Recorded March 24, 2011

90 minutes

Free

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Overview

Many observers of the banking industry characterized 2010 as a year of reform. However, the banking industry still faces many obstacles, some of which – such as rising regulatory compliance costs – are already coming home to roost.

In addition, continuing threats to a sluggish economy and weak loan demand make for a less-than-rosy outlook. And yet, there is optimism that healthier balance sheets, declining credit costs and strength in consolidation will position the sector for growth and profitability as it emerges from this cycle.

SNL Financial and a roundtable of top banking experts looked at the headwinds and the lift impacting the industry, and their likely effects on the bank sector this year.

Agenda

The Regulatory Landscape

Ralph F. (Chip) MacDonald III – Partner, Jones Day

Capital, Earnings and Consolidation

Emmett J. Daly – Principal, Investment Banking, Sandler O'Neill + Partners, L.P.

The Investor's Perspective

Jon C. Bruss – CEO & Managing Principal, Fortress Partners Capital Management, Ltd.

Learning Objectives

Panelists

Jon C. Bruss

CEO & Managing Principal, Fortress Partners Capital Management, Ltd.

The founder of Fortress Partners Capital Management, Ltd., a registered investment advisory firm, Jon has more than 45 years of experience in commercial banking, finance, and investment banking. He formed, and now manages, a sector-specific private investment fund that invests in publicly-traded micro and small cap banks and thrifts, two private equity funds that invest in closely-held community banks and is raising capital for a newly-formed private equity fund also focusing on community banks.

Jon has planned, executed and managed the start-up of 20 businesses, ranging from banks and bank holding companies to mutual funds, private equity funds, and private equity fund management companies. He has also started tax-oriented equipment leasing companies and partnerships, merger and acquisition advisory firms for financial institutions, and captive and non-captive equipment finance companies.

Jon has an AB in Political Science and Economics from Marquette University and has completed extensive graduate studies in micro-economics and economic history at Marquette.

Emmett J. Daly

Principal, Investment Banking, Sandler O’Neill + Partners, L.P.

In his current role at Sandler O’Neill, Mr. Daly's responsibilities include M&A and raising capital for banks, thrifts, broker-dealers and asset management firms. Mr. Daly has more than 23 years of senior investment banking experience. Prior to joining Sandler O’Neill in 2003, he spent three years with Merrill Lynch, where he was a Managing Director in the Financial Institutions Group, overseeing Merrill's mid-cap bank and thrift practice. Prior to joining Merrill Lynch, he was a Managing Director in Keefe, Bruyette & Woods' Investment Banking Group, where he worked for 13 years.

Mr. Daly's recent transaction experience at Sandler O’Neill includes PNC’s acquisition of National City Corp., M&T Bank Corp's acquisition of Provident Bankshares and First Niagara Financial’s acquisition of NewAlliance Bancshares and Harleysville National. In addition, Mr. Daly has assisted in the sale or purchase of a variety of private client firms, and has led several significant capital issuances for First Niagara Financial, National Penn Bancshares and Cowen Group.

Mr. Daly holds a Masters of Business Administration from the Kenan-Flagler Business School at the University of North Carolina, Chapel Hill and a Bachelor of Arts in Economics from the College of the Holy Cross.

Ralph F. (Chip) MacDonald III

Partner, Jones Day

Chip's practice emphasizes securities, mergers and acquisitions, corporate governance, financial institutions (including REITs, investment managers, and broker-dealers), and financial products. His professional affiliations include the American Bar Association (Business Law Section), Alabama State Bar (chairman, Banking Business and Corporation Law Section, 1986-1987), and Atlanta and Georgia Bar Associations.

Chip is featured in The Best Lawyers in America, Chambers USA "Leading Lawyers," Best Lawyers in Atlanta, Georgia Super Lawyers (2007), and in Who's Who Legal (2007). He is a frequent speaker and author on matters related to financial and investment services and products.

Nathan Stovall (moderator)

Senior Reporter and New York Bureau Chief, SNL Financial

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