Davis Polk & Wardwell, one of a pair of go-to law firms that have emerged during banking crisis, took the lead for Silicon Valley Bridge Bank on its Monday sale to First Citizens BancShares Inc.
First Citizens purchased the embattled California lender from the Federal Deposit Insurance Corporation, which took over Silicon Valley Bank earlier this month. In the deal, First Citizens will assume Silicon Valley Bridge Bank’s assets of $110 billion and deposits of $56 billion.
SVB’s collapse, and that of New York’s Signature Bank, has sent shockwaves through the banking system.
Davis Polk and rival Sullivan & Cromwell, a pair of Wall Street law firms that helped shepherd the financial industry through the 2008 financial meltdown, have once again been called up to advise many of the banks and financial institutions in this most recent banking crisis.
Margaret Tahyar, head of the firm’s financial institutions practice, led the Davis Polk team advising Silicon Valley Bridge Bank on the deal, along with financial institutions partner Gabriel Rosenberg.
Tahyar also led the team that advised Signature Bank in its March sale of assets to New York Community Bancorp’s Flagstar Bank and was a part of the deal team that advised 11 banks who deposited $30 billion into the struggling regional lender First Republic.
Corporate partners Paul Scrivano, Emily Roberts and Michael Davis also advised on the sale of Silicon Valley Bridge Bank, along with executive compensation partner Adam Kaminsky and Frank Azzopardi, head of the intellectual property, tech and commercial transactions group, and partner Matthew Bacal.