On September 10, 2018, the Office of the Comptroller of the Currency (the “OCC”) issued a proposed rule implementing Section 206 of the Economic Growth, Relief and Consumer Protection Act, which permits federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017 to elect to operate with national… Read more »
Posts By: tames
Luse Gorman Serves as Legal Counsel to BayVanguard Bank in its Proposed Merger with Kopernik Bank
On August 29, 2018, BayVanguard Bank and its parent company BV Financial, Inc., each of Baltimore, Maryland, entered into a merger agreement with Kopernik Bank, Baltimore, Maryland, pursuant to which Kopernik Bank will merge with and into BayVanguard Bank. The merger is expected to increase BV Financial, Inc.’s consolidated assets from approximately $167.2 million at… Read more »
New Tax Law – What Every Credit Union Executive Needs to Know
The Tax Cuts and Jobs Act, which became law on December 22, 2017, imposes a substantial new penalty tax on tax-exempt organizations, including federal and state-chartered credit unions, regarding certain types of “excessive” compensation paid to their covered employees. This new penalty tax is effective for the taxable years of the credit union beginning after… Read more »
Luse Gorman Serves as Legal Counsel to Equitable Bancorp, MHC in its Proposed Merger with South Shore Mutual Holding Company
On August 16, 2018, Equitable Bancorp, MHC (“Equitable MHC”), East Weymouth, Massachusetts, the mutual bank holding company for Equitable Bank, and South Shore Mutual Holding Company (“South Shore MHC”), Weymouth, Massachusetts, the mutual bank holding company for Coastal Heritage Bank, announced their entry into a definitive merger agreement pursuant to which South Shore MHC will… Read more »
American Banker Article on Need to Repeal the Federal Reserve Board’s MHC Dividend Waiver Rule
Enclosed is a link to an article that Eric Luse of our firm wrote for the American Banker explaining why the Federal Reserve Board’s dividend waiver rule is unworkable and unfair to mutual holding companies and public stockholders. The rule, which was implemented after the enactment of the Dodd-Frank Act, effectively prohibits mutual holding companies… Read more »