David Baris Quoted in American Banker Article, “Sweetheart Deal or Deal Sweetener”

David Baris was quoted in Paul Davis’s American Banker article, “Sweetheart Deal or Deal Sweetener,” on May 11, 2016.

Should he stay, or should he go?

That’s the question being raised by some shareholders about William Wagner, the chairman and chief executive of Chicopee Bancorp in Massachusetts, which agreed in April to sell itself to in-state rival Westfield Financial for $110 million in stock.

Wagner will receive $350,000 annually as chief business development officer at Western New England Bancorp, a rebranded company that would be formed from the merger. The issue for some investors is a $1.3 million payment Wagner would receive in connection with a change-of-control agreement he has with the $800 million-asset Chicopee.

“Nothing sticks out here in the terms” as suspicious, said David Baris, a partner at the law firm BuckleySandler and president of the American Association of Bank Directors, who read the change-in-control agreements and related documents. “Often there isn’t one right or wrong call when negotiating a deal’s terms.”

Click here to read the full article at www.americanbanker.com (subscription required).

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