We are pleased to announce that Luse Gorman, PC has again received the No. 1 National Ranking as legal counsel for mutual-to-stock conversions and mutual holding company transactions, as reported by S&P Global Market Intelligence, for transactions completed in 2018.
Read More...Luse Gorman, PC is pleased to announce that we are again the No. 1 legal advisor in the nation, based on number of transactions, for bank merger and acquisitions as reported by S&P Global Market Intelligence.
Read More...On November 21, 2018, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the “Federal Agencies”) jointly issued a proposed rule to simplify the regulatory capital requirements for eligible community banks and holding companies, as required by Section 201 of the Economic Growth, Regulatory Relief and Consumer Protection Act.
Under the proposed rule, community banks and holding companies that have less than $10 billion in consolidated assets, that meet risk-based qualifying criteria and have a tangible equity ratio (referred to as the “community bank leverage ratio”) greater than 9% would be eligible to opt into a community bank leverage ratio framework. If this election is made, the qualifying community bank or holding company would satisfy its regulatory capital standards by calculating and reporting the community bank leverage ratio instead of the risk-weighted capital ratios and minimum leverage ratio currently required, and would be deemed “well capitalized” under the Federal Agencies’ prompt corrective action framework.
For more information, including a summary of the proposed rule, please see the attached News Alert.
Read More...On November 27, 2018, BSB Bancorp, Inc., Belmont, Massachusetts, the holding company for Belmont Savings Bank, and People’s United Financial, Inc., Bridgeport, Connecticut, the holding company for People’s United Bank, announced a definitive merger agreement pursuant to which BSB Bancorp will merge with and into People’s United, with People’s United as the resulting company.
Read More...On August 21, 2018, the Internal Revenue Service released Notice 2018-68 which provides guidance regarding the changes made to Section 162(m) of the Internal Revenue Code by the Tax Cuts and Jobs Act of 2017, which is effective for tax years after January 1, 2018.
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