July 28, 2022
On July 25, 2022, Somerset Savings Bank, SLA, Bound Brook, New Jersey, adopted a plan of conversion to convert from the mutual to stock form of organization. Somerset Savings also entered into a merger agreement to acquire Regal Bancorp, Inc. Under the terms of the merger agreement, Regal Bancorp shareholders may elect to receive 1.93 shares of SR Bancorp, Inc. (the newly formed holding company of Somerset Savings Bank) common stock (based on a $10.00 per share offering price) or $19.30 in cash for each share of Regal Bancorp common stock, subject to the allocation and proration procedures set forth in the merger agreement.
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July 25, 2022
To our clients and friends:
The August 8, 2022 deadline for Nasdaq-listed companies to publicly disclose their board diversity statistics is fast approaching. Our refresher on Nasdaq’s requirements for the disclosure is available here.
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July 21, 2022
On July 13, 2022, Van Wert Federal Savings Bank, Van Wert, Ohio, completed its conversion from the mutual form of organization to the stock form of organization. Concurrently, VWF Bancorp, Inc., the newly formed holding company for Van Wert Federal, completed its initial public offering by selling 1,922,924 shares of its common stock at $10.00 per share. VWF Bancorp’s common stock is listed on the OTCQB Market under the trading symbol “VWFB.”
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July 20, 2022
Scott A. Brown and Lawrence M. F. Spaccasi presented “Hot Topics Affecting Community Banks” for a webinar hosted by FinPro, Inc. The webinar addressed the current regulatory environment and certain regulatory, consumer compliance, transactional, ESG and governance and disclosure matters affecting community banks.
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July 20, 2022
To our clients and friends:
The SEC has adopted new rules relating to the required EDGAR submission of “glossy” annual reports. The new rules go into effect six months after July 11, 2022.
Our Alert regarding the new rules is available here.
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