On March 31, 2023, NuMark Credit Union, Joliet, Illinois, completed its acquisition of Pioneer State Bank, Earlville, Illinois. All four of Pioneer State Bank’s branches will operate as branch offices of NuMark Credit Union, increasing NuMark Credit Union’s total branches to 13 and total assets to approximately $759 million following the completed acquisition. Luse Gorman… Read more »
Posts By: tames
Alert – NCUA Approves an Amendment to its Current Rule on Subordinated Debt
To our clients and friends: Recently, the NCUA finalized an amendment to its current rules on subordinated debt. The amendment makes two material changes to the current rule. First, there is no longer a maximum maturity for subordinated notes, provided certain requirements are satisfied. In addition, the regulatory capital treatment of grandfathered secondary capital was… Read more »
Luse Gorman is Legal Counsel to Dedham Institution for Savings in its Proposed Strategic Partnership with South Shore Bank
On March 14, 2023, 1831 Bancorp, MHC, Dedham, Massachusetts, and South Shore Bancorp, MHC, South Weymouth, Massachusetts, announced their agreement to form a strategic partnership through the merger of 1831 Bancorp, MHC and South Shore Bancorp, MHC. South Shore Bank and Dedham Institution for Savings, the bank subsidiaries of South Shore Bancorp, MHC and 1831… Read more »
Alert – Considerations for Credit Unions in the Wake of Recent Bank Failures
To our clients and friends: In light of the recent large bank failures, our Alert regarding items that credit unions should consider is available here. To diversify sources of liquidity, eligible credit unions should consider getting NCUA preapproval to issue subordinated debt, which is discussed in our Alert.
Luse Gorman, PC White Paper – The NCUA’s Final Rule on Subordinated Debt
Luse Gorman, PC White Paper – The NCUA’s Final Rule on Subordinated Debt