On July 21, 2025, San Francisco Federal Credit Union (“SFFCU”), San Francisco, California, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Summit Bank (“Summit”), Oakland, California. SFFCU has approximately $1.33 billion in assets and operates nine branches across San Francisco and… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to Lake Shore Bancorp, Inc. in its Conversion and Related $49.5 Million Stock Offering
On July 18, 2025, Lake Shore Bancorp, Inc., Dunkirk, New York, the holding company for Lake Shore Bank, completed its conversion from the mutual holding company to the stock holding company form of organization and its related stock offering. A total of 4,950,460 shares of common stock were sold in the offering at a price… Read more »
Alert – Reminder to Prepare for EDGAR Next
To our clients and friends: On September 27, 2024, the Securities and Exchange Commission (the “SEC”) adopted a Final Rule that made changes to the SEC’s Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) system filer access and account management. The updated system is known as “EDGAR Next” and reflects the SEC’s initiative to modernize the… Read more »
Luse Gorman Served as Legal Counsel to Guilford Savings Bank in its Merger with Eastern Connecticut Savings Bank
On July 1, 2025, Guilford Savings Bank, Guilford, Connecticut, completed its merger with Eastern Connecticut Savings Bank, Norwich, Connecticut. Luse Gorman served as legal counsel to Guilford Savings Bank in the transaction. The Luse Gorman team consisted of Scott Brown, Ellie Cook, Keeler Fina and Trevor Kline. Luse Gorman has acted as counsel on more… Read more »
Alert – Volume 19 of The Bankers’ Bulletin
To our clients and friends: Today we published Volume 19 of The Bankers’ Bulletin, providing our insights into key banking industry developments from June 2025, including: The OCC and FDIC’s exemption to the CIP Rule; Gov. Bowman’s supervisory reform priorities; The OCC’s report on risks facing the banking system; The interagency request for information on… Read more »