June 4, 2024
To our clients and friends:
Today we published Volume 6 of The Bankers’ Bulletin. You can find a copy of this edition here.
This volume covers the Supreme Court’s decision on the CFPB’s funding mechanism, Congressional developments regarding custody of crypto assets, bank agency reports on key risks and supervisory priorities, state action limiting credit union-bank transactions, and impacts to sanctions compliance programs from new legislation and OFAC regulations.
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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June 3, 2024
On May 30, 2024, Affinity Bancshares, Inc. and its wholly-owned subsidiary, Affinity Bank, National Association, announced the signing of a definitive purchase and assumption agreement with Atlanta Postal Credit Union, pursuant to which Atlanta Postal Credit Union will acquire the assets and assume the liabilities of Affinity Bank in an all-cash transaction. Following the completion of the acquisition, Affinity Bancshares, Inc. will settle its remaining obligations and distribute its remaining cash to its shareholders.
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June 3, 2024
On May 30, 2024, Scott A. Brown presented and moderated a session at the Financial and Accounting Society of New England Conference in Portsmouth, New Hampshire. The session focused on the current mergers and acquisitions landscape and certain regulatory, compensation-related and governance issues.
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May 29, 2024
On May 23, 2024, Gesa Credit Union ("Gesa"), Richland, Washington, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Security State Bank, Centralia, Washington, the wholly-owned subsidiary of Security State Corporation.
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May 28, 2024
On May 13, 2024, NVE Bancorp, MHC, Englewood, New Jersey, announced the signing of a definitive merger agreement with Ion Financial, MHC, Naugatuck, Connecticut, pursuant to which NVE Bancorp, MHC and NVE Bancorp, Inc. each will merge into Ion Financial, MHC and NVE Bank, the subsidiary of NVE Bancorp, will merge into Ion Bank, the subsidiary of Ion Financial, MHC.
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