While the government is set to spend billions for stock in nine of the country’s largest financial institutions, attorneys for smaller banks are scrambling to find out whether their clients can or should take advantage of the Treasury Department’s plan to buy into other banks.
“We think that every bank should at least take a look at it,” said Nelson Mullins Riley & Scarborough partner J. Brennan Ryan. He said his firm has fielded calls from 50 banking clients this week, adding that lawyers are exploring the plan’s eligibility requirements and preparing possible stock sale documents.
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