To our clients and friends: On June 11, 2020, the U.S. Small Business Administration (“SBA”) issued an interim final rule (the “Interim Final Rule”) implementing the changes made to the SBA’s Paycheck Protection Program (the “PPP”) by the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”). The PPP Flexibility Act changed many… Read more »
Posts By: tames
Luse Gorman Served as Legal Counsel to New Buffalo Savings Bank in its Completed Acquisition by Teachers Credit Union
On June 5, 2020, New Buffalo Savings Bank, New Buffalo, Michigan, and its parent company, New Bancorp, Inc., completed a purchase and assumption transaction with Teachers Credit Union (“TCU”), South Bend, Indiana, in which TCU has acquired substantially all the assets and assumed substantially all the liabilities of New Buffalo and New Bancorp in an… Read more »
OCC Final Rule on Permissible Interest on Transferred Loans
To our clients and friends: The Office of the Comptroller of the Currency (“OCC”) recently issued a final rule clarifying that when a national bank or federal savings association transfers a loan, the interest rate permissible before the transfer continues to be permissible after transfer. The final rule applies to national banks and federal savings… Read more »
Luse Gorman Served as Legal Counsel to Melrose Bancorp, Inc. in its Merger with Cambridge Financial Group, Inc.
On June 1, 2020, Melrose Bancorp, Inc., Melrose, Massachusetts, the holding company for Melrose Bank, successfully completed its merger with Cambridge Financial Group, Inc., Cambridge, Massachusetts, the holding company for Cambridge Savings Bank. With approximately $340 million in assets, Melrose Bank operated as a full-service community bank with its office located in Melrose, Massachusetts. Under… Read more »
Luse Gorman Served as Legal Counsel to West End Bank, S.B. in its Completed Acquisition by Three Rivers Federal Credit Union
On May 31, 2020, West End Bank, S.B., Richmond, Indiana, and its parent company, West End Indiana Bancshares, Inc., completed a purchase and assumption transaction with Three Rivers Federal Credit Union (“3Rivers”), Fort Wayne, Indiana, in which 3Rivers has acquired the assets and assumed the liabilities of West End Bank in an all-cash transaction. It… Read more »