On December 12, 2022, Dort Financial Credit Union, Grand Blanc, Michigan, entered into a definitive agreement to acquire Flagler Bank, West Palm Beach, Florida.
Read More...n November 15, 2022, Univest Financial Corporation, Souderton, Pennsylvania, the holding company for Univest Bank and Trust Co., completed the public offering of $50.0 million of 7.25% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”). The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Read More...To our clients and friends:
The SEC recently adopted final rules directing the securities exchanges to establish listing standards requiring issuers to develop, implement and disclose executive compensation clawback policies. The new clawback requirements are in addition to the SEC’s current clawback rules, which remain in effect.
Our Alert regarding the new rules is available here.
Read More...Zac Davis presented “LIBOR/SOFR Transition and the Impact of the Adjustable Interest Rate (LIBOR) Act” at Western Bankers’ 2022 Lenders & Chief Credit Officers Conference in Dana Point, California. The presentation focused on the provisions of the Adjustable Interest Rate (LIBOR) Act and related regulations proposed by the Federal Reserve, including the different SOFR-based benchmarks proposed by the Federal Reserve, the types of contracts and in what circumstances each fallback benchmark will be applicable, how the fallback benchmarks differ from the LIBOR benchmarks they are replacing and what options banks may have to chart their own path in the transition.
Read More...On November 1, 2022, Lawrence Spaccasi discussed current items and issues that should be on the radar screen of every bank director and trustee, including current regulatory initiatives, new regulations, innovative transactions and recent developments in governance best practices and risk management. He addressed these matters in the context of a director’s and trustee’s overall responsibilities and fiduciary duties.
Read More...