On December 27, 2023, NB Financial, MHC, Needham, Massachusetts, completed its conversion from a mutual holding company to a stock holding company. Concurrently with the conversion, NB Bancorp, Inc. (the “Company”), the newly formed holding company for Needham Bank, completed its initial public offering by selling 40,997,500 shares of its common stock at $10.00 per… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to 1831 Bancorp, MHC and 1831 Bancorp, Inc. in a Merger of Equals with South Shore Bancorp, MHC and South Shore Bancorp, Inc.
On January 1, 2024, 1831 Bancorp, MHC and 1831 Bancorp, Inc., Dedham, Massachusetts, the holding companies for Dedham Institution for Savings (“Dedham Savings”), completed its merger of equals transaction with South Shore Bancorp, MHC and South Shore Bancorp, Inc., South Weymouth, Massachusetts, the holding companies for South Shore Bank. Following the merger, Dedham Savings and… Read more »
Luse Gorman Served as Legal Counsel to Piedmont Federal Savings Bank in its Acquisition of Wake Forest Bancshares, Inc.
On January 2, 2024, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, completed its acquisition of Wake Forest Bancshares, Inc., Wake Forest, North Carolina, in an all-cash “remutualization” transaction valued at approximately $14.9 million. As a remutualization transaction, the merger involved novel pricing issues regarding the acquisition of mutual holding companies with public stockholders by mutually… Read more »
Brendan Clegg appeared on the BankTalk Podcast hosted by Remedy Consulting
On December 26, 2023, Brendan Clegg appeared on the BankTalk podcast hosted by Remedy Consulting. On the episode, Brendan discussed the different types of enforcement actions, the ways that an enforcement action can develop, whether directors and officers can be subject to personal actions, common issues that trip up banks and their leadership, and other… Read more »
Luse Gorman Served as Legal Counsel to Blue Federal Credit Union in its $15.0 Million Subordinated Debt Issuance
On December 21, 2023, Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, successfully completed a private placement of $15.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net… Read more »