January 4, 2023
To our clients and friends:
The SEC recently approved amendments to Rule 10b5-1 regarding insider trading plans to revise the conditions that must be met for insiders to be able to use the 10b5-1 affirmative defense including, among other things, cooling-off periods, representations from plan participants and new periodic disclosure requirements for issuers and their insiders.
Our Alert regarding the new requirements is available here.
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December 23, 2022
Jeff Cardone presented at The Bonadio Group’s 2022 Financial Institutions Seminar on December 6, 2022. The presentation titled “M&A Landscape and Key Considerations for Community Banks and Credit Unions” discussed the M&A environment and emerging trends for community banks and credit unions.
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December 23, 2022
On December 21, 2022, Land of Lincoln Credit Union, Decatur, Illinois, entered into a purchase and assumption agreement to acquire substantially all of the assets and assume substantially all of the liabilities of Colchester State Bank, Colchester, Illinois.
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December 20, 2022
On December 16, 2022, Pentucket Bank Holdings, MHC, Haverhill, Massachusetts, and Newburyport Five Cents Bancorp, MHC, Newburyport, Massachusetts, announced their agreement to form a strategic partnership through the merger of Pentucket Bank Holdings, MHC and Newburyport Five Cents Bancorp, MHC.
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December 15, 2022
On December 14, 2022, First Bank, Hamilton, New Jersey, announced the signing of a merger agreement with Malvern Bancorp, Inc. and Malvern Bank, Paoli, Pennsylvania, pursuant to which Malvern Bancorp, Inc. and Malvern Bank will merge with and into First Bank in a transaction valued at approximately $149.5 million.
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