January 4, 2024
On January 2, 2024, Piedmont Federal Savings Bank, Winston-Salem, North Carolina, completed its acquisition of Wake Forest Bancshares, Inc., Wake Forest, North Carolina, in an all-cash “remutualization” transaction valued at approximately $14.9 million. As a remutualization transaction, the merger involved novel pricing issues regarding the acquisition of mutual holding companies with public stockholders by mutually owned institutions.
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January 3, 2024
On December 26, 2023, Brendan Clegg appeared on the BankTalk podcast hosted by Remedy Consulting. On the episode, Brendan discussed the different types of enforcement actions, the ways that an enforcement action can develop, whether directors and officers can be subject to personal actions, common issues that trip up banks and their leadership, and other topics relevant to the bank enforcement process.
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January 3, 2024
On December 21, 2023, Blue Federal Credit Union, a federally chartered credit union headquartered in Cheyenne, Wyoming, successfully completed a private placement of $15.0 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.
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December 27, 2023
To our clients and friends:
On December 19, 2023, the Fifth Circuit vacated a recently finalized rule of the U.S. Securities and Exchange Commission that would have required enhanced disclosure of stock "buyback."
Our Alert regarding the rule and the Fifth Circuit's holding is available here.
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December 18, 2023
On December 5, 2023, Jeff Cardone presented at The Bonadio Financial Group Financial Institutions Seminar. The session focused on the state of the banking and credit union industry and what is top of mind of bank and credit union management teams and boards related to strategic planning, capital and mergers and acquisitions, and also highlighted the supervisory priorities of the regulatory agencies.
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