Client Success: Financial Institutions Team.
Kilpatrick Townsend client, Ameritas offers a wide range of insurance and financial products through a number of affiliated companies. One of these companies is Acacia Federal Savings Bank, a $1 billion savings institution located in Falls Church, Virginia. With the implementation of the Dodd-Frank Act of 2010, the Ameritas Board of Directors determined to refocus its energy on its core insurance and investment businesses and dispose of its banking subsidiary. The result was the execution of an agreement with Customers Bancorp, Inc., Wyomissing, Pennsylvania under which Customers Bancorp will acquire all of the stock of Acacia Federal Savings Bank for a combination of common and non-voting common stock and preferred stock valued at $65 million. The transaction would result in Ameritas becoming the largest shareholder of Customers Bancorp. Scott Brown, Aaron Kaslow, Michael Mancusi and Ravi Desai served as counsel to Ameritas.
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