ABA Banking Journal - December 2006 - (Page 42) M & A Feature 11/17/06 2:34 PM Page 42 M&A WORKSHOP What should you expect from a merger advisor? Not every bank uses an investment bank or legal advisor, but most do. Here are some of the reasons why, and how to get the most out of the relationship E very bank deal carries a story of how the alliance makes sense from a strategic, geographic, technological, or line-of-busi- ness perspective. But behind the scenes, there are often other stories about the M&A advisors who help bank buyers and sellers navigate through the deal-making process; how the advisors were chosen; and how well they performed. There was the case, for exam- ple, of the bank that felt it knew potential acquirers so well via social relationships that the bank didn't need an investment banker for a potential sale. Much to its dismay, when an offer was made, it was substantially short of what the seller thought it was worth and the process ended in a stalemate. Subsequently, the bank sought the services of an investment bank and garnered a price with an unexpected acquirer at a price beyond its original goal. That story, not surprisingly, was related anonymously. The world of investment banking and mergers and acquisitions generally, despite all the attention paid to the numbers, is a highly personalized business. Thus, pretty much everyone contacted for this story was skittish about talking for attribution about real life experiences, instructive as they can be. You never know when you might be doing business with someone again. But there was plenty of willingness to talk about the need for M&A advice; and what banks should look for in an advi- sor/investment banker, especially for small to mid-sized institu- tions that have become more focused in recent years on merger/acquisition strategies. Many of them have tapped the talents ILLUSTRATION BY JAMES ENDICOTT of advisors whose services range in scope from legal to accounting to investment banking expertise. Interviews with bankers and advi- sors reveal that need for such services varies from circumstance to circumstance. Some say that they do not utilize outside investment banking advice given available internal resources/talent, while oth- ers have ongoing relationships or utilize outside work only on selected projects. Credentials, cost, control, and compatibility all weigh into the picture. Moreover, perspectives on the need for By Karen Kahler Holliday, contributing editor 42 DECEMBER 2006/ABA BANKING JOURNAL www.ababj.com/subscribe.html http://www.ababj.com/subscribe.html Table of Contents for the Digital Edition of ABA Banking Journal - December 2006 Contents Editor's Column The Secret to Success. Can you Guess It? Snapshot: M&A Outlook Poolside With the Godfather Sleight of Mind Banking From on High-The Regulators' Views ABA Chairman's Position ABA Resources The Phoenix Bank of Hallam, Neb. How Banks Are Handling Multi-Factor Authentication COVER REPORT: Got Innovation? M&A WORKSHOP: What Should You Expect From a Merger Advisor? SOA (begins to make) Inroads Paper, Plastic, or Point-of-Sale Checks? Compliance Mailbox Banker's Mart To Advertise/Index of Advertisers The Economy ABA Banking Journal - December 2006 ABA Banking Journal - December 2006 - (Page Cover1) ABA Banking Journal - December 2006 - (Page Cover2) ABA Banking Journal - December 2006 - (Page 1) ABA Banking Journal - December 2006 - (Page 2) ABA Banking Journal - December 2006 - Contents (Page 3) ABA Banking Journal - December 2006 - Editor's Column (Page 4) ABA Banking Journal - December 2006 - Editor's Column (Page 5) ABA Banking Journal - December 2006 - Editor's Column (Page 6) ABA Banking Journal - December 2006 - The Secret to Success. Can you Guess It? (Page 7) ABA Banking Journal - December 2006 - Snapshot: M&A Outlook (Page 8) ABA Banking Journal - December 2006 - Snapshot: M&A Outlook (Page 9) ABA Banking Journal - December 2006 - Snapshot: M&A Outlook (Page 10) ABA Banking Journal - December 2006 - Snapshot: M&A Outlook (Page 11) ABA Banking Journal - December 2006 - Snapshot: M&A Outlook (Page 12) ABA Banking Journal - December 2006 - Snapshot: M&A Outlook (Page 13) ABA Banking Journal - December 2006 - Poolside With the Godfather (Page 14) ABA Banking Journal - December 2006 - Poolside With the Godfather (Page 15) ABA Banking Journal - December 2006 - Sleight of Mind (Page 16) ABA Banking Journal - December 2006 - Banking From on High-The Regulators' Views (Page 17) ABA Banking Journal - December 2006 - Banking From on High-The Regulators' Views (Page 18) ABA Banking Journal - December 2006 - Banking From on High-The Regulators' Views (Page 19) ABA Banking Journal - December 2006 - Banking From on High-The Regulators' Views (Page 20) ABA Banking Journal - December 2006 - ABA Resources (Page 21) ABA Banking Journal - December 2006 - ABA Resources (Page 22) ABA Banking Journal - December 2006 - ABA Resources (Page 23) ABA Banking Journal - December 2006 - The Phoenix Bank of Hallam, Neb. (Page 24) ABA Banking Journal - December 2006 - The Phoenix Bank of Hallam, Neb. (Page 25) ABA Banking Journal - December 2006 - How Banks Are Handling Multi-Factor Authentication (Page 26) ABA Banking Journal - December 2006 - How Banks Are Handling Multi-Factor Authentication (Page 27) ABA Banking Journal - December 2006 - How Banks Are Handling Multi-Factor Authentication (Page 28) ABA Banking Journal - December 2006 - How Banks Are Handling Multi-Factor Authentication (Page 29) ABA Banking Journal - December 2006 - How Banks Are Handling Multi-Factor Authentication (Page 30) ABA Banking Journal - December 2006 - How Banks Are Handling Multi-Factor Authentication (Page 31) ABA Banking Journal - December 2006 - How Banks Are Handling Multi-Factor Authentication (Page 32) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 33) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 34) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 35) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 36) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 37) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 38) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 39) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 40) ABA Banking Journal - December 2006 - COVER REPORT: Got Innovation? (Page 41) ABA Banking Journal - December 2006 - M&A WORKSHOP: What Should You Expect From a Merger Advisor? (Page 42) ABA Banking Journal - December 2006 - M&A WORKSHOP: What Should You Expect From a Merger Advisor? (Page 43) ABA Banking Journal - December 2006 - M&A WORKSHOP: What Should You Expect From a Merger Advisor? (Page 44) ABA Banking Journal - December 2006 - M&A WORKSHOP: What Should You Expect From a Merger Advisor? (Page 45) ABA Banking Journal - December 2006 - M&A WORKSHOP: What Should You Expect From a Merger Advisor? (Page 46) ABA Banking Journal - December 2006 - M&A WORKSHOP: What Should You Expect From a Merger Advisor? (Page 47) ABA Banking Journal - December 2006 - SOA (begins to make) Inroads (Page 48) ABA Banking Journal - December 2006 - SOA (begins to make) Inroads (Page 49) ABA Banking Journal - December 2006 - SOA (begins to make) Inroads (Page 50) ABA Banking Journal - December 2006 - Paper, Plastic, or Point-of-Sale Checks? (Page 51) ABA Banking Journal - December 2006 - Paper, Plastic, or Point-of-Sale Checks? (Page 52) ABA Banking Journal - December 2006 - Compliance Mailbox (Page 53) ABA Banking Journal - December 2006 - Compliance Mailbox (Page 54) ABA Banking Journal - December 2006 - Compliance Mailbox (Page 55) ABA Banking Journal - December 2006 - Compliance Mailbox (Page 56) ABA Banking Journal - December 2006 - Compliance Mailbox (Page 57) ABA Banking Journal - December 2006 - Banker's Mart (Page 58) ABA Banking Journal - December 2006 - To Advertise/Index of Advertisers (Page 59) ABA Banking Journal - December 2006 - The Economy (Page 60) ABA Banking Journal - December 2006 - The Economy (Page Cover3) ABA Banking Journal - December 2006 - The Economy (Page Cover4) http://www.nxtbookMEDIA.com
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