Jeffrey M. Cardone

Partner

Jeff Cardone represents community banks, credit unions and other financial institutions, focusing primarily on transactional matters, including mergers and acquisitions, purchase and assumption transactions, credit union acquisitions of banks, mutual-to-stock conversions, mutual holding company formations and public offerings and private placements of subordinated debt/secondary capital.  Mr. Cardone has worked on many complicated transactions in the financial services industries involving credit unions, including the largest credit union merger completed based on the net worth of the merging credit union and credit union/bank acquisition transactions that have established precedent in certain state jurisdictions.  Mr. Cardone also counsels financial institutions and their board of directors on regulatory compliance, corporate governance, SEC reporting, listing standards of national stock exchanges, state fiduciary duty law and executive compensation matters.

Mr. Cardone regularly advises board of directors and management on strategic planning matters and new legal developments impacting their financial institutions.  He also regularly speaks about mergers and acquisitions, corporate governance, regulatory and compensation matters to various financial institutions industry groups and has authored numerous articles and publications. 

Practice Areas:

Representative Transactions:

  • State Employees Federal Credit Union, Albany, NY (now referred to as Broadview Federal Credit Union) in its merger of equals with Capital Communications Credit Union, which was the largest credit union merger completed in the U.S. based on the net worth of the merging credit union, as the combined credit union had over $8.0 billion assets and 60 offices upon the completion of the merger.
  • Multiple credit unions in their private placement of subordinated debt securities under the NCUA’s final rule on subordinated debt and secondary capital, including Idaho Central Credit Union’s $80.0 million subordinated debt offering, which was one of the largest issuances of subordinated debt by a credit union.
  • Involved in numerous credit union and bank business combination transactions, including OneAZ CU’s acquisition of 1st Yuma Bank (Arizona), US Eagle Credit Union’s acquisition of Southwest Capital Bank (New Mexico), Gesa Credit Union’s acquisition of Security State Bank (Washington), Pima FCU’s acquisition of Republic Bank of Arizona, TDECU’s acquisition of Sabine State Bank and Trust (Louisiana), Empeople CU’s acquisition of TSB Bank (Wisconsin), Hudson Valley Credit Union’s acquisition by merger of Catskill Hudson Bank (New York), AEA FCU’s acquisition of West Valley National Bank (Arizona), Michigan State University FCU’s acquisitions of McHenry Savings Bank (Illinois) and Algonquin State Bank (Illinois), Harborstone Credit Union’s acquisitions of SaviBank and First Sound Bank (Washington), Dort Financial Credit Union’s acquisition by merger of Flagler Bank (Florida), Land of Lincoln Credit Union’s acquisitions of Colchester State Bank (Illinois) and Nokomis Savings Bank (Illinois), Barksdale Federal Credit Union’s acquisition of Homebank (Arkansas) and NuMark Credit Union’s acquisition of Pioneer State Bank (Illinois).
  • Financial Institutions, Inc., the holding company of Five Star Bank, Warsaw, NY, in the sale of its insurance agency subsidiary, SDN Insurance Agency, LLC, to NFP Property & Casualty Services, Inc.
  • Marathon Bancorp, Inc. and its wholly-owned subsidiary, Marathon Bank, Wausau, WI, in its mutual holding company reorganization and $10.0 million public stock offering.
  • Riverview Financial Corporation, Harrisburg, PA, in numerous transactions, including its merger with Mid Penn Bancorp, Inc. in an all-stock transaction valued at $124.7 million and a private placement of $25.0 million of its subordinated debt securities.
  • Pioneer Bancorp, Inc. and its wholly-owned subsidiary, Pioneer Bank, Albany, NY, in its mutual holding company reorganization and $111.7 million public stock offering.
  • Orange County Bancorp, Inc., Middletown, NY, in numerous transactions, including a $38.5 million initial public offering of its common stock, a private placement of $25.0 million of its subordinated debt securities and a private placement of $16.4 million of its common stock.
  • Sunshine Bancorp, Inc., Plant City, Florida, in its $176.7 million merger with CenterState Bank Corporation.
  • Mazzone Management Group, Clifton Park, NY, in its sale of certain assets and business units to Compass Group PLC, a multinational contract food service corporation.