To our clients and friends: On June 27, 2025, the FDIC, the OCC, and the NCUA issued an order (the “Order”) exempting their supervised institutions from the Customer Identification Program Rule’s requirement to obtain taxpayer identification numbers directly from customers at account opening, permitting them to instead obtain this information from a third-party source. The… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to Community Bank, N.A. in its Proposed Acquisition of Seven Pennsylvania Branches from Santander Bank, N.A.
On June 24, 2025, Community Bank, N.A. (“Community Bank”), a subsidiary of Community Financial System, Inc., entered into a Purchase and Assumption Agreement with Santander Bank, N.A., to acquire seven branch locations in the Allentown, PA area. Under the agreement, Community Bank will assume approximately $600 million in deposits and purchase approximately $33 million in… Read more »
Luse Gorman Served as Legal Counsel to Gesa Credit Union in its Acquisition of Security State Bank
On May 31, 2025, Gesa Credit Union (“Gesa”), Richland, Washington, completed its purchase of substantially all assets and assumption of substantially all liabilities of Security State Bank, Centralia, Washington, the wholly-owned subsidiary of Security State Corporation. Following the completion of the transaction, Gesa has approximately $6.4 billion in assets and a network of 43 banking… Read more »
Luse Gorman Served as Legal Counsel to First Bank in its $35.0 Million Subordinated Debt Issuance
On June 18, 2025, First Bank, Hamilton, New Jersey, completed a private offering of $35.0 million of 7.125% Fixed-to-Floating Rate Subordinated Notes due 2035. First Bank operates 27 full-service branches in New Jersey, Pennsylvania and Palm Beach, Florida. Luse Gorman served as legal counsel to First Bank in the offering. The Luse Gorman team consisted… Read more »
Luse Gorman Served as Legal Counsel to Chemung Financial Corporation in its $45.0 Million Subordinated Debt Issuance
On June 10, 2025, Chemung Financial Corporation, Elmira, New York, the holding company for Chemung Canal Trust Company, completed a private offering of $45.0 million of 7.75% Fixed-to-Floating Rate Subordinated Notes due 2035. Chemung Canal Trust Company operates 30 retail offices in New York and Pennsylvania. Luse Gorman served as legal counsel to Chemung Financial… Read more »