On March 4, 2024, Berkshire Bank, Boston, Massachusetts, entered into three definitive agreements to sell ten of its Upstate and Eastern New York branches, subject to regulatory approval and other customary closing conditions. Under the agreements, Berkshire Bank will sell approximately $485.5 million in deposits, $60.5 million of related residential mortgage and consumer loans, and… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to Hometown Financial Group in its $135.0 Million Senior Notes Issuance
On March 5, 2024, Hometown Financial Group, Inc., Easthampton, Massachusetts, the holding company for Abington Bank, bankESB and Hometown Bank, completed the private placement of $135.0 million of 8.75% Fixed-Rate Senior Notes due 2037 (the “Notes”). The Notes are intended to qualify as Tier 2 capital for regulatory purposes. Luse Gorman served as legal counsel to… Read more »
Alert – The Bankers’ Bulletin Vol. 3
To our clients and friends: Today we published Volume 3 of The Bankers’ Bulletin. You can find a copy of this edition here. This volume covers a recent OCC action related to third-party risk management deficiencies, revisions to the CFPB’s supervisory appeals process, DoJ comments on redlining as a factor in its merger reviews, Vice… Read more »
Alert – New Disclosure Rules and Timing Considerations for Grants of Stock Option and Similar Awards
To our clients and friends: Item 402(x) of Regulation S-K, promulgated as part of the SEC’s final rule on insider trading arrangements, is effective today. Item 402(x) will require additional narrative disclosure of internal policies and practices governing the timing of stock option grants, as well additional tabular disclosure if stock option grants are made… Read more »
Luse Gorman is Legal Counsel to Hometown Financial Group in its Proposed Acquisition of North Shore Bancorp
On February 15, 2024, Hometown Financial Group, Inc., the holding company for bankESB, bankHometown, and Abington Bank, and North Shore Bancorp, the holding company for North Shore Bank, announced their agreement for North Shore Bank to become a wholly-owned subsidiary of Hometown Financial Group and merge with Abington Bank, with North Shore Bank as the… Read more »