On April 1, 2024, Financial Institutions, Inc., Warsaw, New York, the holding company for Five Star Bank, completed the sale of its insurance agency subsidiary, SDN Insurance Agency, LLC, to NFP Property & Casualty Services, Inc. (“NFP”). Financial Institutions, Inc. is the bank holding company for Five Star Bank, a New York-chartered commercial bank that… Read more »
Posts By: tames
Alert – SEC Finalizes Climate Disclosure Rules
To our clients and friends: On March 6, 2024, the Securities and Exchange Commission issued final rules requiring registrants to disclose climate-related risks and data in certain filings. These final rules are now the subject of legal challenges in several different jurisdictions. Our Alert regarding the climate-related disclosure rules is available here.
Luse Gorman is Legal Counsel to Freedom of Maryland FCU in its Proposed Merger with Atlantic Financial FCU
On March 21, 2024, Freedom of Maryland Federal Credit Union (“Freedom of Maryland FCU”), Bel Air, Maryland, announced the signing of a definitive merger agreement with Atlantic Financial Federal Credit Union (“Atlantic Financial FCU”), Hunt Valley, Maryland, pursuant to which Atlantic Financial FCU will merge into Freedom of Maryland FCU with Freedom of Maryland FCU… Read more »
Luse Gorman is Legal Counsel to Harborstone Credit Union in its Proposed Acquisition of SaviBank
On March 22, 2024, 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 SaviBank, Mount Vernon, Washington, and its parent holding company, Savi Financial Corporation, Inc. Following the completion of the acquisition, SaviBank will distribute… Read more »
Luse Gorman is Legal Counsel to Berkshire Bank in its Proposed Sale of Ten Branches to Three Purchasers
On March 4, 2024, Berkshire Bank, Boston, Massachusetts, entered into three definitive agreements to sell ten of its Upstate and Eastern New York branches, subject to regulatory approval and other customary closing conditions. Under the agreements, Berkshire Bank will sell approximately $485.5 million in deposits, $60.5 million of related residential mortgage and consumer loans, and… Read more »