Phil Buffington Quoted in Independent Banker on Legal Insights for Community Bank Succession Planning

Phil Buffington, partner in the firm’s Banking & Financial Services Practice, was featured in an article published by Independent Banker titled “How Can Legal Expertise Smooth Succession Transitions?” The piece explores how legal counsel can help community banks navigate the complexities of succession planning and ensure long-term continuity and compliance.

Phil, who has advised numerous banks through the succession process, emphasized the importance of early and continuous legal involvement.

“It’s always important to get legal counsel involved in the succession planning process and keep them involved and informed,” Independent Banker quoted Phil as saying. “There are a lot of different things that can happen throughout the process that can change the way you look at things.”

The article outlines how legal teams help community banks evaluate governance frameworks, prepare and structure executive compensation agreements, and draft transfer documents such as buy-sell and shareholder agreements. Phil also cautioned against relying on one-size-fits-all approaches.

“Every bank has its own characteristics and issues that need to be addressed,” he said. “If a bank thinks they can just change the names on another bank’s succession plan, I tell them that isn’t going to work.”

Phil’s insights underscore the critical role experienced counsel plays in tailoring succession strategies to meet the specific needs of each institution.

For more than 30 years, Phil has served as a trusted advisor to community, regional and national financial institutions, helping them to assess and analyze regulatory and litigation risks. He counsels clients on a full range of issues, including federal and state regulatory matters, corporate governance, mergers and acquisitions, succession planning, strategic planning, capital planning and offerings, evaluating and assisting in the development of new products and services, and responses to examinations and enforcement actions. His practice also includes commercial lending transactions, health care and insurance.