The M&A Advisor has named Manatt the winner of its Restructuring Deal of the Year ($100M-$250M) Award, one of the organization's 2016 Turnaround Awards, for the firm's representation of Finance and Thrift Company (F&T) in its reverse merger into Pan American Bank. Manatt's deal team was led by partner Barbara Polsky and included partners David Herbst and Sandi King, counsel Don Fitzgerald and associate Darren Kerstien. The annual Turnaround Awards recognize the leading distressed transactions, restructuring, refinancing, products and services, firms and professionals in the United States and international markets.
Prior to the restructuring deal, F&T was a small industrial loan company with a concentration of subprime automobile loans that caused bank regulators to require the company to maintain capital at 2.5 times the required minimum ratios applicable to its peers. In February 2015, F&T and Pan American Bank, the oldest Hispanic-owned bank in California, agreed to merge in an all-stock deal, in which the combined entity would operate under the Pan American name and the F&T Financial Services holding company would be liquidated. The merger of the two banks expanded revenue streams and enhanced long-term shareholder value, while more effectively serving the needs of under-banked communities.
For 14 years, The M&A Advisor has recognized the world's leading M&A, financing and restructuring professionals with its annual awards programs. Established in 2007, the annual Turnaround Awards have become the restructuring and distressed investing industry's benchmark for excellence.