February 8, 2024
On February 7, 2024, Empeople Credit Union, Moline, Illinois, announced that it had entered into a purchase and assumption agreement with TSB Bank, Lomira, Wisconsin. Pursuant to the agreement, Empeople Credit Union will purchase substantially all assets and assume substantially all liabilities of TSB Bank. Following the completion of the transaction, TSB Bank will dissolve and liquidate, and all remaining assets will be distributed to the shareholders of TSB Bank. The combined institution will have approximately $2.2 billion in assets.
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February 6, 2024
On January 31, 2024, Oconee Federal Savings and Loan Association (“Oconee Federal”), Seneca, South Carolina, completed its acquisition of Mutual Savings Bank, Hartsville, South Carolina. In addition, Oconee Federal’s holding company, Oconee Federal Financial Corp., issued $3.2 million of stock to its mutual holding company parent, Oconee Federal, MHC, as consideration for the transaction based upon an appraised value of Mutual Savings Bank.
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February 5, 2024
To our clients and friends:
Today we published Volume 2 of The Bankers’ Bulletin. You can find a copy of this edition here.
This volume covers recent CFPB proposed rules on overdraft and other fees, FRB and NYDFS enforcement actions for disclosure of confidential supervisory information, the Acting Comptroller’s thoughts on liquidity risk, changes to the bank agencies’ administrative processes, and notable developments related to national bank preemption and special purpose bank chartering.
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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February 1, 2024
Scott A. Brown and Lawrence M. F. Spaccasi presented “Addressing Deal Certainty in Uncertain Times” at the 2024 BankDirector Acquire or Be Acquired Conference in Phoenix, Arizona. This session focused on the current regulatory climate with regard to M&A with an emphasis on changing regulatory standards for approval of transactions, hot button issues and potential regulatory threats to the successful and timely completion of a transaction. The session also discussed the growing trend of non-traditional buyers (such as credit unions and investor groups) and the unique regulatory and diligence issues they raise. The session also provided examples of merger agreement provisions that can (and should) be considered when engaging with these non-traditional purchasers to better protect the seller. With the increased regulatory scrutiny of merger transactions, the session also discussed ways to optimize the diligence process, including how to balance a party’s need to ascertain an entity’s regulatory standing while continuing to fulfill its obligations about the treatment of confidential supervisory information.
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January 31, 2024
To our clients and friends:
On January 22, the National Credit Union Administration issued a letter to credit union boards of directors and CEOs outlining its annual supervisory priorities and highlighting the areas it views as posing the highest risk to the credit union industry in 2024. Our Client Alert covers each of the identified priorities, discusses where the supervisory focus will be within each area this year, and identifies some ways for boards and management to get ahead before the next exam. Our Alert regarding the NCUA’s supervisory priorities is available here.
Luse Gorman routinely advises credit unions on compliance issues and regulatory questions, and counsels those institutions on the impacts of new developments at the federal and state level. To learn more about our firm and services, please visit our website.
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