On November 23, 2011, the Board of Governors of the Federal Reserve System, in a groundbreaking order, voted 4-to-1 to approve Green Dot Corporation's proposed acquisition of Bonneville Bancorp. The Utah Department of Financial Institutions also gave its approval. Davis Polk advised Green Dot on all aspects of the acquisition and regulatory matters, including Green Dot's applications to the Federal Reserve Board and Utah Department of Financial Institutions.

Green Dot, the nation's leading provider of general purpose, reloadable prepaid debit cards and owner of one of the nation's largest retail cash reload and payment networks, has been an innovator in providing affordable, low-cost banking products to low- and moderate-income individuals. Bonneville Bancorp is the bank holding company for Bonneville Bank, a Utah-chartered bank based in Provo, Utah. The acquisition of the bank is a key component of Green Dot's strategy of expanding its services to the underserved.

J.P. Morgan described the approval as "momentous," noting that it solidifies Green Dot's market-leading position, and creates a unique platform for its products and services. The 4-to-1 vote by the Federal Reserve Board was a reflection of the novel and important issues presented by Green Dot's application.

The combined Davis Polk financial institutions and mergers and acquisitions team includes partners John L. Douglas, Luigi L. De Ghenghi and William L. Taylor; M&A associates Karen Pelzer and Harold Birnbaum; FIG associates Lina E. Ziurys, Cristina Victoria Regojo, Andrew H. Nash and Priya Bindra; and insolvency and restructuring associates James M. Millerman and Steven C. Krause. Partner Kathleen L. Ferrell provided tax advice. All members of the Davis Polk team are based in the New York office.