Attorneys & Professionals
Jeff Smith, a partner in the Vorys Columbus office and a member of the corporate group, was quoted in a story titled “Will BB&T-SunTrust Start a De Novo Wave?” that was featured in American Banker.
The story states:
“Big bank mergers were a catalyst for de novo activity before the financial crisis, said Jeffery Smith, a lawyer at Vorys, Sater, Seymour and Pease.
Some bankers may use the BB&T-SunTrust combination as a chance to reflect on whether they want to move to a smaller institution where they can have a greater impact and closer contact with clients, Smith said. Others could determine that they want to start a bank to help local communities.
‘The types of bankers that de novos tend to attract … have an entrepreneurial streak and that’s often not the environment they ting themselves in in a larger institution,’ Smith said. ‘I would certainly imagine that the BB&T-SunTrust merger would result in bankers looking at opportunities in smaller institutions in their markets, as we as potential de novo opportunities.’”
To read the entire story, visit the American Banker website. (Subscription may be required).