March 25, 2024
On March 22, 2024, Harborstone Credit Union, Lakewood, Washington, announced that it had entered into a purchase and assumption agreement to acquire substantially all the assets and assume substantially all the liabilities of SaviBank, Mount Vernon, Washington, and its parent holding company, Savi Financial Corporation, Inc. Following the completion of the acquisition, SaviBank will distribute the net transaction proceeds to stockholders of SaviFinancial Corporation, Inc., which is estimated to be between $16.00 and $17.00 per share of common stock.
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March 8, 2024
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 the branch premises and equipment. The sales exclude Berkshire Bank’s commercial banking businesses associated with the branches.
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March 6, 2024
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.
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March 4, 2024
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 Chair Barr’s statements regarding recent Fed enforcement and supervisory efforts, and other recent developments regarding merger review legislation and bank chartering.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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February 27, 2024
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 in proximity to the release of material nonpublic information.
Our Alert regarding the requirements and certain changes issuers should consider is available here.
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