- Corporate and Business Organizations
- Financial Institutions
- Franchising and Distribution
- Duke University School of Law, J.D., 1998, magna cum laude
Journal of Law and Contemporary Problems, Staff Editor, 1997-1998
- Miami University, B.S., 1995, summa cum laude
Bar & Court Admissions
- U.S. District Court for the Southern District of Ohio
- Admitted to practice law only in the states listed above.
Kim is a partner in the Vorys Cincinnati office and a member of the corporate practice group. Kim concentrates her practice on the representation of public and private companies, banking, securities, franchising and general corporate matters. She regularly represents companies in public and private securities offerings, mergers and acquisitions, contract negotiations, and franchising issues.
Additionally, Kim works closely with clients to ensure continued compliance with securities and banking laws and to develop best practices in the corporate governance and executive compensation areas.
Her career highlights include:
- Representing a private technology company in the sale of a majority of its interests to a private equity firm
- Representing First Defiance Financial Corp. in its $70.3 million acquisition of Commercial Bancshares
- Representing Camco Financial Corporation in its merger with Huntington Bancshares, Inc. for $97.0 million
- Representing a public Midwest regional financial services holding company in its private placement of $40.0 million with follow-on $5.0 million rights offering
- Representing a northern Ohio community bank in its acquisition for $40.4 million
- Representing an Ohio bank holding company in its Reg D offering
- Representing public and private company clients in connection with mergers, stock and asset acquisitions, franchising regulation, and executive compensation and governance issues
- Representing public company clients in initial public offerings, going private transactions, corporate disclosures, and Securities and Exchange Commission compliance and reporting
- Assisting financial services companies with complex financial regulations, trust preferred offerings and supervisory actions
- Assisting financial institutions in negotiating vendor contracts and complying with vendor management requirements
Kim has spoken publicly on the board’s role in mergers and acquisitions, cybersecurity and data breach response plans, vendor contract management, executive compensation, whistleblower and internal controls, NYSE amendments, TARP and the Capital Purchase Program, as well as the Gramm-Leach-Bliley Act and customer privacy.
Kim received her J.D. magna cum laude from the Duke University School of Law where she was a Staff Editor for the Journal of Law and Contemporary Problems. She received her B.S. summa cum laude from Miami University.
Professional and Community Activities
- ACG Cincinnati, Board of Directors, 2017-present; Secretary, 2018-present
- ACG M&A Roundtable Member, 2015-present
- ACG Cincinnati, Women’s Committee Chair, 2015-present
- Cincinnati USA Regional Chamber, WE Lead Class III, 2008-2009
- Cincinnati Ballet, Member, Board of Trustees, 2009-2011
Honors & Awards
- The Best Lawyers in America, Corporate Law, 2013-2020
- The Best Lawyers in America, Mergers and Acquisitions Law, 2020
- Ohio Super Lawyers Rising Stars, Securities and Corporate Finance, 2012-2013
- Lead Cincinnati Women of Influence, Class of 2013
- Cincinnati Business Courier Forty Under 40, August 2008
- One Hundred Wise Women, 2008-2009
- 8/15/2019One hundred and thirteen lawyers from Vorys, Sater, Seymour and Pease LLP were recently selected by their peers for inclusion in The Best Lawyers in America® 2020.
- 8/15/2018One hundred and thirteen lawyers from Vorys, Sater, Seymour and Pease LLP were recently selected by their peers for inclusion in The Best Lawyers in America® 2019.
- 8/17/2017One hundred and eight lawyers from Vorys, Sater, Seymour and Pease were recently selected by their peers for inclusion in The Best Lawyers in America® 2018.
- 8/15/2016One-hundred and eleven lawyers from Vorys, Sater, Seymour and Pease were recently selected by their peers for inclusion in The Best Lawyers in America® 2017.
- 2/16/2016Kim Schaefer, a partner in the Vorys Cincinnati office and a member of the corporate group, was a guest on BusinessWise. BusinessWise, a radio show that airs on WMKV and WLHS, profiles highly successful people, companies, organizations and relevant issues throughout the Cincinnati-Northern Kentucky region.
- 11/17/2015Schaefer Quoted in Soapbox Cincinnati Story Titled “Global Entrepreneurship Week Helps Startups Collaborate, Thrive, Avoid Pitfalls”Kim Schaefer, a partner in the Vorys Cincinnati office and a member of the corporate group, was quoted throughout a Soapbox Cincinnati story on Global Entrepreneurship Week.
- 8/17/2015One-hundred and eighteen lawyers from Vorys were recently selected by their peers for inclusion in The Best Lawyers in America® 2016.
- 8/18/2014One-hundred and ten lawyers from Vorys, Sater, Seymour and Pease were recently selected by their peers for inclusion in The Best Lawyers in America® 2015.
- 8/11/2014Vorys recently advised Insight Bank on its sale to First Financial Bancorp, the parent holding company of First Financial Bank, National Association.
- 5/29/2014Vorys, Sater, Seymour and Pease LLP recently advised Home Federal Bancorp, Inc., the parent company of Home Federal Bank in Nampa, Idaho, on its sale to Cascade Bancorp. The merger was completed on May 16, 2014.
- 4/16/2014Vorys ranked seventh nationally in the number of bank merger and acquisition transactions completed in FY2013, based on a report released by SNL Financial. Vorys was the only Ohio-based firm in the top 30 on this list.
- 8/14/2013One hundred and eleven lawyers from Vorys, Sater, Seymour and Pease were recently selected by their peers for inclusion in The Best Lawyers in America® 2014.
- 12/17/2012Seventy-Seven attorneys from Vorys, Sater, Seymour and Pease have been named 2013 Ohio Super Lawyers and Rising Stars.
- 12/7/2012Vorys Mentioned in American Banker Story Entitled “DCB in Ohio Completes $13.2 Million Capital Raise”Vorys was mentioned in an American Banker story about Delaware County Bank’s (DCB) completed capital raise. According to the story, the bank’s parent, DCB Financial, completed a sale of common stock to existing shareholders and local investors that netted $13.2 million in funds.
- 11/29/2012Kimberly Schaefer, a partner in the Vorys Cincinnati office, was featured in a Bank Director article about the changes included in the Jumpstart our Business Startups (JOBS) Act that made it easier for banks to remain private.
- 9/21/2012Kimberly Schaefer, a partner in the firm’s Cincinnati office, was quoted in a Business Courier story that highlighted the importance of reviewing all contracts and documents before signing.
- 8/23/2012One hundred and twenty-six lawyers from Vorys were recently selected by their peers for inclusion in The Best Lawyers in America® 2013.
- 12/2/2019Vorys Partner Kim Schaefer spoke at the 2019 Crowe Financial Services Conference on December 2-3, 2019.
- 9/27/2019Vorys Partners Jeff Smith and Kim Schaefer spoke at the 2019 Ohio Bankers League Convention on September 27, 2019.
- 9/24/2019Vorys Attorneys Kim Schaefer and Jason Hodges spoke at the 2019 BKD Financial Services Symposium on September 24, 2019.
- 9/6/2018On September 6, 2018, Vorys Partners Jeff Smith, Tony Weis and Kim Schaefer spoke at the 2018 Midwest Strategic Options Conference.
- 9/7/2017Vorys Partners Kim Schaefer, Jeff Smith and Tony Weis were speakers at the 2017 Strategic Options Conference hosted by the Ohio Bankers League and Vorys, Sater, Seymour and Pease LLP on September 7, 2017.
- 3/13/2017Vorys Partners Kim Schaefer and Jeff Smith were speakers at the webinar titled "Advising Directors and Officers: An Attorney's Guide" hosted by the National Business Institute on March 13, 2017.
- 1/13/2017Vorys Partners Adam Miller, Kim Schaefer and Tony Weis were speakers at the Preparing for the 2017 Proxy and Annual Report Season seminar on January 13, 2017.
- 11/15/2016Vorys Partners Adam Brandt, Adam Miller and Kim Schaefer were speakers at the EY Corporate Year-End Update on November 15, 2016.
- 9/26/2016Vorys attorneys Kim Schaefer and Jeff Smith were speakers at the 2016 OBL/ILFI Joint Convention on September 26, 2016.
- 2/25/2016Several Vorys attorneys were speakers at the Vorys Consumer Financial Services Summit on February 25, 2016 in Cincinnati, Ohio.
- 1/6/2016Vorys and Ernst & Young presented “Preparing for the 2016 Proxy and Annual Report Season” on January 6, 2015.
- 9/21/2015Vorys attorneys Kim Schaefer and Jeff Smith presented at the Ohio Bankers League and Illinois Bankers League Joint Conference on September 21, 2015.
- 1/30/2015Vorys and Ernst & Young will present ‘Preparing for the 2015 Proxy and Annual Report Season’ on January 30, 2015.
- 1/23/2015Vorys and Ernst & Young presented ‘Preparing for the 2015 Proxy and Annual Report Season’ on January 23, 2015.
- 9/4/2014Vorys attorneys Jeff Smith and Kim Schaefer presented at the OBL/ILFI Joint Convention on September 4, 2014.
- 1/31/2013Vorys and Ernst & Young presented 'Preparing for the 2013 Proxy and Annual Report Season' on January 31. Presenters discussed current issues and trends that companies will encounter as they prepare for the 2013 proxy and annual report season.
- 5/3/2012Vorys attorneys Terri Abare, Eric Richardson, Kim Schaefer, Kent Britt, and Jason Hodges participated in the seminar, The Best Defense is a Good Offense: How to Manage Litigation in the Workplace on May 3.
- 1/20/2012Vorys and Ernst & Young presented 'Preparing for the 2012 Proxy and Annual Report Season' on January 20. Presenters discussed current issues and trends that companies will encounter as they prepare for the 2012 proxy and annual report season.
- Summer 2019One of the “issues du jure” for the bank and thrift industry involves the benefit, or possibly lack thereof, of having a holding company.
- 11/21/2018On November 19, 2018, Institutional Shareholder Services Inc. (ISS) released updates to its proxy voting guidelines for 2019 (2019 Updates).
- 11/21/2017On November 16, 2017, Institutional Shareholder Services Inc. (ISS) released updates to its proxy voting guidelines for 2018 (2018 Updates). The 2018 Updates are effective for shareholder meetings on or after February 1, 2018. This alert summarizes the highlights of the 2018 Updates.
- 10/17/2017On October 12, 2017, the Securities and Exchange Commission (SEC) proposed amendments to various items of Regulation S-K that are intended to (1) modernize and simplify certain disclosure requirements in Regulation S-K and related rules and forms and (2) improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information.
- 3/27/2017On March 22, 2017, the SEC adopted an amendment to Exchange Act Rule 15c6-1(a) to shorten by one business day the standard settlement cycle for most broker-dealer securities transactions. Currently, the standard settlement cycle for these transactions is three business days (i.e., T+3). The amended rule shortens the settlement cycle to two business days (i.e., T+2).
- 11/21/2016Client Alert: Banks and Thrifts: Please do NOT Ignore the Latest Wave of Website Inaccessibility Demand LettersSeveral law firms nationally are in the process of issuing demand letters to banks, thrifts and various other businesses alleging website access barriers. The most recent wave of demand letters specifically target the banking industry. The letters demand changes to banks’ web pages and payment of substantial legal fees based on alleged violations of the Americans with Disabilities Act (the ADA).
- 6/17/2016Labor and Employment Alert: Major Changes Proposed for Incentive Compensation – Limited to Financial Institutions or Preview of Coming Attractions for Other Types of Employers?On June 10, 2016, six agencies that regulate financial institutions (FDIC, SEC, OCC, Federal Reserve Board, National Credit Union Administration, and Federal Housing Finance Agency) jointly proposed regulations regarding incentive compensation for financial institutions.
- 5/20/2016On May 17, 2016, the SEC updated its Compliance & Disclosure Interpretations (C&DIs) concerning the use of non-GAAP financial measures. The new guidance focuses on the calculation and presentation of non-GAAP financial measures in SEC filings and earnings releases subject to Regulation G and/or Item 10(e) of Regulation S-K.
- Spring 2016As the longest awaited sequel in years, financial regulators have finally revealed their revised interagency proposal to restrict incentive-based compensation arrangements for executives at financial institutions. In 2010, the Dodd-Frank Act obligated six agencies, including the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Officer of the Comptroller of the Currency, the Securities and Exchange Commission, the National Credit Union Administration and the Federal Housing Finance Agency, to establish rules prohibiting incentive-based compensation arrangements that would encourage inappropriate risk-taking.
- Winter 2016It’s all over the news and it’s top of mind with bank regulators: “Cybersecurity.” What happened with Target, Home Depot and Wyndham hasn’t helped. The last several years have been fraught with news story after news story about those crafty hackers who find vulnerabilities in a company’s system and steal private information or even redirect funds. And despite all of our technological advancements, the escalation in successful hacking attempts has no end in sight. Call them hackers, fraudsters or good old-fashioned crooks, from computer-savvy teenagers to state-sponsored groups, they are not going away. And, unfortunately, they seem at times to be two steps ahead of the latest security software and security vendors that are offering you and your financial institution protection.
- 10/26/2015With cybersecurity as THE hot button issue in bank and thrift risk management right now, and of course to help the industry celebrate “National Cybersecurity Awareness Month” (who knew?), bankers and their boards should take advantage of the FDIC informational teleconference on cybersecurity issues being held on October 28, 2015.
- 8/10/2015On August 5, 2015, the SEC voted 3-2 to adopt the final pay ratio disclosure rules imple¬menting Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).
- 7/30/2015In mid-2000, the SEC adopted Regulation FD to protect investors by creating a level playing field for all investors for access to material, nonpublic information. The SEC’s primary concern was that selective disclosure, and the perception of selective disclosure to analysts and institutional investors, of material, nonpublic information, leads to a loss of investor confidence in the integrity and fairness of the securities markets.
- 7/30/2015On June 9, 2015, the Federal Reserve, OCC and FDIC (as well as the SEC, CFPB and NCUA) issued a final interagency joint policy statement (JPS) establishing standards for assessing the diversity policies and practices of the entities they regulate.
- 7/30/2015Imagine the following scenario: your bank has just announced an agreement to be acquired by a larger institution that is entering your market for the first time. Two months into the process your CEO, CFO and chief lender tell the board that they have decided to accept offers from local competitors because (a) they will make more money, (b) they have a built-in customer following and (c) despite good relations with the buyer they are uncertain as to their future and have families to consider.
- 7/30/2015As the M&A environment heats up and industry chatter increases, banks and their boards need to be prepared to take advantage of strategic opportunities. Boards should have an M&A strategy in place and this preparation needs to take place before the situation arises.
- 7/6/2015On July 1, 2015, the SEC issued proposed rules that would require listed issuers to: • adopt and comply with a policy requiring the recovery of excess incentive-based compensation from the issuer’s executive officers in the event of material accounting restatements; and • disclose the listed issuer’s clawback policy and certain information relating to the application of such clawback policy.
- 5/5/2015On April 29, 2015, the Securities and Exchange Commission (SEC) proposed rules to implement Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which directs the SEC to require additional “pay-versus-performance” disclosure in any proxy information statements in which executive compensation disclosure is required pursuant to Item 402 of Regulation S-K.
- 4/3/2015Securities Alert: SEC Amends Regulation A Exemption to apply to Offerings of up to $50 Million of Securities AnnuallyOn March 25, 2015, the Securities and Exchange Commission (SEC) adopted amendments to Regulation A, which provides an exemption from the registration requirements of the Securities Act of 1933 (Securities Act) for smaller securities offerings by private (non-SEC reporting) companies.
- Spring 2015As 2015 gets under way, bank compensation committees are tasked with setting the bank’s executive compensation strategy for the year and effectively communicating that compensation structure to shareholders. Compensation committees need to strike a balance between a compensation program that attracts and retains employees and encourages those employees to take appropriate business risks while advancing the bank’s growth strategies and discouraging inappropriate risks.
- Spring 2015Maybe at one time your company was reporting to the Securities and Exchange Commission (SEC) and your company’s stock was listed on The NASDAQ Stock Market (NASDAQ). You were relieved when the Jumpstart Our Business Startups Act allowed you to terminate your SEC registration, even though it meant that your stock could no longer be listed on NASDAQ.
- Spring 2015During the past three years, a significant number of community banks and their holding companies (collectively, banks) throughout the United States elected to “go dark” by taking advantage of a provision in The Jumpstart Our Business Startups Act (JOBS Act). These banks were able to suspend their reporting obligations under Section 12(g) of the Securities Exchange Act of 1934 (Exchange Act) and deregister with the Securities and Exchange Commission (SEC) because they had fewer than 1,200 shareholders of record.
- 3/23/2015Enhanced Opportunities for Community Banks: The Federal Reserve’s Proposal to Raise the Threshold for Qualifying as a “Small” Holding Company from $500 million to $1 billion in Consolidated AssetsIn December 2014, Congress modified portions of Dodd-Frank to provide additional opportunities to reduce the regulatory burden on community banks. In response to this legislation, on January 29, 2015 the Federal Reserve Board (FRB) requested comment on several related proposals (and an interim rule) focused primarily on increasing the number of holding companies eligible for the reduced reporting and other requirements under the “small” holding company exclusion.
- 2/12/2015On February 9, 2015, the Securities and Exchange Commission (the SEC) proposed rules to implement Section 955 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which directs the SEC to require, by rule, each public company to disclose in any proxy or consent solicitation material for an annual meeting of the shareholders of the company whether any employee or director, or any designee of such employee or director, is permitted to hedge the company’s equity securities.
- 1/13/2015It is once again time for public companies to march into proxy season. While the SEC has not adopted any significant new rules or amendments effective for the 2015 proxy season, you should keep the following items in mind as you prepare.
- Winter 2014Following an extended dry spell for de novo bank applications, in what could be interpreted as a gesture to “kick-start” de novo conversations, the FDIC issued in November a somewhat “out of the blue” financial institutions letter (FIL-56-2014) containing a series of Q&As relating to procedural issues surrounding applications for deposit insurance.
- Winter 2014The Status, Issues and Relevant Ongoing Questions Related to DOMA Same-Sex Marriages, Secured Lending Transactions and Related Collection Issues in OhioWhen bankers see news reports about the Defense of Marriage Act (DOMA), Ohio’s Marriage Amendment and recent court cases involving same-sex marriages, they probably think in terms of constitutional, health care, employment and domestic issues.
- Winter 2014Both state and federal bank regulatory exam reports use references to Matters Requiring Attention (MRAs), Matters Requiring Board Attention (MRBAs) and Matters Requiring Immediate Attention (MRIAs) as mechanisms for bringing issues and concerns to the attention of financial institution boards.
- Winter 2014Community banks and thrifts have great reputations for their focus on customer service. Management and boards of financial institutions are accustomed to being thoroughly engaged and focused on maintaining and monitoring good relationships with their key customers at all levels.
- Summer 2014With developments over the recent years that include a number of high profile data breaches (e.g., Snowden and Target), the National Institute of Standards and Technology release of its recommendations titled the "Framework for Improving Critical Infrastructure Cybersecurity," and the enhanced regulatory exam focus on identifying an institution’s preparation and protections related to cyber risks, institutions and boards that fail to focus and create plans to deal with cyber risks do so at their own peril.
- Summer 2014Life as a mutual thrift is a good news/bad news proposition. The "good news" is that you’re not constantly facing shareholder pressures for performance and returns because you don’t have shareholders to worry about. The "bad news" is that your only current direct option for raising capital, when needed or desired, is severely restricted to the long-term mechanism of accumulating retained earnings.
- Summer 2014While the "big" banks and bank holding companies have been issuing preferred stock to raise capital for years, we have recently seen increased interest from community banks and bank holding companies in issuing convertible preferred stock to raise capital. In the past 12 to 18 months, there have been a number of convertible preferred stock offerings, including both registered offerings and private placements, by community bank and thrift holding companies.
- Summer 2014On February 24, 2014, the Federal Reserve provided better insight into issues that may delay or prevent its approval of applications and notices relating to transactions, including mergers and branch or line of business expansions. The Federal Reserve’s supervisory letter also announced that it would begin publishing a semi-annual report in the second half of 2014 to enhance transparency in the bank applications and notice process.
- Spring 2014Jeffrey E. Smith, Anthony D. Weis and Thomas O. Ruby, partners in the Columbus office, authored this article on Issues in Participation Agreements, Continued for the Spring 2014 issue of The Bankers' Statement.
- Spring 2014Brenda K. Bowers, of counsel in the Columbus office, authored this article on Ohio House Bill — The Ohio Legacy Trust Act and Due Diligence Concerns for the Spring 2014 issue of The Bankers' Statement.
- Spring 2014Susanne M. Hopkins, a partner in the Washington, D.C. office, authored this article on Patent Trolls Continue to Target Financial Institutions, but Change May Be Near for the Spring 2014 issue of The Bankers' Statement.
- Spring 2014David A. Froling, a partner in the Columbus office, authored this article on New Focus on Tax Sharing Agreements for Financial Institutions for the Spring 2014 issue of The Bankers' Statement.
- 10/21/2013Statutory protections, indemnification and director and officer liability insurance (D&O insurance) all combine to provide some level of comfort and protection to bank directors in the proper performance of their duties as directors. The hope is that directors can begin and complete their terms of office knowing that these protections exist, but never having to call on the protections or their potential limitations.
- 9/20/2013On September 18, 2013, the Securities and Exchange Commission proposed new pay ratio rules pursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
- 1/23/2013On December 20, 2012 Governor John Kasich signed into law Amended Substitute House Bill 510 to change the way Ohio taxes financial institutions. Beginning January 1, 2014, Ohio imposes a new business privilege tax on financial institutions doing business in Ohio.
- 1/21/2013On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued a number of mortgage-related rules, including its long-awaited qualified mortgage (QM) rules in an 804-page set of complex guidelines for residential real estate lending mandated by the Dodd-Frank Act. The rules take effect in January 2014.
- 1/18/2013Bankers will recall that certain mortgage servicing organizations, many affiliated with large banking organizations, agreed to a comprehensive settlement process with regard to a variety of claims relating to residential mortgages generated in the 2009-2010 timeframe as part of enforcement actions commenced in 2011.
- 1/4/2013The banking world has been rocked in recent weeks by news of very significant settlements between banks and federal regulators for alleged violations of laws and regulations pertaining to bank secrecy and money laundering. The level of these settlements should serve to remind bankers that the regulatory agencies take compliance with those laws and regulations very seriously.
- 1/2/2013As all bankers know, the FDIC as receiver has "ramped up" it’s efforts to bring actions against directors, officers and "institution-affiliated parties" (IAPs) of failed institutions during the current banking challenges. The FDIC may elect to bring suit against former IAPs and others based upon simple negligence or gross negligence, and actions for both are often included in the complaint.
- 9/4/2012Kimberly J. Schaefer, a partner in the Cincinnati office, published this article in Summer 2012 edition of The Bankers' Statement," regarding financial institutions' use of vendors.
- 6/4/2012In recent examinations, the FDIC has identified issues arising from the existence of "optionality" provisions in participation agreements that provide the originating lender with the option of repurchasing the participated portion of the loan upon a borrower default.
- 4/9/2012Client Alert: Bankers Beware: Copying and Removal of Confidential Financial Institution and Supervisory Information Can Lead to FDIC ActionBank officers and directors, as well as bank legal counsel should take heed of the FDIC's Financial Institution Letter dated March 19, 2012 (FIL-14-2012).
- 3/9/2012In a long-awaited move, the U.S. House on Thursday passed, as part of the JOBS Act, proposed legislation that includes raising the threshold for SEC registration for banks and bank holding companies from 500 shareholders to 2,000 shareholders. The threshold for deregistration would be increased from 300 shareholders to 1,200 shareholders.