On November 27, 2024, Guilford Savings Bank and Eastern Connecticut Savings Bank announced their agreement pursuant to which Eastern Connecticut Savings Bank will merge with Guilford Savings Bank, with Guilford Savings Bank as the surviving entity.
Read More...Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, has successfully completed a private placement of $10.0 million of subordinated notes. The subordinated notes are intended to qualify as subordinated debt under NCUA rules and are considered regulatory capital in the calculation of Blue Federal Credit Union’s net worth ratio and risk-based capital ratio.
Read More...On November 19, 2024, Brendan Clegg presented on key bank regulatory and enforcement updates at the New Hampshire Bankers Association and Vermont Bankers Association Fall 2024 Compliance Conference in Concord, New Hampshire. The presentation focused on potential policy, supervision, and personnel changes at the federal banking agencies after the 2024 election, recent landmark decisions by the Supreme Court that will affect bank relationships with their supervisors, new merger policy statements from the FDIC and OCC, and proposed rules from the FDIC related to corporate governance, brokered deposits and bank-fintech partnerships.
Read More...On October 31, 2024, Empeople Credit Union, Moline, Illinois, completed its acquisition of TSB Bank, Lomira, Wisconsin. Following the completion of the acquisition, Empeople Credit Union has approximately $2.2 billion in assets.
Luse Gorman served as legal counsel to Empeople in the transaction. The Luse Gorman team consisted of Jeff Cardone, Michael Brown, Ned Quint, Brendan Saxon, Babette Schwartz, and Keeler Fina.
Luse Gorman has acted as counsel on more than 150 bank and credit union M&A transactions during the past ten years and more bank and credit union M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.
Read More...To our clients and friends:
Today we published Volume 11 of The Bankers’ Bulletin. You can find a copy of this edition here.
In this volume, we cover the CFPB’s open banking rule, the OCC’s supervision plan for 2025, AI guidance from NYSDFS, extension of the comment period for the FDIC’s brokered deposit rule, a novel banking charter issued in Georgia, and more.
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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