To our clients and friends: The SEC recently approved amendments to Rule 10b5-1 regarding insider trading plans to revise the conditions that must be met for insiders to be able to use the 10b5-1 affirmative defense including, among other things, cooling-off periods, representations from plan participants and new periodic disclosure requirements for issuers and their… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to Harborstone Credit Union in its Proposed Acquisition of First Sound Bank
On August 1, 2023, 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 First Sound Bank, Seattle, Washington. Following the completion of the acquisition, First Sound Bank will distribute the net transaction proceeds to its… Read more »
Luse Gorman Served as Legal Counsel to BV Financial, Inc. in its Conversion and Related $98.0 Million Stock Offering
On July 31, 2023, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed its conversion from the mutual holding company to the stock holding company form of organization and its related stock offering. A total of 9,798,980 shares of common stock were sold in the offering at a price of $10.00 per… Read more »
Luse Gorman Served as Legal Counsel to Mercer Savings Bank in its Mutual-to-Stock Conversion and Related $9.7 Million Stock Offering
On July 26, 2023, Mercer Savings Bank, Celina, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, Mercer Bancorp, Inc., the newly formed holding company for Mercer Savings Bank, completed its initial public offering by selling 972,970 shares of its common stock at $10.00 per share. Mercer… Read more »
Alert – SEC Issues Guidance on Compliance Dates for New 10b5-1 Insider Trading Plan Periodic Disclosures
To our clients and friends: The SEC recently issued guidance regarding the compliance dates for the new periodic disclosure requirements for issuers with respect to Rule 10b5-1 insider trading plans. Our Alert regarding the guidance is available here.