On November 27, 2024, Guilford Savings Bank and Eastern Connecticut Savings Bank announced their agreement pursuant to which Eastern Connecticut Savings Bank will merge with Guilford Savings Bank, with Guilford Savings Bank as the surviving entity. Guilford Savings Bank is a $1.1 billion savings bank with eight branch offices located throughout southern Connecticut. Guilford Savings… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to Blue Federal Credit Union in its $10.0 Million Subordinated Debt Issuance
Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, has successfully completed a private placement of $10.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net worth ratio and… Read more »
Brendan Clegg Presented on Key Bank Regulatory and Enforcement Updates at the New Hampshire Bankers Association and Vermont Bankers Association Fall 2024 Compliance Conference
On November 19, 2024, Brendan Clegg presented on key bank regulatory and enforcement updates at the New Hampshire Bankers Association and Vermont Bankers Association Fall 2024 Compliance Conference in Concord, New Hampshire. The presentation focused on potential policy, supervision, and personnel changes at the federal banking agencies after the 2024 election, recent landmark decisions by the… Read more »
Luse Gorman Served as Legal Counsel to Empeople Credit Union in its Acquisition of TSB Bank
On October 31, 2024, Empeople Credit Union, Moline, Illinois, completed its acquisition of TSB Bank, Lomira, Wisconsin. Following the completion of the acquisition, Empeople Credit Union has approximately $2.2 billion in assets. Luse Gorman served as legal counsel to Empeople in the transaction. The Luse Gorman team consisted of Jeff Cardone, Michael Brown, Ned Quint,… Read more »
Alert – Vol. 11 of The Bankers’ Bulletin
To our clients and friends: Today we published Volume 11 of The Bankers’ Bulletin. You can find a copy of this edition here. In this volume, we cover the CFPB’s open banking rule, the OCC’s supervision plan for 2025, AI guidance from NYSDFS, extension of the comment period for the FDIC’s brokered deposit rule, a… Read more »