Davis Polk advised Green Dot Corporation on its acquisition of Bonneville Bancorp which was completed on December 8, 2011. The proposed deal, originally announced in February 2010, was approved on November 23, 2011, by the Board of Governors of the Federal Reserve System in a groundbreaking 4-to-1 vote.

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.

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 of Bonneville Bank, an FDIC-insured, single-office commercial bank located in Provo, Utah with approximately $37 million in assets. The bank's official name will change to Green Dot Bank.

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.