On July 31, 2020, Provident Financial Services, Inc., Jersey City, New Jersey (“Provident”), the holding company for Provident Bank, completed its acquisition of SB One Bancorp, Paramus, New Jersey (“SB One”), the holding company for SB One Bank. Each share of SB One common stock was exchanged for 1.357 shares of Provident common stock. The… Read more »
Posts By: tames
Luse Gorman is Legal Counsel to First Federal Bank of Wisconsin in its Proposed Acquisition of Mitchell Bank
On July 28, 2020, First Federal Bank of Wisconsin, a federally chartered stock savings bank and the wholly owned banking subsidiary of FFBW, Inc., Brookfield, Wisconsin (Nasdaq: FFBW), and Mitchell Bank, a Wisconsin commercial bank located in Milwaukee, Wisconsin, announced the signing of a definitive Purchase and Assumption Agreement pursuant to which First Federal Bank… Read more »
ALERT – Federal Reserve Board Clarifies Policies/Timing on Review of Dividends
To our clients and friends: The Federal Reserve recently supplemented its guidance on the payment of dividends by bank and savings and loan holding companies, particularly when a proposed dividend exceeds earnings for the period for which the dividend is being paid. Our Alert regarding this further guidance is available here.
ALERT – SEC Supplements Guidance Regarding COVID-19 Disclosure
To our clients and friends: The SEC recently supplemented its previous guidance for public companies regarding disclosure related to COVID-19 in filings made with the SEC. Our Alert regarding this supplemental guidance is available here.
Luse Gorman Served as Legal Counsel to Kearny Financial Corp. in its Completed Acquisition of MSB Financial Corp.
On July 10, 2020, Kearny Financial Corp., Fairfield, New Jersey (“Kearny”), the holding company for Kearny Bank, completed its acquisition of MSB Financial Corp., Millington, New Jersey (“MSB”), the holding company for Millington Bank. MSB stock was exchanged for a mix of 90% Kearny stock and 10% cash. The transaction was subject to the approval… Read more »