Alston & Bird client MidCountry Financial Corp., a savings and loan holding company, has entered into a definitive agreement to sell its Minnesota-based subsidiary, MidCountry Bank, to MidCountry Acquisition Corp., a corporation organized by local investors to acquire the bank.
MidCountry Bank has $775 million assets and almost $570 million in deposits and offers banking services through several subsidiaries, including MidCountry Investments, MidCountry Insurance, and MidCountry Mortgage. It also operates a consumer banking division under the name Pioneer Services.
Based in Georgia, MidCountry Financial will continue to operate Heights Finance Corp., a wholly owned subsidiary that provides subprime consumer lending services through a network of 100 branches in small- to medium-size communities in Illinois.
Alston & Bird is a leader in bank and thrift M&A. In 2017, the firm ranked fourth in deal volume with 13 transactions and ninth in deal value of $1.295 billion among more than 100 bank and thrift legal advisors tracked by S&P Global Market Intelligence (formerly SNL Financial).
Advising MidCountry Financial is an Alston & Bird team led by partners Patrick Hanchey and Cliff Stanford, associates John Gerl and Bart Nebergall, and senior attorney Sarah McElroy (Financial Services & Products); and partners Mark Harris (Finance) and Andy Immerman (Federal & International Tax).