November 17, 2023
On November 15, 2023, Scott A. Brown presented at the New Hampshire/Vermont Bankers Association 2023 Fall Compliance Workshop in Concord, New Hampshire. The session focused on certain current federal matters impacting community banks, including a summary of the Supreme Court case analyzing the constitutionality of the CFPB, the current mergers and acquisitions landscape, including a discussion of the revamping of the Department of Justice merger guidelines, the recent guidance on vendor management and proposed legislation regarding the clawback of executive compensation. The presentation included the practical impact on each specifically on community banks.
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November 16, 2023
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November 13, 2023
To our clients and friends:
On October 24, 2023, the federal bank regulatory agencies jointly issued a final rule to strengthen and modernize the regulations implementing the Community Reinvestment Act. The rule continues to tailor performance standards to account for differences in bank size and business models, and most significantly affects “large banks” with $2 billion or more in assets while providing flexibility for “small banks” with less than $600 million in assets. Our Alert discusses the new key provisions and is available here.
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November 3, 2023
On November 1, 2023, A.E.A. Federal Credit Union, Yuma, Arizona, announced that it had entered into a purchase and assumption agreement with West Valley National Bank, Goodyear, Arizona and its parent holding company, West Valley Bancorp, Inc. Pursuant to the agreement, A.E.A. Federal Credit Union will purchase substantially all assets and assume substantially all liabilities of West Valley National Bank. Following the completion of the transaction, West Valley National Bank and West Valley Bancorp, Inc. will each dissolve and liquidate, and all remaining assets will be distributed to the shareholders of West Valley Bancorp, Inc.
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October 23, 2023
On October 19, 2023, Home Federal Savings and Loan Association of Grand Island, Grand Island, Nebraska, completed its conversion from the mutual to stock form of organization. Concurrently, Central Plains Bancshares, Inc., the newly formed holding company for Home Federal, completed its initial public offering by selling 4,130,815 shares of its common stock at $10.00 per share. Central Plains Bancshares’ common stock is traded on the Nasdaq Capital Market under the symbol "CPBI."
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