October 8, 2024
On September 30, 2024, River Run Bancorp, MHC, Newburyport, Massachusetts, announced the signing of a definitive merger agreement with Rollstone Bancorp, MHC, Fitchburg, Massachusetts, pursuant to which Rollstone Bancorp, MHC, the mutual holding company of Rollstone Bank & Trust, Fitchburg, Massachusetts, will merge with and into River Run Bancorp, MHC. As part of the transaction, Rollstone Bank & Trust will become the third bank subsidiary of River Run Bancorp, MHC, the mutual holding company parent for Newburyport Bank and Pentucket Bank.
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October 8, 2024
On October 4, 2024, Scott A. Brown presented at the Blue Rock Conference in Plymouth, Massachusetts. The session focused on the current mergers and acquisitions landscape, especially related to mutual holding company transactions, a summary of recent Supreme Court cases and its impact on community banks and the FTC’s proposed ban on non-competition agreements.
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October 7, 2024
To our clients and friends:
Today we published Volume 10 of The Bankers’ Bulletin. You can find a copy of this edition here.
In this volume, we cover the FDIC and OCC’s final merger policy statements, the FDIC’s proposed rule on account reconciliation, CFPB guidance on overdraft record retention, FRB Vice Chair Barr’s preview of future liquidity regulations, California’s statute banning NSF fees, and more.
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October 4, 2024
On October 3, 2024, OneAZ Credit Union (“OneAZ”), Phoenix, Arizona, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of 1st Bank Yuma, Yuma, Arizona, the wholly-owned subsidiary of Western Arizona Bancorp, Inc.
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October 2, 2024
On October 1, 2024, Brendan Clegg presented on key bank regulatory and enforcement updates at the 2024 North Carolina Management Forum in Greensboro, North Carolina. The session focused on recent landmark decisions by the Supreme Court that will affect bank relationships with their supervisors, as well as new merger policy statements from the FDIC and OCC, proposed rules related to brokered deposits and bank-fintech partnerships, and pending BSA/AML regulatory changes. Brendan then moderated a panel comprised of senior examination staff from the OCC, FDIC, and Federal Reserve Bank of Richmond, discussing a variety of supervisory and examination hot topics.
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