Transactions
May 30, 2001
Manatt Phelps: Minority-Controlled Banks Combine With a Stock Swap
Founders National Bank, Los Angeles' only commercial bank owned by African-Americans, has completed its merger with Boston Bank of Commerce.
The value of the stock-for-stock transaction has not been disclosed.
Serving South Central Los Angeles, Founders National Bank opened in 1991. Its high-profile owners include former Lakers basketball star Earvin "Magic" Johnson and singer Janet Jackson.
With branches in Massachusetts, Miami and now Los Angeles, Boston Bank of Commerce is the only interstate bank in the country owned by African-Americans.
Los Angeles' Manatt Phelps & Phillips represented Founders National Bank. Partner Andrew Erskine worked with partner Craig Miller and associate Renee Rayfield on the details.
Boston Bank of Commerce senior counsel Robert Patrick Cooper tapped Boston's Goodwin Proctor for representation. Partner Gregory Lyons, senior counsel Eric Fischer and associates Thomas Benda, Margaret Carey and Jamie Mann worked on the deal.
Victoria Newman
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