January 6, 2021
On December 31, 2020, First Federal Bank of Wisconsin, a federally chartered stock savings bank and the wholly owned banking subsidiary of FFBW, Inc., Brookfield, Wisconsin (Nasdaq: FFBW) completed its acquisition of Mitchell Bank, a Wisconsin commercial bank located in Milwaukee, Wisconsin.
Luse Gorman served as legal counsel to First Federal Bank of Wisconsin in the transaction. The Luse Gorman team consisted of Kip Weissman, Steven Lanter and Max Seltzer.
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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December 23, 2020
To our clients and friends:
Recently, Nasdaq filed a proposal with the SEC to adopt new listing rules related to board diversity requirements and disclosure. Our Alert regarding the proposed rules is available here.
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December 23, 2020
On December 22, 2020, Peapack-Gladstone Financial Corporation, Bedminster, New Jersey, the holding company for Peapack-Gladstone Bank, completed a private placement of $100.0 million of its 3.50% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "Notes"). The Notes are intended to qualify as Tier 2 capital for regulatory purposes.
Luse Gorman served as legal counsel to Peapack-Gladstone Financial Corporation in the offering. The Luse Gorman team consisted of Larry Spaccasi, Scott Brown, Mike Brown and Zachary Davis.
Luse Gorman has extensive experience representing issuers in public offerings and private placements of capital stock, debt, and other securities. To learn more about our Capital Markets and Corporate Finance practice, please visit our website.
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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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