On October 17, 2023, Peru Federal Savings Bank, Peru, Illinois, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, PFS Bancorp, Inc., the newly formed holding company for Peru Federal, completed its initial public offering by selling 1,725,000 shares of its common stock at $10.00 per share. PFS… Read more »
Posts By: tames
Alert – NCUA Board Approves Final Rule Designed to Facilitate Innovation and Fintech Partnerships
To our clients and friends: On September 21, 2023, the National Credit Union Administration Board unanimously approved a final rule designed to give federally-insured credit unions additional flexibility to use advanced technologies and to partner with fintechs. Our Alert discusses the provisions of the new regulation and the legal and regulatory considerations relevant to credit… Read more »
Luse Gorman Served as Legal Counsel to Somerset Savings Bank in its Mutual-to-Stock Conversion, $90.6 Million Stock Offering and Acquisition of Regal Bank
On September 19, 2023, Somerset Savings Bank, SLA, Bound Brook, New Jersey, completed its conversion from the mutual to stock form of organization. Concurrently, SR Bancorp, Inc., the newly formed holding company for Somerset Savings Bank, completed its initial public offering by selling 9,055,172 shares of its common stock at $10.00 per share. SR Bancorp’s… Read more »
Scott A. Brown presented at the Connecticut Bankers Association 2023 Annual Conference
On October 7, 2023, Scott A. Brown presented a federal regulatory update at the Connecticut Bankers Association 2023 Annual Conference in White Sulphur Springs, West Virginia. The session focused on certain current federal matters impacting community banks, including a summary of the Supreme Court case analyzing the constitutionality of the CFPB, the current mergers and… Read more »
Luse Gorman is the Top Legal Advisor for Bank Mergers Through September 30, 2023
Luse Gorman, PC is pleased to announce that we were the No. 1 legal advisor in the nation for bank mergers for the nine months ended September 30, 2023, based on the number of transactions, as reported by S&P Global Market Intelligence. Luse Gorman was also the No. 1 legal advisor in the nation for… Read more »