On May 15, 2024, Lakeland Bancorp, Inc., Oak Ridge, New Jersey, the holding company for Lakeland Bank, completed its merger with Provident Financial Services, Inc., Iselin, New Jersey, the holding company for Provident Bank.
Read More...On May 16, 2024, Pima Federal Credit Union, Tucson, Arizona, entered into a definitive agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Republic Bank of Arizona, Phoenix, Arizona, the wholly owned subsidiary of RBAZ Bancorp, Inc. Under the agreement, RBAZ Bancorp, Inc. shareholders will receive approximately $22.00 per share of fully diluted common stock held, representing aggregate consideration of $43.7 million.
Read More...On May 13, 2024, Provident Financial Services, Inc., Iselin, New Jersey, the holding company for Provident Bank, completed a public offering of $225.0 million of its 9.00% Fixed-to-Floating Rate Subordinated Notes due 2034. This was the first completed Kroll-rated public offering of subordinated notes for a bank holding company since 2022.
Read More...On May 9, 2024, LINKBANK, Camp Hill, Pennsylvania, entered into a definitive agreement to sell its three New Jersey branches to American Heritage Federal Credit Union. Under the agreement, LINKBANK will sell approximately $105 million in deposits and $123 million in loans. The deposit premium is 7%.
Read More...To our clients and friends:
Today we published Volume 5 of The Bankers’ Bulletin. You can find a copy of this edition here.
This volume covers federal policymakers’ comments on bank merger policy reform, CFPB supervisory actions and federal litigation involving fee practices, the FTC’s final rule on non-compete agreements, FRB enforcement focus on change in control documentation, and other developments at the state level related to credit union-bank tie-ups and the use of AI.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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