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...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...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...On November 23, 2021, Lincoln Park Bancorp, Pine Brook, New Jersey, announced the signing of a definitive merger agreement with Ion Financial, MHC, Naugatuck, Connecticut, pursuant to which Lincoln Park Bancorp will merge into Ion Financial, MHC and Lincoln 1st Bank, the subsidiary of Lincoln Park Bancorp, will merge into Ion Bank, the subsidiary of Ion Financial, MHC. Simultaneously with the closing of these mergers, Lincoln Park Bancorp, MHC will be dissolved.
Read More...On November 12, 2021, C.C. Bancorp, Inc., Little Valley, New York, the holding company for Cattaraugus County Bank, completed a private placement of $10.5 million of its 3.75% Fixed-to-Floating Rate Subordinated Notes due 2031.
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