May 15, 2020
To our clients and friends:
On May 13, 2020, the U.S. Small Business Administration ("SBA"), in consultation with the U.S. Department of the Treasury, updated their Frequently Asked Questions Memorandum (the “FAQ”) concerning the Paycheck Protection Program (the "PPP"). Most significantly, the FAQ: (1) clarifies that a safe harbor is provided regarding the SBA’s review of borrower necessity certifications of PPP loan requests of $2.0 million or less; and (2) notes that the PPP amnesty provision that would allow borrowers to repay their PPP loans in full without penalty upon the determination that their necessity certifications are no longer valid was extended to May 18, 2020.
Our Alert is available here.
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May 13, 2020
On May 1, 2020, FSB Bancorp, Inc., Fairport, New York, the holding company for Fairport Savings Bank, successfully completed its merger with Evans Bancorp, Inc., Hamburg, New York, the holding company for Evans Bank. With $323.3 million in assets, FSB Bancorp, Inc. operated five full-service offices in the greater Rochester metropolitan area.
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May 11, 2020
Luse Gorman, PC is pleased to announce that in 2019 we were the No. 1 legal advisor in the nation for common stock offerings by financial institutions, as reported by S&P Global Market Intelligence. Luse Gorman completed almost one-third of all stock offerings by financial institutions in 2019, three times more than any other legal advisor. We served as issuer’s counsel in connection with a range of equity offerings, including firm commitment IPOs and private placements of common equity. This was the 14th consecutive year that Luse Gorman was ranked among the top 3 law firms with respect to common stock offerings by financial institutions.
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May 8, 2020
To our clients and friends:
Last week, the U.S. Small Business Administration (“SBA”) resumed processing loan applications through its Paycheck Protection Program (the “PPP") previously established by the CARES Act due to the additional $310 billion in PPP funding authorized by Congress.
Our Alert provides an update on the PPP based upon a Frequently Asked Question Memorandum, updated as of May 6, 2020, issued by the U.S. Department of the Treasury and the SBA. Most significantly, it provides that: (1) the SBA will review individual PPP loans in excess of $2 million to further ensure PPP loans are limited to eligible borrowers in need; and (2) the PPP amnesty provision that would allow borrowers to repay their PPP loans in full without penalty upon a determination that their certification of “necessity” is no longer valid has been extended to May 14, 2020.
Our Alert is available here.
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May 7, 2020
On April 24, 2020, Northwest Bancshares, Inc., Warren, Pennsylvania, the holding company for Northwest Bank, successfully completed its acquisition of MutualFirst Financial, Inc., Muncie, Indiana, the holding company for MutualBank. With $2.1 billion in assets, MutualBank operated 36 full-service offices in Indiana.
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