October 4, 2022
Lawrence M.F. Spaccasi conducted a presentation on the subject of the covered savings association election (“CSA Election”) at the 2022 ABA Annual Convention in Austin, Texas on October 4, 2022. He spoke about the issues and procedures involved with the CSA Election, which allows federal savings associations that are OCC regulated to be regulated as if they are a national bank without having to change or amend their existing charters. The presentation also addressed the effects the CSA Election will have on the association’s holding company.
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September 30, 2022
On September 23, 2022, Quarry City Savings and Loan Association, Warrensburg, Missouri, completed its merger into Community Bancorp, Inc., Chanute, Kansas, and its wholly owned subsidiary, Community National Bank & Trust.
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September 25, 2022
On September 24, 2022, Tom Hutton 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 led a discussion on current trends in community banking, including topics related to mergers and acquisitions, corporate structure alternatives, regulatory matters and crypto currency.
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September 21, 2022
On September 16, 2022, Citizens Bank of Cape Vincent, a New York commercial bank, completed its merger with Gouverneur Savings and Loan Association, a New York savings and loan association, which is a wholly owned subsidiary of Gouverneur Bancorp. Inc., a federally chartered holding company, whose parent company is Cambray Mutual Holding Company, a federally chartered mutual holding company. The cash transaction was valued at approximately $8.5 million and the consolidated assets of the combined company are approximately $217.2 million.
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September 21, 2022
Scott A. Brown and Lawrence M. F. Spaccasi presented “The Role of Compensation in M&A Transactions” at the Massachusetts Bankers Association 2022 Annual Compensation Conference in Framingham, Massachusetts. Noting how compensation and employee benefit-related matters can impact pricing, deal timing and employee retention, this session focused on how compensation matters affect transactions and what should be done in advance to avoid common pitfalls and planning errors. The session also included discussion of how the structure of compensation arrangements can impact the attractiveness of a seller and the flexibility and creativeness that a buyer can employ to minimize adverse personal and corporate tax consequences and possible delays. This session also provided practical guidance and pre-planning measures that should be taken in advance of any transaction.
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