Simpson Thacher is representing Oak Hill Capital in its investment in United Western Bancorp, Inc. Oak Hill Capital and two other anchor investors, Lovell Minnick Partners and entities controlled by Henry C. Duques, the former Chairman and Chief Executive Officer of First Data Corporation, will invest an aggregate of $103 million as part of a $200 million capital raise by United Western. Under the terms of the investment, Oak Hill Capital and Lovell Minnick will each purchase shares of United Western common stock and receive warrants representing approximately 23.1% of the outstanding United Western shares.
The closing of the transaction is conditioned upon receipt of regulatory approvals, United Western raising a total of at least $200 million of capital, United Western’s receipt of approval from the NASDAQ Stock Market to issue the securities described above in reliance on the shareholder approval exemption set forth in NASDAQ Rule 5635(f) and other customary closing conditions.
Denver-based United Western Bancorp, Inc. (Nasdaq: UWBK) is focused on developing its community-based banking network through its subsidiary, United Western Bank, by strategically positioning branches across Colorado's Front Range market and certain mountain communities.
The Simpson Thacher team for the transaction includes Lee Meyerson, Elizabeth Cooper, Aby Castro and Iksoo Kim (M&A); Gary Rice and Mark Chorazak (Bank Regulatory); Samantha Shipp (Executive Compensation and Employee Benefits); and Gary Mandel, Jon Goldstein and Amie Broder (Tax).