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.
Read More...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.
Read More...To our clients and friends:
The SEC recently adopted changes to its shareholder proposal rule. Our Alert regarding the changes is available here.
Read More...On October 31, 2020, BV Financial, Inc., Baltimore, Maryland, the holding company for BayVanguard Bank, completed its acquisition of Delmarva Bancshares, Inc., Cambridge, Maryland, and its wholly owned subsidiary, 1880 Bank.
Delmarva Bancshares shareholders received $8.90 in cash per share of Delmarva Bancshares common and preferred stock.
BayVanguard Bank has approximately $800 million in total assets and operates ten branches in the Baltimore metropolitan area and six banking offices in the Eastern Shore of Maryland and Delmarva Peninsula.
Luse Gorman served as legal counsel to BV Financial in the transaction. The Luse Gorman team consisted of Scott A. Brown, Thomas P. Hutton and Zachary Davis.
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.
Read More...On October 28, 2020, ES Bancshares, Inc., Newburgh, New York, the holding company for Empire State Bank, completed a private placement of $14.0 million of its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2030. The notes are intended to qualify as Tier 2 capital for regulatory purposes.
Luse Gorman served as legal counsel to ES Bancshares, Inc. in the offering. The Luse Gorman team consisted of Kip Weissman, Steven Lanter and Ellie Cook.
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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