May 4, 2024
On May 4, 2024, Lawrence M.F. Spaccasi and Scott A. Brown presented “Hot Topics for Community Banks” at the Massachusetts Bankers Association 2024 Annual Convention in Key Biscayne, Florida. The session focused on certain current matters impacting community banks, including a summary of the litigation case analyzing the constitutionality of the CFPB, the current mergers and acquisitions landscape, the proposed FDIC corporate governance guidelines, the recent FTC non-competition rule and updates on mutual capital. The presentation included the practical impact on each specifically on community banks.
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May 2, 2024
On May 2, 2024, Lawrence M.F. Spaccasi presented “The Future of Mutual Bank Ownership Structure” at the New Jersey Bankers Association 2024 Annual Convention in Naples, Florida. The session focused on certain current matters impacting banking institutions in the mutual form, including potential developments regarding capital instruments issuable by mutual banks and mutual holding companies and developments in the area of mutual to mutual mergers and mutual holding company mergers, including the shared services model.
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May 2, 2024
To our clients and friends:
On April 23, 2024, the Federal Trade Commission issued a final rule that bans most non-competition agreements.
Our Alert, which covers what financial institutions need to know about the final rule, is available here.
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May 1, 2024
On April 30, 2024, Texas Dow Employees Credit Union ("TDECU"), Houston, Texas, announced that it had entered into a definitive agreement to acquire Sabine State Bank and Trust ("Sabine"), Many, Louisiana, the wholly-owned subsidiary of Sabine Bancshares, Inc.
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April 19, 2024
On April 17, 2024, Arlo Financial Holdings, Inc., a Missouri corporation formed by an investor group of experienced bankers, and Systematic Savings Bank, Springfield, Missouri, announced their definitive agreement for Arlo Financial to acquire Systematic Savings Bank in an all-cash transaction valued at approximately $14.0 million.
In connection with the transaction, Arlo Financial will become the bank holding company for Systematic Savings Bank.
Luse Gorman is serving as legal counsel to Arlo Financial in the transaction. The Luse Gorman team consists of Steven Lanter, Ben Azoff, Gregory Sobczak and Brendan Saxon.
Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.
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