On January 31, 2024, Oconee Federal Savings and Loan Association (“Oconee Federal”), Seneca, South Carolina, completed its acquisition of Mutual Savings Bank, Hartsville, South Carolina. In addition, Oconee Federal’s holding company, Oconee Federal Financial Corp., issued $3.2 million of stock to its mutual holding company parent, Oconee Federal, MHC, as consideration for the transaction based… Read more »
Posts By: tames
Alert – Volume 2 of The Bankers’ Bulletin
To our clients and friends: Today we published Volume 2 of The Bankers’ Bulletin. You can find a copy of this edition here. This volume covers recent CFPB proposed rules on overdraft and other fees, FRB and NYDFS enforcement actions for disclosure of confidential supervisory information, the Acting Comptroller’s thoughts on liquidity risk, changes to… Read more »
Scott A. Brown and Lawrence M. F. Spaccasi presented at the 2024 BankDirector Acquire or Be Acquired Conference in Phoenix, Arizona
Scott A. Brown and Lawrence M. F. Spaccasi presented “Addressing Deal Certainty in Uncertain Times” at the 2024 BankDirector Acquire or Be Acquired Conference in Phoenix, Arizona. This session focused on the current regulatory climate with regard to M&A with an emphasis on changing regulatory standards for approval of transactions, hot button issues and potential… Read more »
ALERT – NCUA Supervisory Priorities
To our clients and friends: On January 22, the National Credit Union Administration issued a letter to credit union boards of directors and CEOs outlining its annual supervisory priorities and highlighting the areas it views as posing the highest risk to the credit union industry in 2024. Our Client Alert covers each of the identified… Read more »
Luse Gorman is Legal Counsel to Mid-Southern Bancorp, Inc. in its Proposed Acquisition by Beacon Credit Union
On January 25, 2024, Mid-Southern Bancorp, Inc. and its wholly-owned subsidiary, Mid-Southern Savings Bank, FSB, announced the signing of a definitive purchase and assumption agreement with Beacon Credit Union, pursuant to which Beacon Credit Union will acquire the assets and assume the liabilities of Mid-Southern Savings Bank, FSB in an all cash transaction. Following the… Read more »