October 10, 2023
On September 19, 2023, Somerset Savings Bank, SLA, Bound Brook, New Jersey, completed its conversion from the mutual to stock form of organization. Concurrently, SR Bancorp, Inc., the newly formed holding company for Somerset Savings Bank, completed its initial public offering by selling 9,055,172 shares of its common stock at $10.00 per share. SR Bancorp’s common stock is listed on the Nasdaq Capital Market under the trading symbol “SRBK.”
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October 9, 2023
On October 7, 2023, Scott A. Brown presented a federal regulatory update at the Connecticut Bankers Association 2023 Annual Conference in White Sulphur Springs, West Virginia. The session focused on certain current federal matters impacting community banks, including a summary of the Supreme Court case analyzing the constitutionality of the CFPB, the current mergers and acquisitions landscape, proposed legislation regarding the clawback of executive compensation and the issuance of mutual capital certificates.
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October 5, 2023
Luse Gorman, PC is pleased to announce that we were the No. 1 legal advisor in the nation for bank mergers for the nine months ended September 30, 2023, based on the number of transactions, as reported by S&P Global Market Intelligence. Luse Gorman was also the No. 1 legal advisor in the nation for bank mergers, based on the number of transactions, for the quarter ended September 30, 2023.
Luse Gorman has the largest community bank legal practice group in the country. Our extensive experience with community financial institutions and the broad range of merger and acquisition transactions in which we are involved has enabled us to provide unparalleled service and expertise to our clients. As always, we would like to thank our clients for their continued support and confidence.
For more information, please visit our website at www.luselaw.com.
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October 2, 2023
To our clients and friends:
Brendan Clegg recently authored an article in Bank Director covering the RECOUP Act’s potential expansion of the federal banking agencies’ enforcement authority against bank officers and directors. The article covers how the proposed legislation, which is working its way through the U.S. Senate, would introduce new standards into the existing legal framework, and the impacts these changes may have on bank enforcement actions against individuals.
Luse Gorman regularly advises clients on issues related to bank director and officer liability, including the agency enforcement action process, and related questions involving indemnification and D&O insurance coverage. If you have any questions related to these issues, please reach out to Brendan Clegg, Partner, at (202) 274-2034 or by email at bclegg@luselaw.com. To learn more about our firm and services, please visit our website
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September 28, 2023
On September 23, 2023, Tom Hutton and Brendan Clegg presented, together with professionals from S.R. Snodgrass, at the annual CEO Breakfast Session at the PACB Annual Convention. Luse Gorman has been a long-time presenter at the CEO Breakfast. Mr. Hutton and Mr. Clegg led a discussion on current trends in community banking, including topics related to mergers and acquisitions, corporate structure alternatives and regulatory matters.
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