March 4, 1999

Alston & Bird LLP Names Dwight C. Smith III as Counsel in Financial Services Practice Group

Former United States Department of Treasury Official Joins Washington, D.C. Office

WASHINGTON, D.C., March 4, 1999 – The international law firm Alston & Bird LLP has named Dwight C. Smith III as counsel in the Firm’s Financial Services Practice Group. Prior to joining Alston & Bird, Dwight Smith served as an official in the Office of Thrift Supervision of the Department of Treasury. Mr. Smith joins Alston & Bird’s Washington, D.C. office, where he will focus on corporate transactions and reorganizations by banks, savings associations and holding companies.

Commenting on the appointment, John L. Douglas, partner and leader of the Financial Services Practice Group, stated, “Dwight Smith’s nine year tenure at the Treasury Department’s Office of Thrift Supervision gives him unparalleled insight into the key regulatory, legislative and policy issues relating to financial institutions. He is the second official from a prominent government agency to join Alston & Bird’s financial services practice group within the past two months, following the appointment of Thomas Boyd as senior counsel in January. With the continued consolidation of the financial services industry, Dwight’s extensive experience will provide additional depth to our practice group, particularly in the areas of mergers and acquisitions, reorganizations, and mutual-to-stock conversions.”

Dwight C. Smith III has served in the Department of Treasury’s Office of Thrift Supervision for the past nine years, most recently as Deputy Chief Counsel for Business Transactions, where he managed a team of attorneys working on corporate transactions and reorganizations by savings associations and holding companies, including mergers and acquisitions, mutual-to-stock conversions, as well as related legislative and regulatory issues. He was also involved in related policy issues such as electronic banking and holding company regulation. He previously served as Deputy Chief Counsel for Legal Policy (1990 - 1994,) providing legal counsel for the Office of Thrift Supervision and Chief Counsel for critical projects, including resolution of the Rhode Island credit union crisis; resolution of failed thrifts; Congressional investigations; adjudication of major enforcement cases; and selected appellate litigation.

Dwight Smith has written a number of articles on the thrift industry, including, as co-author, “Enforcement of Net Worth Maintenance Agreements and the Imposition of Civil Money Penalties,” Capital U.L. Rev.; “Asset Preservation Orders by the Office of Thrift Supervision,” St. John’s J. Legal Commentary; and “Professional Conduct in Representing a Regulated Industry: The OTS Experience,” S. Texas L. Review. He is also co-author of two OTS memoranda, “Unitary Savings and Loan Holding Companies” and “Mutual Savings Associations and Conversion to Stock Form.” He also serves as Vice Chair of the American Bar Association’s Saving Institutions Subcommittee of Banking Committee, Business Law Section. Dwight Smith is a graduate of Yale College and Yale Law School, where he was an Article and Book Review Editor for the Yale Law Journal.

Alston & Bird is a leader in financial services law, particularly in mergers and acquisitions and global capital markets transactions on behalf of financial institutions and major corporations. The Firm’s Financial Services Practice Group has been involved in more than 280 bank, thrift, technology, and insurance company acquisitions since 1980, with a transaction value exceeding $55 billion. The Group’s attorneys have worked on a broad range of significant state and federal legislative and regulatory initiatives particularly as they relate to the emerging area of electronic commerce.

The Financial Services Practice Group has provided legal counsel on some of the largest domestic bank acquisitions to date, including representing the acquirer in the transaction creating the nation's sixth largest bank holding company; and representing a major bank holding company in a combination forming the nation's fourth largest bank holding company. The Group's lawyers regularly advise financial institutions on a variety of significant issues, including anti-takeover matters, litigation involving federal banking agencies, regulatory and capital problems, and corporate restructurings, as well as the development of new technology-based products for financial institutions.
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