On July 28, 2020, First Federal Bank of Wisconsin, a federally chartered stock savings bank and the wholly owned banking subsidiary of FFBW, Inc., Brookfield, Wisconsin (Nasdaq: FFBW), and Mitchell Bank, a Wisconsin commercial bank located in Milwaukee, Wisconsin, announced the signing of a definitive Purchase and Assumption Agreement pursuant to which First Federal Bank… Read more »
Posts By: tames
ALERT – Federal Reserve Board Clarifies Policies/Timing on Review of Dividends
To our clients and friends: The Federal Reserve recently supplemented its guidance on the payment of dividends by bank and savings and loan holding companies, particularly when a proposed dividend exceeds earnings for the period for which the dividend is being paid. Our Alert regarding this further guidance is available here.
ALERT – SEC Supplements Guidance Regarding COVID-19 Disclosure
To our clients and friends: The SEC recently supplemented its previous guidance for public companies regarding disclosure related to COVID-19 in filings made with the SEC. Our Alert regarding this supplemental guidance is available here.
Luse Gorman Served as Legal Counsel to Kearny Financial Corp. in its Completed Acquisition of MSB Financial Corp.
On July 10, 2020, Kearny Financial Corp., Fairfield, New Jersey (“Kearny”), the holding company for Kearny Bank, completed its acquisition of MSB Financial Corp., Millington, New Jersey (“MSB”), the holding company for Millington Bank. MSB stock was exchanged for a mix of 90% Kearny stock and 10% cash. The transaction was subject to the approval… Read more »
Alert – SBA extends PPP until August 8 and issues new interim final rule related to the loan forgiveness requirements of the PPP
To our clients and friends: On July 4, 2020, the Paycheck Protection Program Extension Act was signed into law, which extended from June 30, 2020 to August 8, 2020 the deadline to apply for a loan under the U.S. Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”). The SBA has an estimated $130 billion remaining… Read more »