Merger Integration
Financial services company #1
George worked with the CFOs from both banks to understand the specific issues, directed outside parties – accountants and attorneys – to analyze the issues and bring them to resolution. He assisted the Chairman of the Audit Committee in communicating with the purchasing banks the findings surrounding the accounting issue as well as discussing other impediments to the closing, such as the pricing of the transaction.
Six weeks after George’s engagement, the Banks completed the closing.
F&M Trust Company of Chambersburg & Fulton County National Bank
With the signing of the definitive agreement between these two companies, George, as Interim President and CEO of Fulton, assisted F&M Trust with the development and management of the detailed plan for integration. The Banks agreed that placing this integration on a “fast track” to implementation would result in the best outcome for all interested parties – customers, employees, shareholders and the communities served by Fulton. The result was that, although F&M Trust had not integrated a bank in over a decade, the project was completed exactly six months after the signing of the definitive agreement, and on the schedule set in when the integration plan was developed.
Financial services company #2 ($ multi-billion in assets)
This financial services company has been an active acquirer of banks and other financial services companies. Although its acquisition and consolidation efforts are perceived by insiders and the analyst community as successful, management has believed that the integration process could be improved, in particular in providing a management structure to guide the consolidation process. The management team asked for assistance in establishing a structure for managing the integration (timing, approach and staffing) and in monitoring the progress. As a result, the company has successfully integrated five bank and non-bank acquisitions over the past 12 months.
Financial services company #3 ($ multi-billion in assets)
This company also has been an aggressive acquirer of both banks and other financial services companies. Their consolidation process has been refined through repetition, but surprises and misunderstanding between acquirer and its target company have still occurred. The Company’s leadership decided to develop a statement of “how we do business” as a way to communicate to its prospective acquisition partners the values, management structure and specific business practices incorporated by the Company. In addition, the potential acquiree would have the ability to use this statement to highlight differences in business practices that could be used to plan the consolidation/integration efforts.
George worked with the senior management team to develop an issues list that included whatever sensitive issues, large or small, that developed during the recent integration efforts. He then developed a means to clarify practices that have not been completely understood even within the company, develop agreement on issues in dispute, and communicate the result in a readily understood document.
CoreStates Financial's integration of Meridian Bancorp
CoreStates Financial Corporation acquired Meridian Bancorp in 1995 and performed the integration throughout 1996. As this was the largest integration performed by CoreStates, the Bank assembled a merger integration team to provide overall project management and control to the integration effort. As a member of the Merger Integration Project Office, George oversaw the integration of the Asset Management and Securities Business Units, and assisted in the oversight of the consolidation of information technology functions.