On July 31, 2018, the Treasury Department issued its report on financial technology (fintech) companies and the OCC announced that it will begin accepting national bank charter applications from fintech companies. For more information please see attached.
Posts By: tames
Luse Gorman Serves as Legal Counsel to AJS Bancorp, Inc. in its Proposed Merger with NorthWest Indiana Bancorp
On July 31, 2018, AJS Bancorp, Inc. (“AJSB”), Midlothian, Illinois, the holding company for A. J. Smith Federal Savings Bank, and NorthWest Indiana Bancorp (“NWIN”), Munster, Indiana, the holding company for Peoples Bank SB, announced a definitive merger agreement pursuant to which AJSB will merge with and into NWIN, with NWIN as the resulting company…. Read more »
Luse Gorman Serves as Legal Counsel to Pilgrim Bancshares, Inc. in its Proposed Merger with Hometown Financial Group, Inc.
On July 25, 2018, Pilgrim Bancshares, Inc. (“Pilgrim”), Cohasset, Massachusetts, and Hometown Financial Group, Inc. (“Hometown”), Easthampton, Massachusetts, entered into a definitive merger agreement pursuant to which Pilgrim will merge with and into Hometown, with Hometown as the resulting company, for total merger consideration valued at approximately $53.9 million. Pilgrim shareholders will receive $23.00 cash… Read more »
Luse Gorman Serves as Legal Counsel to Brentwood Bank in its Proposed Acquisition of Union Building and Loan Savings Bank
On July 17, 2018, Brentwood Bank (“Brentwood”), Bethel Park, Pennsylvania, and Union Building and Loan Savings Bank (“Union”), Bridgewater, Pennsylvania, entered into a definitive merger agreement pursuant to which Union will merge with and into Brentwood, with Brentwood as the resulting institution. The combined institution will have total assets of approximately $650 million. Luse Gorman… Read more »
SEC Finalizes Rule on Smaller Reporting Company Definition
The SEC recently finalized a rule, effective September 10, 2018, that expands the definition of “smaller reporting company” (“SRC”) to include registrants with (i) a public float of less than $250 million, or (ii) annual revenues of less than $100 million for the previous year and either no public float or a public float of… Read more »