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  1. Home
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  3. Frank M. (Rusty) Conner III
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Frank M. (Rusty) Conner III

Partner
Frank M. (Rusty) Conner
Washington +1 202 662 5986 fconner@cov.com Download V-card
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Rusty Conner has for more than 30 years advised senior management and boards of directors in devising creative solutions for achieving their strategic goals and addressing their significant challenges.

Mr. Conner’s practice is focused on mergers and acquisitions, corporate finance, corporate governance, and related strategic matters. He has particular expertise in the financial services sector having worked on more than 400 mergers and acquisitions and capital markets transactions with aggregate deal value in excess of $150 billion, including some of the largest and most complex transactions since the advent of consolidation in the banking industry in the 1980s.

Recent M&A Transactions

  • WSFS Financial Corporation in its $1.5 billion acquisition of Beneficial Bancorp, Inc. and its sale of five Beneficial Bank branches in New Jersey to The Bank of Princeton; $101 million acquisition of Penn Liberty Financial Corp.; $92 million acquisition of Alliance Bancorp, Inc. of Pennsylvania; and $64 million acquisition of First Wyoming Financial Corporation.
  • Veritex Holdings, Inc. in its $1 billion acquisition of Green Bancorp, Inc.
  • Atlantic Union Bankshares Corporation in its $610 million acquisition of Access National Corporation.
  • HomeBancorp, Inc. in its $117 million sale to First-Citizens Bank & Trust Company.
  • Simmons First National Corporation in its $434 million acquisition of The Landrum Company; $214 million acquisition of Reliance Bancshares, Inc.; $564 million acquisition of Southwest Bancorp, Inc.; $462 million acquisition of First Texas BHC, Inc.; $72 million acquisition of Hardeman County Investment Company; $77 million acquisition of Citizens National Bank from Citizens National Bancorp, Inc.; $243 million acquisition of Community First Bancshares, Inc.; $206 million acquisition of Liberty Bancshares, Inc.; and $66 million acquisition of Delta Trust & Bank Corporation.
  • BancTrust Financial Group, Inc.’s $100 million sale to Trustmark Corporation.
  • Sterling Bancshares, Inc.’s $1.03 billion sale to Comerica, Inc. 
  • Centra Financial Holdings, Inc.’s $200 million sale to United Bankshares, Inc.
  • T. Rowe Price’s sale of T. Rowe Price Banking Bank.
  • First Union Corporation’s (prior to its merger with Wachovia Corporation) $16.63 billion acquisition of CoreStates Financial Corp. and $5.725 billion acquisition of First Fidelity Bancorporation.
  • C&S/Sovran Corporation’s acquisition of over 40 publicly traded depository institutions; merger of Citizens and Southern Georgia Corporation with The Citizens and Southern Corporation to create The Citizens and Southern Corporation; $4 billion merger with Sovran to create C&S/Sovran; and $4.5 billion sale to NCNB Corporation to create NationsBank Corporation.
  • Regions Financial Corporation’s acquisition of approximately 50 publicly traded depository institutions; $800 million acquisition of Morgan Keegan, Inc.; and $6 billion merger with Union Planters Corporation.
  • Centura Banks, Inc.’s acquisition of 10 mutual thrift institutions.
  • Union Planters Corporation’s acquisition of over 30 publicly traded depository institutions.
  • IndyMac Bancorp, Inc.’s acquisition of SGV Bancorp (de-REITing of IndyMac and creation of IndyMac Bancorp, Inc. as an S&L holding company); $300 million acquisition of Financial Freedom; and $100 million acquisition of New York Mortgage Trust.
  • Bank South Corporation’s $1.8 billion sale to NationsBank Corporation.
  • Dominion Bankshares Corporation’s $2 billion sale to First Union Corporation.
  • United Bankshares Corporation’s $1 billion sale to BB&T Corporation.
  • Anchor Savings Bank, F.S.B.’s sale of Southeastern Franchise to several acquirers.

Recent Capital Markets Transactions

  • IBERIABANK Corporation in a $93.6 million offering of depositary shares.
  • Capital Bancorp, Inc. in a $23 million initial public offering of Common Stock.
  • Coastal Financial Corp. in a $41 million initial public offering of Common Stock.
  • Origin Bancorp, Inc. in a $142 million initial public offering of Common Stock.
  • Union Bankshares Corporation in a $300 million secondary offering of Common Stock.
  • Simmons First National Corporation in a public offering of 5.00% Fixed-to-Floating Rate Subordinated Notes due 2028.
  • Veritex Holdings, Inc. in a $57 million confidentially marketed public offering of Common Stock. 
  • National Commerce Corporation’s $38.1 million initial public offering of Common Stock.
  • Avenue Financial Holdings, Inc.’s $31.6 million initial public offering of Common Stock and $20 million private placement of Subordinated Debt.
  • TriState Capital Holdings, Inc.’s $35 million private placement of Subordinated Debt and $75.3 million initial public offering of Common Stock.
  • Bankwell Financial Group’s $48.6 million initial public offering of Common Stock.
  • Fidelity Southern Corporation’s $69 million offering of Common Stock.
  • HomeBancorp, Inc.’s $20 million private placement of Senior Debt and Preferred Stock.
  • 1st United Bancorp’s $80.5 million offering and $32.5 million initial public offering of Common Stock.
  • BancorpSouth, Inc.’s $115 million offering of Common Stock.
  • Citizens South Banking Corporation’s $15 million offering of Common Stock and Mandatorily Convertible Preferred Stock.
  • IBERIABANK Corporation’s multiple offerings of Common Stock with an aggregate value of $632.7 million.
  • IndyMac Bancorp, Inc.’s $500 million offering of Fixed Rate Perpetual Preferred Stock and $106 million offering of Common Stock.
  • Regions Financial Corporation’s multiple offerings of debt securities with an aggregate value of $4.25 billion.
  • First Citizens Bancshares, Inc.’s $75 million offering of Fixed Rate Trust Preferred Securities and $50 million offering of Fixed Rate Subordinated Debt.
  • Park Sterling Bank’s $115 million offering of Common Stock.
  • Sterling Bancshares, Inc.’s $92 million offering of Common Stock.
  • Union Planters Corporation’s multiple offerings of debt securities with an aggregate value of $1.1 billion.
  • WSFS Financial Corporation’s $50 million offering of Common Stock and $55 million offering of Fixed Rate Senior Debt.
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Memberships and Affiliations

  • University of Virginia, former Rector and Vice Rector and current Board of Visitors Member
  • National Democratic Institute for International Affairs, Counsel
  • Metropolitan Washington Airports Authority, former Chair of the Board
  • Ford’s Theatre, former Trustee
  • Virginia College Savings Plan, former Chair of the Board
  • Lawyers' Committee for Civil Rights Under Law, former Trustee
  • Legal Aid Society of the District of Columbia, former Board Member
  • DC Campaign to Prevent Teen Pregnancy, former Board Member
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  • The National Law Journal named Mr. Conner to its inaugural list of "Finance, Banking, & Capital Markets Trailblazers" (2019).
  • Chambers USA: America’s Leading Lawyers for Business
  • The Best Lawyers in America
  • Legal 500 US 
  • Washington DC Super Lawyers

Practices

University of Virginia School of Law, J.D., 1981

University of Virginia, B.A., 1978

  • Economics
  • with high distinction
  • Phi Beta Kappa
  • District of Columbia
  • Virginia