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.
Read More...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.
Read More...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to repay their PPP loans in full without penalty upon a determination that their certification of “necessity” is no longer valid has been extended to May 14, 2020.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.
Read More...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.
Read More...We are pleased to announce that Luse Gorman, PC has again received the No. 1 National Ranking as legal counsel for mutual-to-stock conversions and mutual holding company transactions, as reported by S&P Global Market Intelligence, for transactions completed in 2019. Luse Gorman has been the No. 1 ranked law firm for mutual-to-stock conversions and mutual holding company stock offerings each year for over 15 years. We note that mutual institutions continue to have an interest in mutual holding company stock offerings as a vehicle for raising capital incrementally while preserving control.
Luse Gorman is the leading legal advisor nationally to financial institutions that need corporate, securities and regulatory advice in their efforts to raise additional capital to support growth and profitability. We appreciate the continued support and confidence of our clients.
For more information about our law firm and to learn more about how your community bank can successfully complete a mutual-to-stock conversion or mutual holding company stock offering, please contact any of our partners listed below, or visit our website at www.luselaw.com or contact:
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