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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October 19, 2023
On October 17, 2023, Peru Federal Savings Bank, Peru, Illinois, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, PFS Bancorp, Inc., the newly formed holding company for Peru Federal, completed its initial public offering by selling 1,725,000 shares of its common stock at $10.00 per share. PFS Bancorp’s common stock is listed on the OTCQB Market under the trading symbol "PFSB."
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October 11, 2023
To our clients and friends:
On September 21, 2023, the National Credit Union Administration Board unanimously approved a final rule designed to give federally-insured credit unions additional flexibility to use advanced technologies and to partner with fintechs. Our Alert discusses the provisions of the new regulation and the legal and regulatory considerations relevant to credit unions’ fintech partnerships.
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