Financial Institutions

Pryor Cashman represented Quontic Bank Holdings Corp. in its acquisition and recapitalization of Golden First Bank, a $28 million federal thrift headquartered in Great Neck, New York. The deal closed on December 1, 2009.

The firm’s Bank Mergers & Acquisition Group, led by Partner Pinchus Raice and assisted by Partner Richard Frazer and Associate Cory Lamonica:

• Negotiated the terms and structure of the acquisition and recapitalization
• Identified and resolved holding company and other bank regulatory issues relating to the acquisition and its financing
• Prepared and filed the required federal change-in-control, holding company and other regulatory applications
• Provided advice on ownership structure and capitalization of the acquisition and holding company vehicles
• Closed the acquisition and prepared all organization documents

Golden First Bank will now be known as Quontic Bank and will continue to serve the Queens and Long Island communities.