To our clients and friends: On October 24, 2023, the federal bank regulatory agencies jointly issued a final rule to strengthen and modernize the regulations implementing the Community Reinvestment Act. The rule continues to tailor performance standards to account for differences in bank size and business models, and most significantly affects “large banks” with $2… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to A.E.A. Federal Credit Union in its Proposed Acquisition of West Valley National Bank
On November 1, 2023, A.E.A. Federal Credit Union, Yuma, Arizona, announced that it had entered into a purchase and assumption agreement with West Valley National Bank, Goodyear, Arizona and its parent holding company, West Valley Bancorp, Inc. Pursuant to the agreement, A.E.A. Federal Credit Union will purchase substantially all assets and assume substantially all liabilities… Read more »
Luse Gorman Served as Legal Counsel to Home Federal Savings and Loan Association of Grand Island in its Conversion and Related $41.3 Million Stock Offering
On October 19, 2023, Home Federal Savings and Loan Association of Grand Island, Grand Island, Nebraska, completed its conversion from the mutual to stock form of organization. Concurrently, Central Plains Bancshares, Inc., the newly formed holding company for Home Federal, completed its initial public offering by selling 4,130,815 shares of its common stock at $10.00… Read more »
Luse Gorman Served as Legal Counsel to Peru Federal Savings Bank in its Conversion and Related $17.3 Million Stock Offering
On October 17, 2023, Peru Federal Savings Bank, Peru, Illinois, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, PFS Bancorp, Inc., the newly formed holding company for Peru Federal, completed its initial public offering by selling 1,725,000 shares of its common stock at $10.00 per share. PFS… Read more »
Alert – NCUA Board Approves Final Rule Designed to Facilitate Innovation and Fintech Partnerships
To our clients and friends: On September 21, 2023, the National Credit Union Administration Board unanimously approved a final rule designed to give federally-insured credit unions additional flexibility to use advanced technologies and to partner with fintechs. Our Alert discusses the provisions of the new regulation and the legal and regulatory considerations relevant to credit… Read more »