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Bank M&A
12/12/2024

How to Pull Off a Successful Merger of Equals

Mergers of equals can be tough to pull off. Here’s what boards and leadership teams should consider before taking the first step.

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About the authors
Written by
Jack Milligan Editor-at-Large

Jack Milligan is editor-at-large of Bank Director magazine, a position to which he brings over 40 years of experience in financial journalism organizations. Mr. Milligan directs Bank Director’s editorial coverage and leads its director training efforts. He has a master’s degree in Journalism from The Ohio State University.

Jack Milligan
Editor-at-Large
Despite its lofty promise of egalitarianism, the phrase “merger of equals” is often a contradiction in terms. Among the many decisions that must be made when merging two banks this way is how to blend the boards of directors and senior management teams, including who will run the new bank. It’s not unusual for one of the banks’ leadership teams to end up on top. “Probably the best statement about this, and I’m only being half facetious, is from George Orwell in ‘Animal Farm,’” says H. Rodgin Cohen, the senior chair at the law firm Sullivan & Cromwell. “All animals…

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WRITTEN BY

Jack Milligan

Editor-at-Large

Jack Milligan is editor-at-large of Bank Director magazine, a position to which he brings over 40 years of experience in financial journalism organizations. Mr. Milligan directs Bank Director’s editorial coverage and leads its director training efforts. He has a master’s degree in Journalism from The Ohio State University.