March 27, 2026
On March 26, 2026, Peapack-Gladstone Financial Corporation, the holding company for Peapack Private Bank & Trust, issued 30,000 shares of newly-created 6.00% Non-Cumulative Perpetual Convertible Preferred Stock in a private placement transaction, resulting in gross proceeds of $30.0 million. Additionally, the Company has the right, in its sole discretion, to sell an additional 20,000 shares of the Preferred Stock by December 31, 2027.
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March 16, 2026
Today we published Volume 27 of The Bankers’ Bulletin, which provides our insights into key banking industry developments from February 2026, including:
• A federal court’s upholding of Illinois’ interchange fee prohibition law;
• The OCC’s proposal for a new bank appeals process;
• FinCEN’s exceptive relief from CDD Rule requirements;
• The FRB’s proposal to remove reputation risk from supervision;
• The OCC’s proposed rule to implement the GENIUS Act;
and more.
A link to the latest edition of the Bulletin is available here. If you have any questions related to any of the items covered in this edition of the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Scott Brown (sbrown@luselaw.com), Keeler Fina (kfina@luselaw.com), or your regular Firm contact. To learn more about Luse Gorman, please visit our website.
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March 13, 2026
On March 12, 2026, IF Bancorp, Inc., the holding company for Iroquois Federal Savings and Loan Association, and ServBanc Holdco, Inc., the holding company for Servbank, National Association, completed their previously announced merger. IF Bancorp merged into ServBanc in an all-cash transaction valued at approximately $87.2 million.
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March 5, 2026
On February 28, 2026, Texans Credit Union, Richardson, Texas, completed its previously announced merger with Las Colinas Federal Credit Union, Irving, Texas. Following the completion of the merger, Texans Credit Union had over $2.4 billion in assets and served approximately 150,000 members across 14 branch locations.
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February 27, 2026
On February 25, 2026, Adirondack Bancorp, Inc. (“Adirondack”), the parent company for Adirondack Bank (“Adirondack Bank”), entered into an agreement and plan of merger (the “Agreement”) with Arrow Financial Corporation (“Arrow”), the parent company of Arrow Bank National Association (“Arrow Bank”) and Arrow Merger Sub, Inc. Pursuant to the Agreement, Arrow will be the surviving parent company and Arrow Bank will be the surviving bank. The cash and stock transaction is valued at $89.1 million.
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