September 19, 2022
To our clients and friends:
The Board of Governors of the Federal Reserve System has proposed regulations to implement the Adjustable Interest Rate Act (the “LIBOR Act”). The LIBOR Act and the Federal Reserve’s proposed implementing regulations are intended to address the discontinuation of the USD LIBOR benchmarks on June 30, 2023, by establishing a SOFR-based replacement benchmark that will automatically apply to agreements that rely on LIBOR and do not have a contractual non-LIBOR-based fallback benchmark.
Our newsletter, which summarizes the key provisions of the proposed regulations, is available here.
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September 19, 2022
On September 16, 2022, LINKBANCORP, Inc., the holding company of The Gratz Bank, including its LINKBANK division, closed its initial public offering of common stock. LINKBANCORP sold 4,575,000 shares of its common stock at a public offering price of $7.50 per share. This is the second firm commitment Bank IPO completed this year.
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September 1, 2022
To our clients and friends:
The Securities and Exchange Commission recently adopted regulations that will require extensive disclosure comparing executive compensation to financial performance. The new regulations are effective for the upcoming 2023 annual meeting season.
Our Alert regarding the new provision is available here.
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August 26, 2022
To our clients and friends:
The Inflation Reduction Act, which was recently signed into law, includes a new excise tax on stock repurchases made by certain corporations. The new excise tax is effective for stock repurchased after December 31, 2022.
Our Alert regarding the new provision is available here.
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August 24, 2022
On August 23, 2022, East Wisconsin Savings Bank, Kaukauna, Wisconsin, announced the signing of a definitive agreement with Lake City Federal Bank, Lake City, Minnesota, pursuant to which East Wisconsin will acquire Lake City through a merger between the two mutually owned organizations. Following the completion of the transaction, East Wisconsin will remain 100% mutually owned.
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