Photo of Daniel C. McKay, II

Daniel C. McKay, II concentrates his practice in the representation of financial institutions and corporations and their officers, directors and shareholders in connection with mergers and acquisitions, securities offerings, corporate finance, corporate governance and regulatory and compliance matters. He has been involved in more than 150 bank or thrift  mergers and acquisitions/securities offerings, with aggregate consideration of these deals totaling over $50 billion.

Vedder Price is pleased to announce that it represented Byline Bancorp, Inc. (Byline), parent company of Byline Bank, in its announced merger with Inland Bancorp, Inc., parent company of Inland Bank and Trust, pursuant to which Inland will combine with Byline in a cash and stock transaction valued at approximately $165 million.

Continue Reading Vedder Price Represents Byline Bancorp, Inc. in Its Merger with Inland Bancorp, Inc.

On October 18, 2022, the FDIC finalized a rule to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points, beginning in the first quarterly assessment period of 2023.  The stated purpose of the increase in assessment rate schedules is to “increase the likelihood that the reserve ratio of the Deposit Insurance

On March 30, 2022, the Federal Deposit Insurance Corporation (the “FDIC”) issued a notice regarding a proposed Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions (the “Principles”).  The notice also requests comments from the public on the proposed Principles.  The Principles are substantively similar to those issued by the Office of the Comptroller of the Currency on December 16, 2021.  As proposed, the Principles would create a high-level framework for the safe and sound management of exposures to climate-related financial risks.

Continue Reading UPDATE: FDIC Issues Proposed Statement of Principles for Managing Exposure to Climate-Related Financial Risks

On March 31, 2022, the Federal Deposit Insurance Corporation (the “FDIC”) published a Request for Information in the Federal Register (the “ROI”) soliciting comment from the public concerning the application of the laws, practices, rules, regulations, guidance, and statements of policy that apply to merger transactions involving banks, including mergers between banks and

On November 18, 2021, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (FRB) (each, an “Agency” and, collectively, the “Agencies”) finalized a uniform regulation, codified at 12 C.F.R. Part 53, 12 C.F.R. Part 225.300 and 12 C.F.R. Part 304, with the stated purpose of improving the sharing of information about cybersecurity incidents harmful to the U.S. banking system (the “Regulation”). Pursuant to the Regulation, banks will be required to notify their primary federal regulatory Agency within thirty-six (36) hours of “any significant computer-security incident.”

Continue Reading Federal Bank Regulators Expand Duty to Notify after a Cybersecurity Event