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Lee Meyerson specializes in mergers and acquisitions and in capital markets transactions for financial institutions. Mr. Meyerson, who is Head of the Firm’s M&A Group, Head of the Financial Institutions Practice and previously a member of the Firm’s Executive Committee, has participated in many of the largest U.S. financial services mergers of the past decade, including representing JPMorgan Chase & Co. in its $58 billion merger with Bank One Corporation, Mellon Financial in its $16.8 billion merger with The Bank of New York and The Toronto-Dominion Bank in its $8.5 billion acquisition of Commerce Bancorp and $6.3 billion acquisition of Chrysler Financial. He has also represented clients outside the financial services industry, including Petrohawk in its recent $15 billion sale to BHP Billiton.
Since the beginning of the financial crisis in 2008, he has represented a broad spectrum of banks, private investors and government agencies in many of the key transactions during this period. At the height of the crisis in October 2008 he represented the U.S. Treasury in connection with developing, structuring and documenting its $250 billion TARP program for purchasing equity in U.S. financial institutions, as well as Treasury’s targeted investments in Citigroup and Bank of America and the exchange of $49 billion of Citigroup preferred stock for common stock and trust preferred securities. Throughout this period he has also been actively involved in FDIC failed bank auctions, representing both bank bidders and consortiums of private equity and other investors. These representations include The Bank of Nova Scotia in its acquisition of R-G Premier Bank in Puerto Rico ($5.6 billion in assets), East West Bancorp in its acquisition of United Commercial Bank ($10.4 billion in assets) and concurrent $500 million contingent capital raise, The Toronto-Dominion Bank in its acquisition of three failed Florida banks (approximately $4 billion in assets), and investors in the FDIC-assisted acquisitions of IndyMac and BankUnited. During the course of 2010 he was involved in a number of non-assisted transactions, including The Toronto-Dominion Bank’s acquisition of The South Financial Group (the first non-assisted acquisition of a troubled bank since the financial crisis), People’s United’s acquisitions of Danvers Bancorp, Smithtown Bancorp and LSB Corporation, and recapitalizations of troubled banks led by Carlyle, Oak Hill and other investors.
His transactions over the past several years also include representing private equity investors in their pending $1 billion investment in Banco Santander’s U.S. auto finance business, The Charles Schwab Corporation in its $1 billion acquisition of optionsXpress, Wachovia in its $6.8 billion acquisition of A.G. Edwards, UBS in its $2.5 billion acquisition of Banco Pactual (Brazil’s leading independent investment bank), The Toronto-Dominion Bank in its $3.2 billion going-private acquisition of its subsidiary, TD Banknorth, and People’s United Financial’s $738 million acquisition of Financial Federal (equipment leasing). In addition, he has participated in the most significant private equity investments in the banking industry over the past several years, including representing Washington Mutual in its $7.2 billion equity issuance to TPG and other investors, representing the lead investor in National City’s $7 billion equity issuance, representing Carlyle Partners in its 24.9% investment in Boston Private Financial, and representing the private equity and other investors in the precedent-setting acquisition of Doral Financial ($610 million).
During 2005 his M&A transactions included representing Washington Mutual in its $6.6 billion acquisition of Providian Financial, The Toronto-Dominion Bank in both the sale of its Waterhouse subsidiary to Ameritrade ($3 billion) and its $3.8 billion acquisition of a majority interest in Banknorth, Federated Department Stores in the sale of its credit card portfolio to Citigroup ($7.4 billion), Independence Community Bank Corp. in its sale to Sovereign Bancorp ($3.6 billion) and JPMorgan Chase in the sale of its discount broker subsidiary, Brown & Co., to E*Trade for $1.6 billion. Other M&A representations in recent years include Washington Mutual in the sale of its consumer finance group to Citigroup ($1.25 billion) and its earlier acquisition of Dime Bancorp ($5.2 billion); Wachovia Corporation in its innovative securities brokerage joint venture with Prudential ($4.2 billion), and legacy Wachovia’s merger with First Union Corporation ($14.7 billion) and concurrent defense against the hostile takeover bid by SunTrust Banks; the consortium purchase of bond insurer Financial Guaranty Insurance Corp. from GE Capital ($2.2 billion); Chase Manhattan’s acquisitions of J.P. Morgan & Co. ($34 billion) and Hambrecht & Quist ($1.35 billion), as well as its purchase of Providian’s $8 billion portfolio of platinum and other credit cards; the acquisition by BNP Paribas of the publicly held shares of BancWest Corporation ($2.49 billion); and the acquisition by Independence Community Bank of Staten Island Bancorp ($1.5 billion). Earlier transactions include the merger of CoreStates Financial Corp. with First Union Corp. ($17 billion), Washington Mutual’s “white knight” acquisition of Great Western Financial Corp. ($10 billion), and Chemical Bank’s acquisition of The Chase Manhattan Corporation ($10 billion).
Mr. Meyerson’s capital markets practice includes IPOs and a broad range of debt, equity and hybrid capital securities offerings for banks, thrifts, insurance companies and other financial services companies. He participated in most of the major U.S. bank stock offerings of 2008, including representing Wachovia and JPMorgan in their respective $8 billion and $6 billion stock offerings and representing the underwriters in Sovereign Bancorp’s $1.89 billion offering of common stock and subordinated bank notes and First Horizon’s $690 million offering of common stock. In December 2007, he represented Washington Mutual in its $3 billion offering of convertible preferred shares and the underwriters in Sallie Mae’s $2.9 billion offering of common shares and mandatory convertible preferred stock. Earlier transactions included representing CIBC in the innovative monetization of its $369 million equity stake in Global Payments Inc. through a series of hedged collar transactions and underwritten share offering and representing the underwriters in Hudson City Bancorp’s $3.93 billion second-step conversion and common stock offering, which was at the time the largest public stock offering in the history of the U.S. banking industry.
Mr. Meyerson has been ranked as one of the leading M&A and banking lawyers in the United States in a number of recent surveys, including The American Lawyer, which selected him as a “Dealmaker of the Year” for both 2008 (no. 4) and 2005, Chambers’ USA: America’s Leading Lawyers for Business 2011 (Financial Institutions M&A – Band 1; Financial Services Regulation – Band 2; Corporate/M&A – Band 2), Who’s Who Legal (Banking 2011), The Legal 500 US 2011 (Leading lawyer in Financial Services: Regulatory and M&A: mega-deals), The Best Lawyers in America (Banking Law and Financial Institutions Law 2009), Practicing Law Company Yearbook 2009 (“Highly Recommended Individual”), and BTI’s 2008 Client Service All-Star Team for Corporate Transactions. On October 22, 2009, the Financial Times awarded Mr. Meyerson and his team the 2009 Innovative Lawyers award for their work relating to the “U.S. Financial Crisis and Downturn 2009.” He is a frequent speaker and author on issues concerning the financial services industry, including co-chairing PLI’s 2009, 2010 and 2011 Institutes on the Financial Services System.
Mr. Meyerson joined Simpson Thacher in 1981 and became a partner in 1989. He received his A.B., magna cum laude, in 1977 from Duke University and his J.D. from New York University School of Law in 1981 where he was Editor of the New York University Law Review.
Speaking Engagements
- Co-Chair of PLI's "Banking Law Institute 2009: Stabilizing the Financial Services System" and "Banking Law Update 2009: Shaping the Future of the Financial Services System"
April 17, 2009 and December 9, 2009
- Penn State 6th Annual Institute on Corporate, Securities and Related Aspects of Mergers and Acquisitions, "Acquisitions in the Financial Services Industry"
September 24, 2009
- Northwestern Law School 29th Garrett Corporate and Securities Law Institute, "Developments in the Capital Markets following the Financial Crisis"
April 30, 2009
- NYU Law School, "The Meltdown of 2008: Causes, Cures and Consequences"
April 4, 2009
- American Constitution Society/Columbia Law School, "Financial Regulation, Corporate Governance and Securities Litigation: What Does the Future Hold?"
February 17, 2009
Honors/Associations
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Association of the Bar of the City of New York |
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Publications
Speaking Engagements
Admissions
Education
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New York University School of Law, 1981 J.D.
New York University Law Review, Editor |
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Duke University, 1977 A.B.
magna cum laude |
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