August 7, 2023
To our clients and friends:
The SEC recently approved amendments to Rule 10b5-1 regarding insider trading plans to revise the conditions that must be met for insiders to be able to use the 10b5-1 affirmative defense including, among other things, cooling-off periods, representations from plan participants and new periodic disclosure requirements for issuers and their insiders.
Our Alert regarding the new requirements is available here.
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August 3, 2023
On August 1, 2023, Harborstone Credit Union, Lakewood, Washington, announced that it had entered into a purchase and assumption agreement to acquire substantially all the assets and assume substantially all the liabilities of First Sound Bank, Seattle, Washington. Following the completion of the acquisition, First Sound Bank will distribute the net transaction proceeds to its stockholders. The distribution to stockholders is estimated to be between $6.90 and $7.10 per share of First Sound Bank common stock, subject to adjustment based on a minimum equity target.
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August 2, 2023
On July 31, 2023, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed its conversion from the mutual holding company to the stock holding company form of organization and its related stock offering. A total of 9,798,980 shares of common stock were sold in the offering at a price of $10.00 per share. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “BVFL.”
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August 1, 2023
On July 26, 2023, Mercer Savings Bank, Celina, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, Mercer Bancorp, Inc., the newly formed holding company for Mercer Savings Bank, completed its initial public offering by selling 972,970 shares of its common stock at $10.00 per share. Mercer Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “MSBB.”
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July 27, 2023
To our clients and friends:
The SEC recently issued guidance regarding the compliance dates for the new periodic disclosure requirements for issuers with respect to Rule 10b5-1 insider trading plans.
Our Alert regarding the guidance is available here.
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