December 21, 2020
To our clients and friends:
For many banks, the impact of COVID-19 on the financial performance has reduced or eliminated entirely the achievement of the 2020 performance-based compensation goals established before the breakout of the pandemic. As 2020 comes to an end, banks will need to evaluate the impact of COVID-19 on their performance-based compensation, specifically whether to adjust or eliminate performance goals to provide more realistic incentives for their executive officers and employees.
Our Alert, which is available here, provides an overview of key considerations for adjusting or eliminating performance goals in consideration of the effects of COVID-19.
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December 17, 2020
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.
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December 14, 2020
To our clients and friends:
The SEC recently adopted amendments to modernize, simplify and enhance certain financial disclosure provisions, including the MD&A section. Our Alert regarding the changes is available here.
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December 7, 2020
On December 2, 2020, Berkshire Bank, Boston, Massachusetts, entered into an agreement to sell its Mid-Atlantic branches, consisting of six offices in New Jersey and two in Pennsylvania, to Investors Bank, Short Hills, New Jersey, subject to customary regulatory approvals.
Investors Bank, which is the wholly-owned subsidiary of Investors Bancorp, Inc., operates 155 branches located throughout New Jersey and New York, with approximately $26.6 billion in assets.
Berkshire Bank, which is the wholly-owned subsidiary of Berkshire Hills Bancorp, Inc., operates 130 banking offices in seven Northeastern states, with approximately $12.6 billion in assets.
Luse Gorman served as legal counsel to Berkshire Bank in the transaction. The Luse Gorman team consisted of Marc Levy, Lawrence Spaccasi, Max Seltzer and Ellie Cook.
Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.
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November 30, 2020
To our clients and friends:
The SEC recently adopted changes to its shareholder proposal rule. Our Alert regarding the changes is available here.
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