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.
Read More...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.
Read More...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.
Read More...On August 1, 2022, State Employees Federal Credit Union ("SEFCU"), Albany, New York, successfully completed its merger of equals with Capital Communications Federal Credit Union ("CAP COM"), Albany, New York. SEFCU was the continuing credit union in the transaction but changed its name to "Broadview Federal Credit Union" upon the completion of the merger.
Read More...On July 27, 2022, Everett Co-operative Bank, Everett, Massachusetts, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, ECB Bancorp, Inc., the newly formed holding company for Everett Co-operative Bank, completed its initial public offering by selling 8,915,247 shares of its common stock at $10.00 per share. ECB Bancorp’s common stock is listed on the Nasdaq Capital Market under the trading symbol “ECBK.”
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