Insurance Companies’ Acquisition or Chartering of Banks – Is It Time?

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Why combine banks and insurance companies now? 
The advantage of a banking charter are:  low-cost funding; fee-based income; asset flexibility; prudent maturity-transformational options; wealth management opportunities; and cross-marketing.  Banks seeking acquisition will find new buyers and better pricing through understanding these benefits.

Why fear the Federal Reserve?

The Federal Reserve’s final capital rules may not require insurance companies to greatly increase capital.  For insurance companies that are not SIFIs (systemically important financial institutions), i.e. all but the largest firms, Federal Reserve supervision and regulation may not be too costly and burdensome.  On the other hand, there are prohibitions on certain affiliate transactions, and Fed supervision can be intrusive throughout the organization, and the new capital ratios may still be too costly.

Why fear the FDIC?

The FDIC may start approving FDIC insurance applications again for de novo banks, which provide another option for insurance companies to enter the banking business.  Approval may also be given for limited purpose banks that limit their activities to one or a few banking functions, such as lending.

Educational Objectives:
The educations objectives are to learn:  
• Whether non-traditional M&A is right for your company 
• The odds for success of chartering or acquiring a bank or being acquired by an insurer 
• Obstacles to overcome to get the deal done
• How to think about the likely return on investment

Who would benefit most from attending this program?
Insurance company execs; corporate development professionals; investment bankers; buy-side analysts; in-house and outside counsel.

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Karen Shaw Petrou, Managing Partner, Federal Financial Analytics, Inc.

Karen Shaw Petrou was dubbed by the American Banker in 2012 the “sharpest mind 
analyzing banking policy today -- maybe ever.”  She is the co-founder and Managing Partner of Federal Financial Analytics, Inc., a privately-held company that, since 1985, has provided analytical and advisory services on legislative, regulatory, and public-policy issues affecting financial services companies doing business in the U.S. and abroad. The firm’s practice is a unique blend of strategic advice and policy analysis that does not include lobbying or any other projects that would compromise its objectivity and independence. This, Petrou believes, gives boards of directors, senior management and regulators the best advice on emerging issues on which to base their own strategic planning and advocacy.

Ms.Petrou is a frequent speaker on topics affecting the financial services industry. In addition to presentations to Congress, foreign legislatures and government agencies, she has spoken before such organizations as the Japanese Diet, the Office of the Comptroller of the Currency, various Federal Reserve Banks, the Economist’s Buttonwood conference, the Securities Industry and Financial Markets Association, the American Bankers Association, The Clearing House, the Financial Services Roundtable, the Institute of International Bankers, the Conference of State Bank Supervisors, the American Bar Association, the Brookings Institution, the American Institute of Certified Public Accountants, the National Association of Manufacturers, and many other industry, academic and policy-maker audiences. She has also authored numerous articles in professional publications such as the American Banker and International Economy, as well as general-interest media like The New York Times and Wall Street Journal. Ms. Petrou appears frequently in the media as an expert on banking legislation and regulation.


John Beaty, Partner, Venable LLP

John B. Beaty is a partner in the Financial Services Practice Group in the Washington, DC office of Venable LLP.  Mr. Beaty concentrates his practice on matters arising under federal and state laws governing the activities of banks and related providers of financial services. A major focus of Mr. Beaty’s work is on advising corporate leaders on strategic opportunities for financial institutions given the changing world of federal regulations and helping those institutions obtain approvals from federal and state regulators to pursue those opportunities.  In particular, Mr. Beaty has obtained requisite approvals to structure affiliations of insurers, brokers and banks, including establishing de novo depository institutions.

Prior to joining Venable 20 years ago, Mr. Beaty served as in-house General Counsel to the First American Banks of Virginia, D.C., and Maryland and assisted in selling those institutions to First Union Corporation. During the previous banking crisis, he was an Assistant General Counsel at the Federal Deposit Insurance Corporation, serving as head of the Resolution Trust Corporation’s Professional Liability Section, and earlier, was an Assistant General Counsel at the Federal Home Loan Bank Board (which became the Office of Thrift Supervision).  Mr. Beaty obtained his JD from the University of Chicago Law School.  Mr. Beaty is admitted in the District of Columbia, Maryland and Virginia.

Ronald R. Glancz, Partner, Venable LLP

Ron Glancz is the Chair of Venable's Financial Services Group.  Mr. Glancz represents financial institutions of virtually every type -- banks, savings associations, bank and thrift holding companies, insurance companies, securities firms, and credit unions - and represents companies and investors seeking to become or acquire a bank. He also represents directors and officers of financial institutions.

Mr. Glancz is recognized for leadership in banking law by both The Best Lawyers in America and Chambers USA: America's Leading Lawyers for Business.  He served as assistant general counsel and acting deputy general counsel of the Federal Deposit Insurance Corporation. Mr. Glancz was director of the Litigation Division, Office of the Comptroller of the Currency. He was an assistant director, Civil Division, Department of Justice, where he represented the Federal Reserve, OCC, and FDIC in many of the leading banking cases.  Mr. Glancz was vice-chair of the American Bar Association's Banking Law Committee and chair of the Subcommittee on Insurance Services and vice-chair of the Audit and Examination Subcommittee.

Bridget Hagan, Partner, The Cypress Group


Bridget Hagan is a Partner at The Cypress Group, a lobbying and consulting firm in Washington, DC specializing in financial services. She is the head of the firm’s insurance practice, and leads a coalition of federally supervised insurance companies, in addition to supporting the firm’s banking clients.


Prior to joining Cypress Group, Bridget was head of Nationwide’s Washington, DC office of federal government relations. 


Before joining Nationwide in June 2002, Bridget was with the American Academy of Actuaries as a pension policy analyst. She also worked as a legislative aide for Congressman Earl Pomeroy.


Bridget is a cum laude graduate of Harvard University, and holds a Bachelor’s degree in government. She is a magna cum laude graduate of Georgetown University Law Center and is licensed to practice law in Virginia and Washington, DC.


Originally from Alexandria, VA, Bridget is the second-youngest of 12 children, seven of whom were adopted.  She is the mother of three girls, ages 9, 6, and 2.