On December 30, 2024, Zeal Credit Union (“Zeal”), Livonia, Michigan, announced that it had entered into a definitive agreement to acquire substantially all the assets and assume substantially all the liabilities of Gogebic Range Bank, Ironwood, Michigan, the wholly-owned subsidiary of West End Financial Corp.
Read More...On January 1, 2025, Gorham Savings Bank, Gorham, Maine and Maine Community Bank, Biddeford, Maine completed a merger of equals forming a mutual savings bank with nearly $3.0 billion in assets and 21 branches throughout Maine.
Read More...To our clients and friends:
On December 10, the National Credit Union Administration issued to all federally insured credit unions Letter 24-CU-03 entitled “Consumer Harm Stemming from Certain Overdraft and Non-Sufficient Funds Fee Practices.” The guidance describes certain fee practices that the NCUA believes are likely considered “unfair” or “deceptive” practices under federal law, exposing credit unions to the risk of an enforcement action. The guidance also sets out a series of risk management principles for credit unions that charge these fees. The guidance suggests the NCUA will examine credit unions for these practices and pursue enforcement actions against those institutions that continue to rely on fee income generated by these practices. Our Alert regarding the NCUA’s supervisory priorities is available here.
Luse Gorman routinely advises credit unions on compliance issues, regulatory questions, and enforcement actions, and counsels those institutions on the impacts of new developments at the federal and state level. To learn more about our firm and services, please visit our website.
Read More...On December 16, 2024, Berkshire Hills Bancorp, Inc. announced that it has entered into subscription agreements with investors to raise $100 million of capital to support its proposed merger of equals with Brookline Bancorp, Inc.
Read More...On December 16, 2024, Berkshire Hills Bancorp, Inc., the holding company for Berkshire Bank, and Brookline Bancorp, Inc., the holding company for Brookline Bank, Bank Rhode Island and PCSB Bank, announced their agreement to enter into a merger of equals, with Berkshire Hills Bancorp and Brookline Bank as the surviving entities. The all-stock transaction is valued at approximately $1.1 billion.
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