The Firm represented Barclays Capital as sole underwriter in connection with a $230 million public offering of common stock of Fulton Financial Corporation. Fulton intends to use the net proceeds of this offering, together with other funds, to redeem the preferred stock it issued to the U.S. Department of the Treasury as part of the Treasury’s Capital Purchase Program at such time as Fulton’s banking regulators authorize and the Treasury formally approves. If the Treasury does not approve the application, Fulton will use the net proceeds of the offering for general corporate purposes, which may include contributing some portion of the net proceeds to the capital of its subsidiaries, which would use such amount for their general corporate purposes.
Fulton is a Lancaster, Pennsylvania-based financial holding company which has nearly 3,950 employees and operates more than 270 banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through its banking subsidiaries. Fulton’s common stock is listed on the Nasdaq Global Select Market under the symbol “FULT”. As of March 31, 2010, Fulton had more than $16 billion in total assets.
The Simpson Thacher team for the offering included, among others, Maripat Alpuche, Edgar Lewandowski, Brian Rosenzweig, Josh Faber and Jordan Taylor (Capital Markets), Amie Broder (Tax), Mark Chorazak (Bank Regulatory), Eric Sarabia (Executive Compensation and Employee Benefits), Jennie Getsin (FINRA/Blue Sky) and paralegal Mike Riordan.