To our clients and friends: On March 21, the FDIC proposed revisions to its Statement of Policy on Bank Merger Transactions, which are intended to provide guidance on how the agency reviews merger applications under the Bank Merger Act. Our Client Alert describes the most relevant aspects of the new policy statement and includes key… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to Financial Institutions, Inc. in the Sale of its Insurance Agency Subsidiary to NFP Property & Casualty Services, Inc.
On April 1, 2024, Financial Institutions, Inc., Warsaw, New York, the holding company for Five Star Bank, completed the sale of its insurance agency subsidiary, SDN Insurance Agency, LLC, to NFP Property & Casualty Services, Inc. (“NFP”). Financial Institutions, Inc. is the bank holding company for Five Star Bank, a New York-chartered commercial bank that… Read more »
Alert – SEC Finalizes Climate Disclosure Rules
To our clients and friends: On March 6, 2024, the Securities and Exchange Commission issued final rules requiring registrants to disclose climate-related risks and data in certain filings. These final rules are now the subject of legal challenges in several different jurisdictions. Our Alert regarding the climate-related disclosure rules is available here.
Luse Gorman is Legal Counsel to Freedom of Maryland FCU in its Proposed Merger with Atlantic Financial FCU
On March 21, 2024, Freedom of Maryland Federal Credit Union (“Freedom of Maryland FCU”), Bel Air, Maryland, announced the signing of a definitive merger agreement with Atlantic Financial Federal Credit Union (“Atlantic Financial FCU”), Hunt Valley, Maryland, pursuant to which Atlantic Financial FCU will merge into Freedom of Maryland FCU with Freedom of Maryland FCU… Read more »
Luse Gorman is Legal Counsel to Harborstone Credit Union in its Proposed Acquisition of SaviBank
On March 22, 2024, Harborstone Credit Union, Lakewood, Washington, announced that it had entered into a purchase and assumption agreement to acquire substantially all the assets and assume substantially all the liabilities of SaviBank, Mount Vernon, Washington, and its parent holding company, Savi Financial Corporation, Inc. Following the completion of the acquisition, SaviBank will distribute… Read more »