October 12, 2022
On October 7, 2022, Hometown Financial Group, Inc. Easthampton, Massachusetts, the multi-bank holding company for bankESB, bankHometown and Abington Bank, completed its acquisition of Randolph Bancorp, Inc., Quincy, Massachusetts. Immediately following that merger, Abington Bank, Abington, Massachusetts, acquired Envision Bank, Randolph, Massachusetts, a wholly-owned subsidiary of Randolph Bancorp. The all-cash transaction was valued at approximately $146.5 million.
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October 5, 2022
To our clients and friends:
Federal Reserve Governor Michelle Bowman recently discussed the need to modernize methods used to analyze effects on competition in markets when evaluating mergers and acquisitions. Our Alert regarding Governor Bowman’s comments is available here.
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October 4, 2022
On September 27, 2022, Lakeland Bancorp, Inc., Oak Ridge, New Jersey, announced the signing of a merger agreement with Provident Financial Services, Inc., Iselin, New Jersey, pursuant to which Lakeland Bancorp will merge with and into Provident in an all-stock transaction valued at approximately $1.3 billion, which represents the second-largest U.S. bank deal announced in 2022. The executive leadership team and board of directors of the surviving company will consist of a combination of the two organizations.
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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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