An Entrepreneurial Track Record
With a sophisticated understanding of the business needs that drive legal issues, we use our tools—knowledge, experience and innovation—to implement comprehensive solutions to even the most complex business challenges.

In the past two decades, we have created, capitalized and helped operate successful financial institutions including a federal savings bank, a national bank, the tenth highest volume SBIC lender and a host of commercial business and real estate projects across the country. For example:

• We created New York Federal Savings Bank in 1989, and sold it in 1997 to Flushing Federal Savings for a return of approximately eight times the original investment.
  
  
• We invested in, and became controlling shareholders of, Edwards Capital Company, a leader in the taxi medallion finance business and an active SBIC corporation. We sold it to Medallion Financial Corporation in 1996 at a profit.

Our entrepreneurial track record makes us a crossroads for deal flow, which enables us to offer business opportunities to our clients. We are always involved in the process of developing new opportunities. For example:

• We were responsible for the capitalization and turnkey start-up of Metropolitan National Bank, a federally chartered commercial bank in New York City, which opened in 1999. Herrick attorneys raised the funds to capitalize MetBank, navigated the regulatory shoals to get it chartered, developed the business plan and participated in all of the start-up decisions.
  
  
• Working with MetBank, our attorneys participated in the development and deployment of state-of-the-art ATM`s. These machines automate the check cashing store process—cashing checks, implementing wire transfers and performing other banking functions, as well as providing Internet access for shopping and other activities. Prototypes currently operate in several locations.