On November 29, 2023, Eagle Financial Bancorp, Inc., Cincinnati, Ohio, announced the signing of a merger agreement with LCNB Corp., Lebanon, Ohio, pursuant to which Eagle Financial Bancorp will merge with and into LCNB Corp. in a stock-and-cash transaction valued at approximately $23.1 million. As part of the transaction, EAGLE.bank will merge with and into LCNB National Bank.
Read More...On November 15, 2023, Scott A. Brown presented at the New Hampshire/Vermont Bankers Association 2023 Fall Compliance Workshop in Concord, New Hampshire. 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, including a discussion of the revamping of the Department of Justice merger guidelines, the recent guidance on vendor management and proposed legislation regarding the clawback of executive compensation. The presentation included the practical impact on each specifically on community banks.
Read More...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.
Read More...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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