NCUA Issues Final Rule on Subordinated Debt
On December 17, 2020, the NCUA adopted a final rule expanding access to subordinated debt and modifying the NCUA’s existing secondary capital rules for low-income designated credit unions.
Read More...Luse Gorman Served as Legal Counsel to CB Financial Services, Inc. in its $15.0 Million Subordinated Debt Issuance
On December 10, 2021, CB Financial Services, Inc., Carmichaels, Pennsylvania, the holding company for Community Bank, completed a private placement of $15.0 million of its 3.875% Fixed-to-Floating Rate Subordinated Notes due 2031.
Read More...SEC Adopts Rules Requiring Universal Proxy Cards for Contested Director Elections
To our clients and friends:
The SEC has adopted new rules relating to the required use of a universal proxy card in a director election contest. The new rules go into effect with respect to any shareholder meeting held after August 31, 2022.
Our Alert regarding the new rules is available here.
Read More...Luse Gorman is Legal Counsel to RSI Bank in its Proposed Merger with Columbia Bank
On December 1, 2021, RSI Bancorp, M.H.C., a New Jersey mutual holding company, RSI Bancorp, Inc., a Delaware holding company, and RSI Bank, a New Jersey stock savings bank (collectively "RSI"), entered into a merger agreement with Columbia Bank MHC, a federally chartered mutual holding company, Columbia Financial, Inc., a Delaware holding company, and Columbia Bank, a federally chartered stock savings bank (collectively "Columbia"), pursuant to which the RSI entities will merge with and into the Columbia entities. As part of the merger transaction, Columbia Financial, Inc., the mid-tier holding company of Columbia Bank, will issue additional shares of its common stock to Columbia Bank MHC in an amount equal to the fair value of RSI as determined by an independent appraisal.
Read More...Luse Gorman Served as Legal Counsel to Riverview Financial Corporation in its Merger with Mid Penn Bancorp, Inc.
On November 30, 2021, Riverview Financial Corporation, Harrisburg, Pennsylvania, completed its merger with Mid Penn Bancorp, Inc., Millersburg, Pennsylvania. The all-stock transaction was valued at approximately $124.7 million and the consolidated assets of the combined company are valued at approximately $4.7 billion.
Read More...