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Kenneth Ehrlich, Nutter McClennen & Fish LLP Photo

Kenneth F. Ehrlich

Co-Chair, Banking and Financial Services Practice Group / Boston

Overview

Kenneth F. Ehrlich is a partner in Nutter’s Corporate and Transactions Department and co-chairs Nutter’s Banking and Financial Services practice group. Banks and other financial institutions, including licensed lenders, frequently turn to Ken for corporate and financial services regulation counsel. He has practiced extensively before all federal and Massachusetts agencies that regulate and supervise Nutter’s Banking and Financial Services practice group clients, as well as many other states’ financial regulatory authorities.

Clients rely on Ken’s extensive experience in a wide range of matters, including bank regulation, new bank formations, mergers and acquisitions, holding company formations, charter conversions, interstate expansion, the introduction of new products and services, including securities, insurance and trust services, and electronic banking. Ken also has extensive experience representing clients in data processing contract negotiations.

Notable Experience and Client Impact

Ken has represented clients in:

  • More than 30 bank M&A transactions, including:
    • Advised Mansfield Co-operative Bank in its consolidation in a merger of equals with Bridgewater Savings Bank to form Bluestone Bank
    • Represented North Shore Bank in its merger with Beverly Bank
    • Advised Fidelity Co-operative Bank in its merger with Family Federal Savings F.A.
    • Represented Hometown Financial Group, Inc. (parent of bankESB and bankHometown) in its acquisition of Pilgrim Bancshares, Inc. (parent of Pilgrim Bank)
    • Represented Hometown Financial Group, Inc. (parent of bankESB and bankHometown) in its merger with Abington Bank
    • Represented North Middlesex Savings Bank in its merger with Marlborough Savings Bank
    • Advised North Brookfield Savings Bank in its merger with FamilyFirst Bank
    • Represented North Shore Bank in its merger with Merrimac Savings Bank
    • Advised Granite Savings Bank in its merger with Cape Ann Savings Bank
    • Represented Ipswich Cooperative Bank in its merger with Institution for Savings in Newburyport
    • Advised Greenfield Cooperative Bank in its merger with Northampton Cooperative Bank
    • Represented Spencer MHC (parent of SpencerBANK) in its merger with Southbridge MHC (parent of Southbridge Savings Bank)
    • Advised ESB MHC (parent of Easthampton Savings Bank) in its merger with Hometown MHC (parent of Hometown Bank)
    • Represented South Adams Savings Bank in its merger with Adams Cooperative Bank
    • Advised Hyde Park Cooperative Bank in its merger with Commonwealth Cooperative Bank
    • Represented South Shore Mutual Holding Company (parent of Coastal Heritage Bank) in its merger with Equitable Bancorp, MHC (parent of Equitable Bank) (with MDH)
  • 14 mutual holding company reorganizations
  • Numerous supervisory actions including cease and desist orders, civil money penalty orders and informal actions including MOUs
  • A wide range of governance matters
  • Counsel to licensed lenders on regulatory matters in Massachusetts -- four engagements, past five years

Ken continues his leadership outside of the firm through his active involvement in professional organizations. He is a member of the Board of Directors of the Massachusetts Bank Insurance Association and a member of the American Bar Association Banking Law Committee, and co-chaired the Business Law Section and the Banking and Financial Services Law Committee of the Boston Bar Association.

Ken is a frequent author and speaker on issues affecting banks and other depository institutions. He lectured on Bank Structure and Regulation at Boston University's Morin Center for Banking and Financial Law in the L.L.M. program from 2004-2009.

The U.K. publisher Chambers and Partners ranked Ken among the nation’s leading banking attorneys who provide corporate and regulatory advice to clients, and in the top tier in Massachusetts, in the 2004-2020 editions of Chambers USA: America’s Leading Lawyers for Business. He was selected for Massachusetts Super Lawyers in the November 2004-2005 and 2007-2019 issues of Boston magazine, for Corporate Counsel Super Lawyers in 2009, and for Super Lawyers Business Edition in 2011-2015. He was also selected for The Best Lawyers in America, 2007-2021.

Experience

Experience

  • Fidelity Bank

    Nutter represented Fidelity Bank in its merger with Family Federal Savings, F.A.

  • Pilgrim Bank

    Nutter represented Pilgrim Bank, a member of the Hometown Financial Group, MHC, in its acquisition of Abington Bank. The bank will be headquartered in Abington, Massachusetts and will operate as an independent subsidiary of Hometown Financial Group.

  • North Shore Bank

    Nutter advised North Shore Bank in its merger with Beverly Bank.

  • PeoplesBancorp, MHC

    Nutter represented PeoplesBancorp, MHC, the holding company for PeoplesBank, in the private placement of $40 million in fixed-to-floating rate subordinated notes due 2028.

  • Hometown Financial Group Inc.

    Nutter represented Hometown Financial Group, Inc., the bank holding company of bankESB (Easthampton, MA) and bankHometown (Oxford, MA), in connection with its acquisition of Pilgrim Bank, a Massachusetts-chartered co-operative bank headquartered in Cohasset, MA, and its bank holding company, Pilgrim Bancshares, Inc. (OTCMKTS: PLRM).

  • Coastal Heritage Bank

    Nutter represented South Shore Mutual Holding Company, the mutual holding company for Coastal Heritage Bank, a $517.1 million-asset community bank headquartered in Weymouth, MA, in its merger with Equitable Bancorp, MHC, the mutual holding company for Equitable Bank, a $332.9 million asset community bank headquartered in East Weymouth, MA.

  • PeoplesBancorp, MHC

    Nutter represented PeoplesBancorp, MHC, a Massachusetts mutual holding company, and the bank holding company of PeoplesBank, a Massachusetts-chartered savings bank, both of Holyoke, Massachusetts, in connection with its acquisition of First Suffield Financial, Inc., a Connecticut corporation and the bank holding company of The First National Bank of Suffield, a national bank, both of Suffield, Connecticut. The total value of the transaction was approximately $60 million.

  • Liberty Bay Credit Union

    Nutter represented Liberty Bay Credit Union in its merger with Hingham Federal Credit Union.

  • ESB Bancorp, MHC

    Nutter represented ESB Bancorp, MHC in its merger with Hometown Community Bancorp, MHC.

  • Fidelity Bank

    Nutter represented Fidelity Bank in its merger with Barre Savings Bank.

  • North Shore Bank

    Nutter represented North Shore Bank in its merger with Merrimac Savings Bank.

  • North Middlesex Savings Bank

    Nutter represented North Middlesex Savings Bank in its merger with Marlborough Savings Bank.

  • Institution for Savings

    Nutter advised Institution for Savings in Newburyport and its Vicinity, a Massachusetts-chartered mutual savings bank, in its acquisition of Rockport National Bancorp, Inc. (OTCQB: RPOR) and its wholly-owned subsidiary Rockport National Bank, a national bank, in an all-cash transaction valued at approximately $28.3 million.

  • North Brookfield Savings Bank

    Nutter advised North Brookfield Savings Bank, a Massachusetts-chartered savings bank, in its merger with FamilyFirst Bank, a Massachusetts-chartered co-operative bank.

  • Greenfield Cooperative Bank

    Nutter advised Greenfield Cooperative Bank, a co-operative bank based in Greenfield, MA, in its merger with The Northampton Cooperative Bank, a mutual co-operative bank based in Northampton, MA.

  • Granite Savings Bank

    Nutter advised Granite Savings Bank, a mutual savings bank based in Rockport, MA, in its merger with Cape Ann Savings Bank, a mutual savings bank based in Gloucester, MA.

  • Banks (all charter types)

    23 mergers and acquisitions (all transaction structures) since 2004

  • Massachusetts banks

    12 mutual holding company reorganizations since 2003

  • Out-of-state licensed lenders

    Counsel on regulatory matters in Massachusetts, four lenders, past 5 years

  • Eastern Bankshares, Inc.

    Nutter served as legal counsel to Eastern Bank Corporation, the mutual holding company of Eastern Bank, in its conversion to a fully public stock holding company known as Eastern Bankshares, Inc. (NASDAQ Global Select Market: EBC).

  • Fidelity Bank

    Nutter represented Fidelity Bank in its merger with Colonial Co-operative Bank.

  • Fidelity Bank

    Nutter successfully obtained a settlement on behalf of its client Fidelity Bank in connection with a multi-district litigation class action relating to the TelexFree international Ponzi scheme. The Court approved the $22.5 million settlement and entered judgment dismissing the claims with prejudice. The legal team was led by Ian Roffman, chair of Nutter’s Securities Enforcement and Litigation practice, and included Joe Toomey, Ken Ehrlich, and Tom Curry.

News & Insights

News

Publications

Honors

Honors

  • Chambers USA, Leading U.S. Banking and Finance: Corporate & Regulatory Attorney, 2004-2020
  • The Best Lawyers in America, 2007-2021
  • The Best Lawyers in America, Financial Services Regulation Law Lawyer of the Year, 2019, 2021
  • Massachusetts Super Lawyers, 2004-2005, 2007-2020
  • Super Lawyers Business Edition, 2011-2015
  • Super Lawyers, Corporate Counsel Edition, 2009

Education & Admissions

Education

Boston College Law School, J.D.
Harvard College, A.B., cum laude

Admissions

  • U.S. Court of Appeals for the First Circuit
  • U.S. District Court for the District of Massachusetts
  • Massachusetts

Industry Expertise

Ken is a frequent author and speaker on issues affecting banks and other depository institutions. He lectured on Bank Structure and Regulation at Boston University's Morin Center for Banking and Financial Law in the L.L.M. program from 2004 to 2009.

Noteworthy

  • Chambers USA, Leading U.S. Banking and Finance: Corporate & Regulatory Attorney, 2004-2020
  • The Best Lawyers in America, 2007-2021
  • The Best Lawyers in America, Financial Services Regulation Law Lawyer of the Year, 2019, 2021
  • Massachusetts Super Lawyers, 2004-2005, 2007-2020
  • Super Lawyers Business Edition, 2011-2015
  • Super Lawyers, Corporate Counsel Edition, 2009
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