On November 15, 2022, Univest Financial Corporation, Souderton, Pennsylvania, the holding company for Univest Bank and Trust Co., completed the public offering of $50.0 million of 7.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”). The Notes are intended to qualify as Tier 2 capital for regulatory purposes. Luse Gorman served as legal counsel to Univest Financial… Read more »
Posts By: tames
Newsletter – SEC Final Clawback Rules
To our clients and friends: The SEC recently adopted final rules directing the securities exchanges to establish listing standards requiring issuers to develop, implement and disclose executive compensation clawback policies. The new clawback requirements are in addition to the SEC’s current clawback rules, which remain in effect. Our Alert regarding the new rules is available… Read more »
Zac Davis presented at Western Bankers’ 2022 Lenders & Chief Credit Officers Conference
Zac Davis presented “LIBOR/SOFR Transition and the Impact of the Adjustable Interest Rate (LIBOR) Act” at Western Bankers’ 2022 Lenders & Chief Credit Officers Conference in Dana Point, California. The presentation focused on the provisions of the Adjustable Interest Rate (LIBOR) Act and related regulations proposed by the Federal Reserve, including the different SOFR-based benchmarks… Read more »
Lawrence Spaccasi presented at the New Hampshire Bankers Association Trustees & Directors Forum
On November 1, 2022, Lawrence Spaccasi discussed current items and issues that should be on the radar screen of every bank director and trustee, including current regulatory initiatives, new regulations, innovative transactions and recent developments in governance best practices and risk management. He addressed these matters in the context of a director’s and trustee’s overall… Read more »
Luse Gorman is Legal Counsel to HV Bancorp, Inc. in its Proposed Merger with Citizens Financial Services, Inc.
On October 19, 2022, HV Bancorp, Inc., Doylestown, Pennsylvania, announced the signing of a merger agreement with Citizens Financial Services, Inc., Mansfield, Pennsylvania, pursuant to which HV Bancorp will merge with and into Citizens for total merger consideration of approximately $67.4 million. HV Bancorp stockholders may elect to receive $30.50 in cash or 0.400 shares… Read more »