On March 21, 2024, Freedom of Maryland Federal Credit Union (“Freedom of Maryland FCU”), Bel Air, Maryland, announced the signing of a definitive merger agreement with Atlantic Financial Federal Credit Union (“Atlantic Financial FCU”), Hunt Valley, Maryland, pursuant to which Atlantic Financial FCU will merge into Freedom of Maryland FCU with Freedom of Maryland FCU… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to Harborstone Credit Union in its Proposed Acquisition of SaviBank
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… Read more »
Luse Gorman is Legal Counsel to Berkshire Bank in its Proposed Sale of Ten Branches to Three Purchasers
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… Read more »
Luse Gorman Served as Legal Counsel to Hometown Financial Group in its $135.0 Million Senior Notes Issuance
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. Luse Gorman served as legal counsel to… Read more »
Alert – The Bankers’ Bulletin Vol. 3
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… Read more »