Chicago Shore Corporation, the parent company of Delaware Place Bank.

News Release

Schiff Hardin Recognized as an “Illinois Powerhouse” Law Firm

Schiff Hardin LLP is proud to announce that the firm has been named a 2018 “Illinois Powerhouse” by Law360 in recognition of its significant and precedent-setting work over the last year.

News Release

Schiff Hardin Represents First Mid-Illinois Bancshares in Its Pending Acquisition of SCB Bancorp, Inc.

Schiff Hardin is representing First Mid-Illinois Bancshares, Inc. in the pending acquisition of all of the outstanding stock of SCB Bancorp, Inc.

News Release

Schiff Represents Wealth Adviser Gary Hirschberg in Launch of Aaron Wealth Advisors

Schiff represented veteran wealth adviser Gary Hirschberg, who spent the last 12 years at Goldman Sachs advising multi-generational families on taxation issues and philanthropy, in the launch of a new independent wealth management firm called Aaron Wealth Advisors.

News Release

Thirteen Attorneys Named New York Metro Super Lawyers and Rising Stars

Schiff Hardin LLP is pleased to announce that 11 attorneys have been recognized on the 2018 New York Metro Super Lawyers list and two have been named Rising Stars.

News Release

Schiff Hardin Advises Wintrust in Two Chicago-Area Bank Acquisitions

Schiff Hardin advised Wintrust Financial Corporation (Nasdaq: WTFC) on the signing of a definitive agreement to acquire STC Bancshares Corp., the parent company of STC Capital Bank, which operates five banking offices located in the communities of St. Charles, Geneva, and South Elgin, Ill.

News Release

Schiff Hardin Advises Wintrust on Three Year-End Acquisitions

Schiff Hardin LLP advised Wintrust Financial Corporation (Nasdaq: WTFC) on the recent completion of three bank and financial institution acquisitions.

News Release

Schiff Advises First Mid Bancshares, Inc. in Pending Acquisition of LINCO Bancshares, Inc.

Schiff Hardin LLP is serving as legal counsel to First Mid Bancshares, Inc. in its pending acquisition of LINCO Bancshares, Inc. for an aggregate purchase price of approximately $144.9 million.

In The News
News Release

Schiff Advises First Mid Bancshares on Pending Acquisitions of Delta Bancshares Company, St. Louis-Based Loan and Deposit Portfolio

Schiff Hardin LLP is advising First Mid Bancshares, Inc. on two separate recently announced transactions.

News Release

Schiff Advises Leaders Bank in Announced Merger Agreement

Schiff Hardin LLP is representing The Leaders Bank in its announced merger with Providence Bank & Trust.

News Release

Schiff Advises Washington Savings Bank on Acquisition of First National Bank of Mattoon

Schiff Hardin represented Washington Savings Bank on its acquisition of The First National Bank of Mattoon.

News Release

Schiff Advises Wintrust on $570M Purchase of Loan Portfolio from Allstate

Schiff Hardin advised Wintrust Financial Corporation (Nasdaq: WTFC) on its purchase of a $570 million loan portfolio from The Allstate Corporation (NYSE:ALL) and becoming the preferred national lender to Allstate agents.

Newsletter
Trending Legal Issue
Trending Legal Issue

SEC Proposes Clawback Rules

On July 1, 2015, the Securities and Exchange Commission (SEC) issued a proposed rule that implements the clawback provisions of the Dodd-Frank Act.

Alert

Amendments to Regs E and Z for Prepaid Accounts – Not so EZ

On October 5, the CFPB released its final rule to amend Regulations E and Z which extended the scope of its coverage – it applies to prepaid cards bought at your local convenience store as well as prepaid accounts that are used entirely online, such as digital wallet accounts.

Alert

Banking Agencies Remind Banks about Correspondent Banking and BSA/AML Compliance

Releases like the August 30, 2016 “Joint Fact Sheet on Foreign Correspondent Banking: Approach to BSA/AML and OFAC Sanctions Supervision and Enforcement” summarizing expectations and existing obligations in the area of correspondent banking tend to follow observations of non-compliance in the subject matter summarized.

Alert

CAMELS Ratings: What They Mean and Why They Matter

In the context of regulation, there is no single number more important to a bank than its composite CAMELS rating.

Alert

Coming Soon: New Incentive Comp Limits for Financial Institutions

In June 2016, several federal agencies published a proposed rule on incentive-based compensation arrangements, which implements an important section of the Dodd-Frank Act.

Alert

ISS and Glass Lewis Policy Updates for the 2016 Proxy Season

With the 2016 proxy season getting started, we would like to remind clients that Institutional Shareholder Services (ISS) and Glass Lewis have each made some revisions to their 2016 voting policies. If your proxy statement involves any of the following topics, you should review these updates.

Alert

Narrowing the Channel into Section 546(e)’s Safe Harbor?

The Seventh Circuit recently reopened a circuit split by asking the rhetorical question: When you receive a letter from a friend through the mail, do you ordinarily say that the letter was sent by the friend or the post office?

Alert

Regulating FinTech

Over the last few years, financial technology, commonly referred to as FinTech, has been used to describe a multitude of firms, activities, and capabilities for financial services.

Trending Legal Issue

3.0 Model Debenture SBIC Ltd Partnership Agreement Now Available

The SBIC has posted Version 3.0 of its Model Debenture SBIC Limited Partnership Agreement.

Article

Schiff Hardin Advises Wintrust in Acquisition of First Community Financial Corporation

Schiff Hardin advised Wintrust Financial Corporation (Nasdaq: WTFC) on the successful completion of its $30 million acquisition of First Community Financial Corporation, the parent company of First Community Bank, an Illinois state-chartered bank.

Alert

The Fifth Pillar and FinCEN’s New Rules on Customer Due Diligence

FinCEN’s New Rules on Customer Due Diligence are not only significant in substance and scope, but will also require a substantial investment in time and money as covered financial institutions prepare to implement the new (fifth) pillar for an AML program in time for required compliance on May 11, 2018.

Alert

CFTC Enters its First Non-Prosecution Agreements

The U.S. Commodity Futures Trading Commission (CFTC) recently announced its first use of non-prosecution agreements – in connection with three Citigroup employees accused of utilizing spoofing strategies.

Alert

FinCEN Renews Real Estate GTOs to Identify High-End Cash Buyers in Six Metro Areas

Yesterday, the Financial Crimes Enforcement Network (FinCEN) announced the renewal of certain Geographic Targeting Orders (GTOs) that temporarily place specific anti-money laundering-related reporting requirements on U.S. title insurance companies.

Trending Legal Issue

FinTech and the Consumer

Illinois Banker Magazine

Alert

House Passes Financial CHOICE Act to Amend Dodd-Frank

The recent passage of the Financial CHOICE Act -- “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs” (the “CHOICE Act” or the “Act”) – by the U.S. House of Representatives heralds the long anticipated repeal of certain material parts of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Alert

SEC Considers Modernization of Industry Guide 3 for Bank Holding Companies

Earlier this month, the SEC published its Request for Comment on Possible Changes to Industry Guide 3 (Statistical Disclosure by Bank Holding Companies) (the Request).

Alert

Successful Community Reinvestment amid Evolving Technology and Innovation

In 1977, Congress passed the Community Reinvestment Act (“CRA”) to encourage banks and other financial institutions to meet the needs of the communities in which they operate, specifically those neighborhoods comprised primarily of low- and moderate-income populations.

Alert

Top 10 Issues Facing Financial Institutions in 2017: #10 – Compliance with Consumer Laws

Regardless of any potential Consumer Financial Protection Bureau (CFPB) overhaul, financial institutions that offer or provide products or services directly or indirectly to consumers still face challenges complying with consumer laws.

Alert

Top 10 Issues Facing Financial Institutions in 2017: #2 Mergers & Acquisitions

Higher valuations, improving multiples, more capital, and the potential for regulatory relief are all contributing to increased consolidation in the financial institutions market in 2017.

Alert

Top 10 Issues Facing Financial Institutions: #8 – Capital Planning

As valuations and capital increase as a result of the improving economy, institutions are busy assessing and preparing for capital needs.

Alert

Top 10 Issues Facing Financial Institutions in 2017

On the heels of a new administration taking over, the renewed prospect for regulatory reform in financial services, and positive economic developments, growth is top of mind for many financial institutions.

Alert

Top 10 Issues Facing Financial Institutions in 2017: #3 – BSA/AML and OFAC Compliance

The more things change, the more they stay the same. Such is the case with the challenge of complying with the Bank Secrecy Act (BSA) and anti-money laundering (AML) and economic sanctions rules for financial institutions.

Alert

Top 10 Issues Facing Financial Institutions in 2017: #4 Cybersecurity

Cybersecurity is emerging as one of the most significant and potentially dangerous risk areas facing financial institutions.

Alert

Top 10 Issues Facing Financial Institutions in 2017: #5 – FinTech

Financial technology, commonly referred to as FinTech, describes many different things relating to financial services companies’ activities and capabilities.

Alert

Top 10 Issues Facing Financial Institutions in 2017: #6 Third-Party (Vendor) Risk Management

Third party risk management continues to receive a heightened degree of attention from the regulatory community, especially the enforcement apparatus

Alert

Top 10 Issues Facing Financial Institutions in 2017: #7 Corporate Governance and the Culture of Compliance

Financial institutions also face challenges that are less prescriptive than others we have profiled in this series. One example is governance and culture.

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Top 10 Issues Facing Financial Institutions in 2017: #9 – Data Security and Privacy

On top of addressing general cybersecurity concerns, financial institutions must also minimize the risk of a data breach that could compromise customer financial or personally identifiable information.

Alert

Treasury Issues Report on Regulatory Reform in the Banking Sector

On June 12, 2017, the U.S. Treasury released its first report on the Trump in response to Executive Order 13772, on the Administration’s Core Principles for Regulating the U.S. Financial System.

Article
Alert

New Pass-Through Deduction Presents Tax Planning Opportunities for Pass-Through Owners

The Tax Cuts and Jobs Act (the “Act”) will dramatically change the tax treatment of income from many partnerships, limited liability companies, and S corporations.

Alert

Risks Remain for Banks Servicing the Hemp Industry

While the latest guidance on regulating financial services for hemp businesses may feel like a turning point, current banking regulations will likely continue to inhibit hemp businesses from integrating into the mainstream financial system.