Burke, Warren, MacKay & Serritella, P.C.

For more than 35 years, the Firm's banking and financial services attorneys have been providing sound counsel and advice to financial institutions and consumers of financial services. From advice on asset-backed real estate loans and loan securitization, to counsel on open or closed-end consumer credit programs, from bank formations, acquisitions and dispositions to service as general counsel, our firm offers seasoned legal experience and an in-depth understanding of the banking and financial services industries.

We have represented clients in a wide range of multiple and complex loan transactions, loan collections, loan workouts and financial services-related litigation. Our financial services clients include de novo banks and small to midsize community banks as well as major banks in Chicago. The scope of our experience includes de novo bank formation, mergers and acquisitions, general banking services, commercial loan transactions, municipal finance and loan workouts and collection.

General Banking Services

Firm attorneys have functioned as outside general counsel for numerous banks, assisting not only with transactions, but also with formulating operating policies and guidelines for both internal operations, day-to-day operations problems and customer services issues.

De Novo Bank Formation, Bank Mergers & Acquisitions

The attorneys in our banking and financial institutions area have provided cost effective, practical advice to numerous individuals seeking to start and form banks. We have counseled clients on issues including choice of banking regulator, capital raising, corporate structure and taxation issues as well as preparing banking policies and procedures.

Firm attorneys have worked on more than 80 bank and savings and loan acquisitions, dispositions, reorganizations and de novo bank creations. We have assisted our clients with all phases of capitalization, including initial capitalization of de novo banks, fund expansion, SEC-registered offerings and private placements of stock and debt and on securitization of more than $200 million in installment loans.

Commercial Lending Services

Our financial services attorneys possess significant knowledge and experience in a wide range of lending environments, including asset-backed financing, factoring, multi-tiered debt, revolving debt, tax-favored financing, participations, federal, state and local government assistance and multi-lender financing. We have advised financial institutions in structuring credit for a variety of businesses, such as manufacturers, distributors, health clubs, printers, publishers, medical practices, food wholesalers, automobile dealers, manufactured housing dealers, finance companies, retailers, restaurant and entertainment enterprises and entrepreneurs seeking SBA loans.

Municipal Finance

The firm's experience in the municipal finance area includes serving as bond underwriter's and issuer's counsel for municipalities and major Chicago banks on issues ranging from $5 million to $500 million. We also have represented banks issuing letters of credit as credit enhancement for bond issues as well as numerous large and smaller companies as they negotiated the maze of a public bond financing.

Loan Workouts & Collections

Often, the greatest need for counsel arises in providing assistance to our clients with creditors' rights, lender liability and bankruptcy issues. The firm's experience encompasses handling automatic stays, preferences, cash collateral and plan confirmation litigation; lender liability advice and defense; debt collection and enforcement; collateral liquidation; loan workouts and debt restructuring; commercial and residential foreclosures; and deeds-in-lieu of foreclosure.

At Burke, Warren, MacKay & Serritella, P.C., we believe that diversity in the workplace enhances the quality of the legal services we provide and enables us to bring a broader perspective to the problems our clients face. Diversity also enriches the work atmosphere itself.

Diversity Committee

The BWM&S diversity committee, formed in 2006, is responsible for developing, monitoring, and evaluating Firm strategies and progress in recruiting and retaining a diverse workforce. Chaired by the Firm's managing partner, Jeffrey D. Warren, the committee is comprised of male and female members with various backgrounds, including associates, partners and staff. Members share a commitment to increasing the Firm’s diversity. Each uses his or her unique experiences and background to support and further that goal.

Summer Associate Committee

The Firm seeks to recruit summer associates with strong legal skills and diverse backgrounds. The Summer Associate Committee, chaired by John Kobus, works with the Firm's Diversity Committee in the recruiting and evaluation of potential candidates. It is the expectation that Summer Associates will join the Firm upon graduation. The Summer Associate Committee is comprised of 80% women. Over the last three years, 75% of the Firm's summer associates have been women.

A Call to Action

In 2006, the Firm became a signatory on two Chicago Bar Association diversity initiatives. The first commits the Firm to increase the number of women in leadership positions. The second commits the Firm to increase the diversity in its hiring, retention and promotion of attorneys.

Success with gender diversity as of 2006

We believe that the quality and depth of women attorneys in particular at our Firm is an indication of our commitment to diversity:

• More than 25% of Firm attorneys are women;
• More than 50% of Firm associates are women;
• Over the last three years, 75% of Firm summer associates, the primary source of new attorney hires, have been women;
• Over the last three years, more than 40% of lateral hires have been women;
• Karen MacKay is one of the only female name partners among large and mid-sized Chicago law firms;
• Other women at the Firm have attained important leadership positions, including LeAnn Pope who chairs one of the Firm's most significant practice groups;
• The Firm has responded positively to every request received for more flexible hours and working arrangements. Currently over 25% of our female attorneys work flexible schedules to better allow for work/family balance.

A comparison of Firm results: January 2006 vs. Today

• Women partner representation has grown from 24% to 35% through promotions and lateral hires;
• The number of women participating in flexible work arrangements has doubled – the majority of whom are partners;
• The number of women associates at the Firm has grown from 50 to over 60%;
• African American representation has grown from zero to 10% of our associates;
• Asian American representation has grown from zero to 10% of our associates.