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
Jeff Cardone presented at The Bonadio Group’s 2022 Financial Institutions Seminar
Jeff Cardone presented at The Bonadio Group’s 2022 Financial Institutions Seminar on December 6, 2022. The presentation titled “M&A Landscape and Key Considerations for Community Banks and Credit Unions” discussed the M&A environment and emerging trends for community banks and credit unions.
Luse Gorman is Legal Counsel to Land of Lincoln Credit Union in its Proposed Acquisition of Colchester State Bank
On December 21, 2022, Land of Lincoln Credit Union, Decatur, Illinois, entered into a purchase and assumption agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Colchester State Bank, Colchester, Illinois. Land of Lincoln Credit Union has approximately $375 million in assets and currently has 13 branch offices… Read more »
Luse Gorman is Legal Counsel to Pentucket Bank in its Proposed Strategic Partnership with Newburyport Bank
On December 16, 2022, Pentucket Bank Holdings, MHC, Haverhill, Massachusetts, and Newburyport Five Cents Bancorp, MHC, Newburyport, Massachusetts, announced their agreement to form a strategic partnership through the merger of Pentucket Bank Holdings, MHC and Newburyport Five Cents Bancorp, MHC. Newburyport Bank and Pentucket Bank, the bank subsidiaries of Newburyport Five Cents Bancorp, MHC and… Read more »
Luse Gorman is Legal Counsel to First Bank in its Proposed Acquisition of Malvern Bancorp, Inc. and Malvern Bank
On December 14, 2022, First Bank, Hamilton, New Jersey, announced the signing of a merger agreement with Malvern Bancorp, Inc. and Malvern Bank, Paoli, Pennsylvania, pursuant to which Malvern Bancorp, Inc. and Malvern Bank will merge with and into First Bank in a transaction valued at approximately $149.5 million. First Bank has approximately $2.6 billion… Read more »